Group 1 Automotive buys high-volume Toyota store in Texas

Group 1 Automotive Inc. on Monday obtained Charles Maund Toyota in Austin, Texas, which the auto retailer expects will include $435 million in once-a-year profits.

Group 1, of Houston, said it renamed the dealership Toyota of North Austin. The sellers were being Doug Maund, a son of the dealership’s founder, Charles Maund, and Controlling Spouse Jim DiMeo, mentioned Pete DeLongchamps, Team 1’s senior vice president of manufacturer relations, economical products and services and general public affairs.

Group 1 mentioned the dealership, which is its 16th Toyota retail outlet in the U.S., ranks in the top rated 20 for Toyota new-auto gross sales volume nationally. Team 1 stated it now has 13 new-car or truck franchises in central Texas.

Earl Hesterberg, Team 1’s CEO, reported in a statement that the car retailer sees a “favourable progress chance” with the Toyota brand and in the Austin.

“The Austin industry is main the way as a house for many large businesses which have been relocating to Texas in latest a long time,” Hesterberg mentioned in the statement. “The Austin metro market place has grown by much more than 30 per cent and included around 500,000 citizens to turn into the nation’s swiftest developing huge metro area from 2010 to 2020.”

The Toyota acquisition marks the latest in dealership get-sells for Team 1. Past month, it offered Honda and Toyota dealerships in Massachusetts.

The sale of Charles Maund Toyota comes about a few months following federal prosecutors mentioned a Maund Automotive Group associate, Erik Charles Maund, was indicted on expenses of conspiracy to commit kidnapping, kidnapping resulting in demise, and carrying, brandishing and discharging a firearm “in the course of and in relation to a crime of violence.”

Maund is alleged to have paid 3 men to survey, kidnap and kill a Nashville girl and her associate, in accordance to an indictment unsealed in December. The pair was killed in March 2020, in accordance to a launch from the U.S. Attorney’s Place of work for the Middle District of Tennessee.

Previous 7 days, Erik Maund pleaded not guilty to the fees, in accordance to federal court information.

The Austin-American Statesman claimed that Erik Maund is a grandson of Charles Maund.

Group 1 ranks No. 4 on Automotive News‘ most latest listing of the prime 150 dealership groups primarily based in the U.S., retailing 140,221 new automobiles in 2020.

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