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US dealer giant Group 1 Automotive today announced that it has closed on the acquisition of Inchcape Retail’s 54 dealership locations across the U.K.
These dealerships are expected to generate $2.7bn (£2.1bn) in annual revenues, bringing 2024 year-to-date total revenues for Group 1 to $3.8bn.
In the UK the deal will catapult Group 1 up the Motor Trader Top 200 Dealer Groups by turnover into a top 3 position. Prior to the acquisition it was ranked 7 with annual turnover of £2.24bn.
“This transformative acquisition effectively doubles our UK footprint, giving us access to new markets throughout England with a collection of outstanding brands,” said Group 1 president and chief executive officer Daryl Kenningham.
“We are delighted to welcome our new team members as we collaborate to deliver an excellent customer experience.”
With the acquisition of IR’s 54 dealerships, Group 1 has expanded its footprint to key hubs such as the Midlands, the North West of England and Wales, enabling the company to reach new customers, as well as expand its brand offering in the U.K.
The portfolio includes Audi, BMW/MINI, Jaguar Land Rover, Lexus, Mercedes-Benz/smart, Porsche, Toyota, Volkswagen and Volkswagen Commercial Vehicles.
Group 1’s Senior Vice President and Chief Financial Officer Daniel McHenry added, “Inchcape Retail and its team bring a 50-year reputation to Group 1’s UK presence.
This strategic acquisition is aligned with our capital allocation strategy, which enables us to identify opportunities that create additional scale and value for our shareholders.”