The largest automotive retailer in the U.S. just got a little bit larger.
AutoNation, Inc. announced Thursday that it will add four stores in the Westchester County, N.Y. area. The stores represent approximately $190 million in annual revenue, and will be fully acquired by the company in the third quarter of 2016, after completing the customary terms and conditions.
"These acquisitions will greatly enhance our brand mix, positioning us with outstanding premium luxury offerings in this new market,” Mike Jackson, AutoNation's chairman, chief executive officer and president, said in a news release. “We look forward to welcoming the BMW, Jaguar and Land Rover customers and 140 new associates in Westchester County to AutoNation."
The four stores are: BMW Mt. Kisco, Land Rover Mt. Kisco, Jaguar Land Rover Larchmont/New Rochelle and White Plains Jaguar. The stores were acquired from The Premier Collection, expect White Plains Jaguar, which AutoNation purchased from DiSimone Imports.
The stores will be either renovated or relocated within the area. BMW Mt. Kisco will receive a renovation, while the Land Rover Mt Kisco store will be completely relocated and combined with Jaguar in an entirely new facility, which the news release states will be “state-of-the-art.”
The Larchmont/ New Rochelle Jaguar location will be renovated and expanded. AutoNation expects the newly constructed facilities to “generate approximately $100 million in additional revenue one fully operational.”
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