AutoNation Inc., the nation’s largest auto retailer, is buying six Texas dealerships that generate $575 million in annual revenue.
AutoNation is buying three Volkswagen stores, an Audi dealership and a Porsche store in the Dallas market from Boardwalk Auto Group, and Spring Chrysler-Jeep-Dodge-Ram in the Houston market from Alfred Flores and Bruce Glascock.
After the deals close, AutoNation will have 50 franchises in Texas, the company said.
The six stores are expected to retail more than 14,000 new and used vehicles in 2012, according to AutoNation.
“This is the biggest industry acquisition deal in the U.S. in a decade,” AutoNation CEO Mike Jackson wrote on his Twitter page today.
Boardwalk Audi and Boardwalk Porsche are in Plano; Park Cities Volkswagen is in Dallas; Boardwalk Volkswagen is in Richardson; and McKinney Volkswagen is in McKinney.
“The franchises are in attractive automotive retail locations, and the acquisition will enhance our brand mix in the Dallas-Fort Worth market,” Jackson said in a statement. “We also look forward to welcoming the Boardwalk customers and 350 associates into the AutoNation family and expanding our representation of the Audi, Porsche and Volkswagen brands.”
Boardwalk Auto Group, owned by Scott Ginsburg, will continue to own and operate Boardwalk Ferrari, Boardwalk Maserati, Lamborghini of Dallas, Ferrari of San Francisco and Maserati of San Francisco.
The deals remain subject to customary terms and conditions, including manufacturer approval, AutoNation said in its statement. It was not immediately clear when the acquisitions would be completed.