Staff 1 Car Inc. has bought 3 Common Motors dealerships in Texas that the automobile retail vast expects will upload $760 million in annual income.
The Houston-based dealership staff on Monday bought Beck & Masten Buick-GMC North, Beck & Masten Buick-GMC South and Beck & Masten Buick-GMC Coastal Bend from the Beck & Masten staff, in line with Ryan Kerrigan, managing director of Kerrigan Advisors, a dealership sell-side company in Lean Village, Nev.
Kerrigan Advisors represented Beck & Masten homeowners John Beck and James Masten within the sale.
The north and south retail outlets are in Houston, moment the Coastal Bend bind in Robstown, is a part of the Corpus Christi metro department. It wasn’t instantly sunny if the dealership names will stay.
“GMC has outstanding truck and SUV products and fits perfectly into these important Texas truck markets,” Staff 1 CEO Daryl Kenningham mentioned in a commentary. “Buick’s products are poised to be leaders in the transition to vehicle electrification… The addition of these dealerships builds on our growth story at Group 1.”
Beck & Masten, of Houston, retailed greater than 11,700 automobiles in 2022, in line with Kerrigan Advisors.
“These are uniquely high-volume stores and Texas is just a really strong market,” Ryan Kerrigan informed Car Information.
Staff 1 mentioned the Houston dealerships “are among the highest volume dealerships in their brand in the U.S.”
Stephens Inc. analyst Daniel Imbro, in a observe to traders Monday, mentioned the Texas dealership purchases gel with Staff 1’s acquisition technique to maximize” high-volume, high-profit stores.”
“We expect GPI [Group 1] to remain active in the M&A market as sellers’ multiples normalize,” Imbro wrote.
