AutoNation To Acquire 12 Texas Stores With $800M In Sales

By Tonya GarciaMarketWatch Pulse

AutoNation Inc. agreed to buy 12 stores, including 31 franchises, from Allen Samuels Auto Group, the company said in a release. The deal represents about $800 million in annual sales. The acquired stores are all in Texas markets, including Dallas-Fort Worth, Corpus Christi and Waco. The franchises include Chrysler, Dodge, Chevrolet, Hyundai, Mercedes-Benz, Jeep, Ram, and Sprinter dealerships. Texas will represent about 25% of AutoNation's total revenue when the deal is complete, with 53 stores, 82 franchises and 5,300 associates. The transaction is expected to close in the first quarter of 2016. Autonation shares are up 1% for the year so far. The S&P is up 0.3% for the same period.

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