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Group 1 Automotive acquires Toyota mass retailer in Texas

Group 1 Automotive Ink.. On Monday, we acquired Charles Mound Toyota in Austin, Texas. Car retailers expect annual sales to reach $ 435 million.

Group 1 in Houston said it has renamed its North Austin dealership to Toyota. The sellers were Doug Mound, the son of dealer founder Charles Mound, and Jim Dimeo, managing partner.

According to Group 1, the 16th Toyota dealer in the United States ranks among the top 20 in Toyota’s new car sales nationwide. Group 1 said there are currently 13 new car franchises in central Texas.

Group 1 CEO Earl Hesterberg said: In the statement Car retailers are seeing “positive growth opportunities” with the Toyota brand and Austin.

“The Austin market is leading the way for many large companies that have recently moved to Texas,” Hesterberg said. statement. “Austin’s metropolitan area has grown by more than 30%, adding more than 500,000 inhabitants to become the fastest growing metropolitan area in the country between 2010 and 2020.”

The Toyota acquisition is the latest in Group 1 dealer buying and selling. last month, Sold Honda and Toyota dealers in Massachusetts..

Charles Mound Toyota will be sold in about 3 months Federal prosecutors said Eric Charles Mound, a partner of the Mound Automotive Group, was indicted. For kidnapping, kidnapping death, and conspiracy to carry, swing, and release firearms “in the midst of and in connection with violent crimes.”

According to an unsealed indictment in December, Mound investigated a woman in Nashville and her partner, kidnapped them, and paid three men to kill them. The couple was killed in March 2020, According to the release From a US law firm in Central Tennessee.

Last week, Eric Mound pleaded not guilty to the indictment, according to federal court records.

The Austin American Statesman Eric Mound reportedly was the grandson of Charles Mound.

Group 1 is 4th Automotive News‘The latest list of the top 150 dealer groups based in the United States and retailing 140,221 new cars in 2020.

https://njcar.org/automotive-news/dealer-headlines/group-1-automotive-buys-high-volume-toyota-store-in-texas/ Group 1 Automotive acquires Toyota mass retailer in Texas

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