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Group 1 Automotive to buy South Point Ki

Staff writer |
Group 1 Automotive, Inc. announced the acquisition of South Point Kia in Austin, Texas. The dealership, which will operate as Kia of South Austin, is expected to generate $55 million in estimated annual revenues.

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"We are delighted to further expand our footprint in the Austin market, which includes Maxwell Ford, Town North Nissan, and Round Rock Nissan," said Earl J. Hesterberg, Group 1's president and chief executive officer.

Thus far in 2014, Group 1 has acquired 6 franchises with estimated annual revenues of $295 million and disposed of one franchise with trailing-twelve-month revenues of $20 million.

Group 1 owns and operates 152 automotive dealerships, 193 franchises, and 37 collision centers in the United States, the United Kingdom and Brazil that offer 34 brands of automobiles.

Through its dealerships, the company sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts.

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