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AutoNation (AN) to Acquire 4 Stores in Westchester, New York
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AutoNation, Inc. (AN - Free Report) announced that it has inked an agreement to acquire four stores, including five franchises, in the Westchester County, NY area. The stores to be acquired include BMW Mt. Kisco, Land Rover Mt. Kisco and Jaguar Land Rover Larchmont/New Rochelle from The Premier Collection, and White Plains Jaguar from DiSimone Imports.
These stores are expected to generate annual revenue of around $190 million. The total retail sales of new and used vehicles from the stores are around 2,600 units. AutoNation is expected to close the acquisition in the third quarter of 2016 subject to customary terms and conditions, including manufacturer approval.
AutoNation will revamp the BMW facilities in Mt. Kisco in order to enhance customer experience. It will also construct a new Jaguar Land Rover store in the White Plains area. In addition, the company will relocate the Land Rover franchise and combine it with Jaguar in a new auto retail facility in Mt. Kisco. The automotive retailer will also renovate and enlarge its Jaguar Land Rover facilities in Larchmont/New Rochelle.
Once the facilities in White Plains and Mt. Kisco are completed, AutoNation will be awarded a Land Rover franchise in White Plains and Jaguar franchise in Mt. Kisco. The annual revenue from these stores should be around $100 million when they are fully operational.
AutoNation expects that these acquisitions will improve its brand mix and help it offer premium luxury vehicles in the new market.
AutoNation continues to expand its business through acquisitions. In Jun 2016, the company announced that it has signed an agreement to acquire the Centennial Chrysler Jeep store, located in Denver, CO. This buyout will take the company's store count to 18 in the Denver market. This will be AutoNation’s 30th FCA store. It 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 revenue of $110 million.
AutoNation currently carries a Zacks Rank #3 (Hold).
Stocks that Warrant a Look
Some better-ranked automobile stocks include Commercial Vehicle Group Inc. (CVGI - Free Report) , Spartan Motors Inc. and Unique Fabricating, Inc. , all sporting 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 >>
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AutoNation (AN) to Acquire 4 Stores in Westchester, New York
AutoNation, Inc. (AN - Free Report) announced that it has inked an agreement to acquire four stores, including five franchises, in the Westchester County, NY area. The stores to be acquired include BMW Mt. Kisco, Land Rover Mt. Kisco and Jaguar Land Rover Larchmont/New Rochelle from The Premier Collection, and White Plains Jaguar from DiSimone Imports.
These stores are expected to generate annual revenue of around $190 million. The total retail sales of new and used vehicles from the stores are around 2,600 units. AutoNation is expected to close the acquisition in the third quarter of 2016 subject to customary terms and conditions, including manufacturer approval.
AutoNation will revamp the BMW facilities in Mt. Kisco in order to enhance customer experience. It will also construct a new Jaguar Land Rover store in the White Plains area. In addition, the company will relocate the Land Rover franchise and combine it with Jaguar in a new auto retail facility in Mt. Kisco. The automotive retailer will also renovate and enlarge its Jaguar Land Rover facilities in Larchmont/New Rochelle.
Once the facilities in White Plains and Mt. Kisco are completed, AutoNation will be awarded a Land Rover franchise in White Plains and Jaguar franchise in Mt. Kisco. The annual revenue from these stores should be around $100 million when they are fully operational.
AutoNation expects that these acquisitions will improve its brand mix and help it offer premium luxury vehicles in the new market.
AutoNation continues to expand its business through acquisitions. In Jun 2016, the company announced that it has signed an agreement to acquire the Centennial Chrysler Jeep store, located in Denver, CO. This buyout will take the company's store count to 18 in the Denver market. This will be AutoNation’s 30th FCA store. It 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 revenue of $110 million.
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AutoNation currently carries a Zacks Rank #3 (Hold).
Stocks that Warrant a Look
Some better-ranked automobile stocks include Commercial Vehicle Group Inc. (CVGI - Free Report) , Spartan Motors Inc. and Unique Fabricating, Inc. , all sporting 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 >>