“That franchise has had a very good run of product, of profitability,” Kerrigan advised Automotive Information. “The biggest dealership teams and the publics like Group 1 need to develop their relationship with Kia.”
Kerrigan stated his agency, which represented Beck and Masten in each gross sales, continues to see outsized curiosity in “business-friendly, rising markets corresponding to Texas,” which interprets into “important premiums” paid for these dealerships.
Whereas Group 1 has been shopping for shops, the auto retailer on Might 22 offered Bohn Ford in Harvey, La., to Damian Mills, CEO of Mills Automotive Group, in accordance with Efficiency Brokerage Companies, a buy-sell agency in Irvine, Calif. George Chaconas, senior accomplice for Efficiency Brokerage’s southeast area, facilitated the transaction.
The dealership was renamed Ford of Harvey.
Rising Mills Automotive made a number of acquisitions in 2022, together with the acquisition of a Honda dealership in Harvey. Harvey is throughout the Mississippi River from New Orleans.
Group 1 stated a Ford retailer in New Orleans, which it offered within the second quarter, generated about $60 million in income. In March, Group 1 bought Estero Bay Chevrolet in Florida.
Group 1 ranks No. 4 on Automotive Information’ record of the highest 150 dealership teams primarily based within the U.S., retailing 154,714 new automobiles in 2022.