AutoNation to Acquire BMW, Land Rover and Jaguar stores in Westchester County, New York
- Acquisition annual revenue is approximately $190 million
FORT LAUDERDALE, Fla., July 7, 2016 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today announced that it has signed agreements to acquire four stores, including five franchises, in the Westchester County, New York area. The stores to be acquired are 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, collectively representing approximately $190 million in annual revenue and 2,600 retail new and used vehicle annual unit sales. The acquisitions are subject to customary terms and conditions, including manufacturer approvals, and are expected to close in the third quarter of 2016.
To further enhance the customer experience, AutoNation will renovate the BMW facilities in Mt. Kisco. Also, in connection with the transaction, AutoNation will construct a new state-of-the-art Jaguar Land Rover store in the White Plains area. In Mt. Kisco, AutoNation will relocate the Land Rover franchise and combine it with Jaguar in a new state-of-the-art auto retail facility. AutoNation will also renovate and expand its Jaguar Land Rover facilities in Larchmont/New Rochelle.
Upon completion of the above-mentioned facilities in White Plains and Mt. Kisco, AutoNation will be awarded a Land Rover franchise in White Plains and Jaguar franchise in Mt. Kisco. These new Jaguar Land Rover facilities in White Plains and Mt. Kisco are expected to generate approximately $100 million in additional annual revenue once fully operational.
Mike Jackson, AutoNation's Chairman, Chief Executive Officer and President, stated, "These acquisitions will greatly enhance our brand mix, positioning us with outstanding premium luxury offerings in this new market. We look forward to welcoming the BMW, Jaguar and Land Rover customers and 140 new associates in Westchester County to AutoNation."
About AutoNation, Inc.
AutoNation is America's largest automotive retailer, currently owning and operating 363 new vehicle franchises from coast to coast. AutoNation sold its 10 millionth vehicle in 2015, the first automotive retailer to reach this milestone. AutoNation is also the only automotive retailer to guarantee every vehicle retailed is recall free. A commitment to delivering a peerless experience through customer-focused sales and service processes is what drives AutoNation's success. AutoNation supports the Breast Cancer Research Foundation through its Drive Pink Campaign. AutoNation is transforming the automotive industry through bold leadership, technology and innovation.
Please visit investors.autonation.com, www.autonation.com, www.autonationdrive.com, www.twitter.com/autonation, www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and www.facebook.com/CEOMikeJackson, where AutoNation discloses additional information about the Company, its business, and its results of operations.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "continues," "may," "will," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our expectations for pending acquisitions and franchise add-points, as well as statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties and other factors that are difficult to predict and may cause our actual results, performance or achievements to be materially different from any future results, performance and achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: our ability to integrate successfully acquired and awarded franchises and to attain planned sales volumes within our expected time frames; our ability to obtain manufacturer approval for pending acquisitions; economic conditions, including conditions in the credit markets and changes in interest rates; new and used vehicle margins; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; restrictions imposed by vehicle manufacturers; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
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SOURCE AutoNation, Inc.
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