Group 1 Automotive (GPI) Acquires Anaheim, California Mercedes-Benz Dealership
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Group 1 Automotive, Inc. (NYSE: GPI) announced the expansion of its U.S. operations with the acquisition of Mercedes-Benz and Sprinter franchises in Anaheim, California. This acquisition expands Group 1's global relationship with Mercedes-Benz to 17 dealerships in the U.S. and U.K.
Group 1's Chief Executive Officer Earl Hesterberg stated, "We want to welcome the team at Mercedes-Benz of Anaheim to the Group 1 family and are extremely pleased to expand our existing operations in Southern California with this great brand. Our strong relationship with Mercedes-Benz and experience in this market area make this dealership an excellent addition to our portfolio."
Group 1 has now acquired $940 million of annual revenues in 2022, which follows $2.5 billion of acquired revenues in 2021. The Company has also continued to maintain its balanced capital allocation approach by repurchasing approximately 21% of its outstanding shares since November 2021.
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