United Auto Group Inc. has bought the Classic Automotive Group in Austin.
Financial terms of the acquisition were not disclosed, but UnitedAuto's West Operations Executive Vice President George Brochick says the new franchises could bring in an additional $300 million in annual revenue for UnitedAuto.
The Bloomfield Hills, Michigan-based auto retailer will add four franchises -- Toyota, Scion, Honda and Hyundai dealerships -- to its existing dealerships with the acquisition. United (NYSE: UAG - News) already owns a BMW dealership in Austin.
"We are thrilled to expand our operations in the growing Austin market," says Brochick. "In particular, the Toyota and Honda dealerships we acquired each represent one of the larger new unit sales points for these brands in the United States."
United Auto Group operates 314 retail auto franchises, representing 41 different brands, and 26 collision repair centers. The company has 169 franchises in 19 states and Puerto Rico and 145 franchises located outside the United States, primarily in the United Kingdom. UnitedAuto is a member of the Fortune 500 and Russell 1000, and employs about 16,000 people worldwide.