FORT LAUDERDALE, Fla. – Haig Partners LLC, served as the distinctive market-aspect advisor to Group 1 Automotive, Inc. (NYSE: GP1) on the sale of its Sterling McCall Hyundai South Loop dealership situated in Houston, TX to Steele Auto Group (“Steele”).
Group 1 is a publicly traded automobile retailer that ranks fourth on Automotive Information Leading 150 Dealership Groups. In 2021, it produced $13.5B in earnings and retailed 307,000 new and utilised motor vehicles.Steele is Atlantic Canada’s biggest car dealership group with 55 new auto dealerships, 7 made use of auto dealerships, a few powersports dealerships and 8 collision centers. It expanded into the US just lately.
Sterling McCall Hyundai is its sixth dealership situated in the US, all in Texas. The dealership will be rebranded Steele South Loop Hyundai.
With the sale of Sterling McCall Hyundai South Loop, the team at Haig Partners has been included in the obtain or sale of 79 dealerships in Texas, also extra than any other advisory agency.
“It was an honor to characterize Team 1 Automotive in the sale of Sterling McCall Hyundai South Loop in Houston. Occasionally the finest consumer for a dealership is located right next door. But in this scenario, our course of action surfaced the greatest purchaser in Canada, 2,500 miles away,” claimed Alan Haig, President of Haig Companions. “This transaction is even further proof that numerous customers are intrigued in increasing into Texas. With substantial populace development, minimal taxes and a business enterprise-welcoming weather, Texas, Florida, and other related markets convey elevated dealership values. The transaction also demonstrates that demand for dealerships remains higher even while the macroeconomic outlook is troubled at the second. Dealerships are however making record levels of revenue, so prospective buyers want more of them.”