UnitedAuto Group Inc., a leading publicly traded megadealer acquired two big dealerships in the New York metro market, Mercedes-Benz of Nanuet and KEA Honda,also in Nanuet. According to UAG, the stores’ annual revenues will be about $100 million, and will increase UAG’s revenue in the New York market by approximately 12%.
The acquisitions brings UnitedAuto Group’s dealership total to 90 stores and 123 franchises. The dealer group has purchased 19 stores in the last eight months.
UnitedAuto President Sam DiFeo Jr. says, ``Given the location of these dealerships and the strength of the Mercedes-Benz and Honda brands, we believe we are well positioned to capitalize on the marketplace and expand our customer base in the New York metro area.”
Phil Hartz, senior vice president of corporate communications, says the dealerships attracted UAG because “they have terrific brands and fit well with the demographics of the area. They will help us continue our strong presence in the Northeast.”
UnitedAuto Group ranked third on this year’s Ward’s MegaDealer 100 list, behind AutoNation and Sonic Automotive, two other publicly-traded dealer groups.
Since January 1, UAG has increased its stock price from 6.62 to 14.85 on May 30.