Plus   Neg

Group 1 Automotive Acquires Five Volkswagen Franchises In The UK

Automotive retailer Group 1 Automotive, Inc. (GPI) announced Monday the acquisition of five Volkswagen franchises in the UK. The transaction includes four Volkswagen franchises and one Volkswagen Commercial Vehicle franchise located east of London in the county of Essex.

This territory is contiguous with several other existing automotive dealerships currently owned and operated by Group 1 Automotive in the UK. Specifically, the acquired operations are located in the cities of Chelmsford, Colchester, Romford and Southend.

This acquisition is expected to generate approximately $115 million in annualized revenues. The addition of these stores increases the Company's UK operations to 49 dealerships (65 franchises), which includes 11 existing brands (Audi, BMW, Ford, Jaguar, Kia, Land Rover, MINI, SEAT, Skoda, Toyota, and Volkswagen Commercial Vehicles).

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The University of Phoenix has agreed to pay a record $191 million to settle Federal Trade Commission charges alleging that the university used deceptive advertisements. According to the FTC, the university used deceptive advertisements that falsely touted their relationships and job opportunities... General Motors introduced new versions of its Chevrolet Tahoe and Suburban full-size SUVs that are bigger than previous models, offer more interior space and feature more advanced technology. The new vehicles join the new Silverado and Silverado HD as part of a complete redesign of Chevrolet's full-size truck and SUV lineup within 24 months. They will go on sale in mid-2020 in North America. Apple unveiled a new feature for the Apple Card, enabling cardholders to buy a new iPhone in 24 monthly installments without paying interest. In October, during Apple's earnings call, CEO Tim Cook had announced the tech giant's plans to introduce this feature. The Apple Card, Apple's first credit card, was introduced by the tech giant in March in partnership with Goldman Sachs and Mastercard.
Follow RTT