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AutoNation Expands by Acquiring Chrysler Jeep Store
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AutoNation, Inc. (AN - Free Report) announced that it has signed an agreement to acquire the Centennial Chrysler Jeep store, located in Denver, CO. This acquisition will take the company's store count to 18 in the Denver market. This will be AutoNation’s 30th FCA store.
AutoNation is expected to close the acquisition in the third quarter of 2016 subject to customary terms and conditions, including manufacturer approval. In 2015, the store sold 3,000 new and used retail vehicles and generated annual revenues of $110 million.
AutoNation continues to expand its business through acquisitions. In Feb 2016, the company completed the acquisition of 12 stores in Texas, including Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-Benz, and Sprinter franchises. These stores are expected to generate additional revenues of $800 million and sell 19,500 new and used vehicles every year.
In Dec 2015, AutoNation completed the acquisition of a Honda store in the Seattle-Bellevue market in Washington. The company already operates 27 franchises in the state. The annual revenue from this store will be $70 million. In Nov 2015, the company completed a previously announced acquisition of 13 stores located in Georgia, Alabama and Tennessee from Carl Gregory Enterprises. The month before that, the company announced that it has signed an agreement to acquire 12 stores, including 31 franchises in Houston, Dallas-Fort Worth, Corpus Christi, Tyler, Ennis and Waco, all in Texas, from Allen Samuels Auto Group. These stores will generate additional revenues of $800 million and are expected to sell 19,500 new and used vehicles.
Thus, in 2015, AutoNation closed the acquisition of 22 stores, including 51 franchises, which represent around $1 billion in annual revenues. AutoNation currently carries a Zacks Rank #3 (Hold).
Some better-ranked automobile stocks include Lear Corp. (LEA - Free Report) , Autoliv, Inc. (ALV - Free Report) and Superior Industries International, Inc. (SUP - Free Report) . All three stocks sport a Zacks Rank #1 (Strong Buy).
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AutoNation Expands by Acquiring Chrysler Jeep Store
AutoNation, Inc. (AN - Free Report) announced that it has signed an agreement to acquire the Centennial Chrysler Jeep store, located in Denver, CO. This acquisition will take the company's store count to 18 in the Denver market. This will be AutoNation’s 30th FCA store.
AutoNation is expected to close the acquisition in the third quarter of 2016 subject to customary terms and conditions, including manufacturer approval. In 2015, the store sold 3,000 new and used retail vehicles and generated annual revenues of $110 million.
AutoNation continues to expand its business through acquisitions. In Feb 2016, the company completed the acquisition of 12 stores in Texas, including Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-Benz, and Sprinter franchises. These stores are expected to generate additional revenues of $800 million and sell 19,500 new and used vehicles every year.
In Dec 2015, AutoNation completed the acquisition of a Honda store in the Seattle-Bellevue market in Washington. The company already operates 27 franchises in the state. The annual revenue from this store will be $70 million. In Nov 2015, the company completed a previously announced acquisition of 13 stores located in Georgia, Alabama and Tennessee from Carl Gregory Enterprises. The month before that, the company announced that it has signed an agreement to acquire 12 stores, including 31 franchises in Houston, Dallas-Fort Worth, Corpus Christi, Tyler, Ennis and Waco, all in Texas, from Allen Samuels Auto Group. These stores will generate additional revenues of $800 million and are expected to sell 19,500 new and used vehicles.
Thus, in 2015, AutoNation closed the acquisition of 22 stores, including 51 franchises, which represent around $1 billion in annual revenues. AutoNation currently carries a Zacks Rank #3 (Hold).
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Stocks that Warrant a Look
Some better-ranked automobile stocks include Lear Corp. (LEA - Free Report) , Autoliv, Inc. (ALV - Free Report) and Superior Industries International, Inc. (SUP - Free Report) . All three stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>