Benzinga | Mar 16, 2021 10:53AM EDT

Group 1 Auto Reports Purchase of 2 Toyota Dealerships In Massachusetts, No Terms Disclosed

Group 1 Automotive, Inc. (NYSE:GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today announced the expansion of its business presence in the Massachusetts market with the acquisition of two Toyota dealerships. The dealerships are located in Hyannis and Orleans on Cape Cod. These stores are expected to generate approximately $120 million in annualized revenues.

"We are excited to grow our scale in New England with two additional stores and expand our long-standing partnership with Toyota," said Earl J. Hesterberg, Group 1's president and chief executive officer.

The acquisition of these stores brings Group 1's total U.S. Toyota dealership count to fifteen and increases the total representation in New England to ten dealerships, which includes the Audi, BMW, Lexus, Subaru, and Toyota brands.