BOSTON and LUBBOCK, Texas — A Texas-based company, with locations in Lubbock, announced Monday it will purchase Massachusetts-based Prime Automotive Group and its 30 dealerships.
Group 1 Automotive Inc. of Houston entered into an agreement to buy Prime Automotive from New York-based GPB Capital Holdings for $880 million.
Group 1 said, “Prime dealerships generated $1.8 billion in annual revenues and retailed over 52,000 new and used vehicles.”
“We know Prime’s markets well and the opportunities they represent. We are also proud to welcome Prime Automotive’s 1,800 employees as new teammates to the Group 1 family,” Daryl Kenningham, President of U.S. and Brazilian Operations for Group 1 Automotive.
Group 1 said, “With the addition of the Prime dealerships, Group 1’s total U.S. dealership count would increase to 147, which includes 46 locations in the Northeast, and 218 locations globally.”
Group 1 owns Gene Messer locations including a collision center, Gene Messer Chevrolet, Gene Messer Ford, Gene Messer Hyundai, Gene Messer Kia and others