Prime sells car dealerships throughout New England

Massachusetts-based Prime Automotive Group sells 30 dealerships to Group 1 Automotive

Sale price expected to be $880M according to SEC filing

Westwood-based Prime Automotive will sell 30 of its dealerships to a larger company that already operates around 200 dealerships in three countries. Group 1 Automotive, Inc. announced plans to purchase 30 dealership locations and three collision centers throughout New England and the Mid-Atlantic region. Prime brands include Acura, Airstream, Audi, BMW, Buick, Chrysler, Dodge, Ford, GMC, Honda, Jeep, Land Rover, Mazda, Mercedes-Benz, MINI, Porsche, RAM, Subaru, Toyota, Volkswagen, and Volvo Huh. In an announcement, Group 1 specified that Prime dealerships sold more than 52,000 new or used vehicles in 2020, generating $1.8 billion in annual revenue. Group 1’s Daryl Kenningham said in a statement, “We know Prime’s markets and the opportunities they represent very well. We welcome Prime Automotive’s 1,800 employees as new additions to the Group 1 family. Proud too.” In an SEC filing, Group 1 wrote that it expects to pay $880 million for the purchase. Group 1, which operates dealerships in the US, UK and Brazil, said the deal is expected to close in November. After the closure, the company says its portfolio will expand to 218 locations, including 46 in the Northeast. So far this year, Group 1 has reported revenue of $420 million. Prime Automotive is currently owned by New York-based GPB Capital Holdings LLC. In August, the Wall Street Journal reported that GPB was trying to sell the dealership while its founders were facing criminal fraud charges related to the firm’s private-equity operations.

Westwood-based Prime Automotive will sell 30 of its dealerships to a larger company that already operates around 200 dealerships in three countries.

Group 1 Automotive, Inc. announced plans to purchase 30 dealership locations and three collision centers throughout New England and the Mid-Atlantic region. Prime brands include Acura, Airstream, Audi, BMW, Buick, Chrysler, Dodge, Ford, GMC, Honda, Jeep, Land Rover, Mazda, Mercedes-Benz, MINI, Porsche, RAM, Subaru, Toyota, Volkswagen, and Volvo Huh.

In an announcement, Group 1 specified that Prime dealerships sold more than 52,000 new or used vehicles in 2020, generating $1.8 billion in annual revenue.

Group 1’s Daryl Kenningham said in a statement, “We know Prime’s markets and the opportunities they represent very well. We welcome Prime Automotive’s 1,800 employees as new additions to the Group 1 family. Proud too.”

In an SEC filing, Group 1 wrote that it expects to pay $880 million for the purchase.

Group 1, which operates dealerships in the US, UK and Brazil, said the deal is expected to close in November. After the closure, the company says its portfolio will expand to 218 locations, including 46 in the Northeast.

So far this year, Group 1 has reported revenue of $420 million.

Prime Automotive is currently owned by New York-based GPB Capital Holdings LLC. In August, the Wall Street Journal reported that GPB was trying to sell the dealership while its founders were facing criminal fraud charges related to the firm’s private-equity operations.

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