Group 1 Automotive announced this week it has expanded its business presence in El Paso, Texas with the acquisition of new Audi and Subaru stores.
And in other news to stem from top dealer groups, Penske Automotive Group’s board of directors has also reported it approved an increase in the cash dividend to $0.34 per share for the fourth quarter of 2017.
Group 1 said Monday that its new Audi El Paso and Subaru El Paso dealerships are expected to produce an estimated $65 million in annualized revenues.
“We are pleased to expand our dealership footprint in the fast-growing El Paso market and increase our existing partnership with Audi and Subaru,” Group 1 president and chief executive officer Earl Hesterberg said in a news release announcing the company’s recent acquisitions.
Group 1's El Paso market footprint has grown to seven franchises: Audi, BMW, Buick, Ford, GMC, MINI and Subaru.
Meanwhile, the cash dividend per share increase approved by the board of directors at Penske is payable on March 1, to shareholders of record on Feb. 12, according to the company.
“I am pleased to announce that our board of directors has increased the dividend for PAG's shareholders for the 27th consecutive quarter,” added Penske president Robert Kurnick, Jr. in a news release Tuesday. “The increase in the dividend reflects our commitment to increasing returns for shareholders and reinforces the continued confidence we have in the strength of the company's business model and cash flow."