John Eagle Dealerships is promoting six further Texas automotive dealerships to one of many nation’s largest seller teams, Lithia Motors.
In Tuesday’s transaction, John Eagle bought Honda Vehicles of Katy, Honda of Clear Lake, John Eagle Acura, John Eagle Honda Houston, Clearlake Infiniti and Southwest Infiniti to Lithia for an undisclosed worth.
The Dallas-based dealership group had beforehand bought 4 of its dealerships to Lithia in early August, together with John Eagle Honda of Dallas, Honda Vehicles of Rockwall, Howdy Honda of Austin and John Eagle Sports activities Metropolis Toyota.
In whole, Lithia mentioned, the dealerships will add $1.1 billion in annual income to its portfolio.
John Eagle’s Hill Nation Honda in San Antonio has not been included in any of the corporate’s latest gross sales.
The John Eagle transaction is the most recent in a slew of acquisition exercise this summer season involving Texas automotive dealerships. The deal marks the fourth sale within the final two months alone the place Presidio Group served as an adviser, in response to the funding agency. Presidio, which makes a speciality of automotive retail transactions, additionally suggested the sale of eight Park Place dealerships to Asbury Automotive this summer season in a deal valued at $735 million, not together with the price of the autos.
“The business-friendly Texas market is super-hot proper now,” Presidio Group CEO Brodie Cobb mentioned in a press release.
Lithia, primarily based in Medford, Ore., is a publicly traded firm that payments itself as profitably modernizing and consolidating the automotive retail business. The corporate reported $12.7 billion in income final yr.