Group 1 selling its Brazilian operations

With the divestiture of its Brazil operations, Group 1’s global dealership count will fall to 174, subject to the addition of about 30 Prime dealerships that Group 1 anticipates buying in a separate transaction expected to close in the current quarter.

“Over the past eight years we developed a successful automotive dealer group in Brazil representing Land Rover, BMW, Honda and Toyota,” Group 1 CEO Earl Hesterberg said in a release. “Unfortunately, despite our best efforts, we were unable to attain critical mass or meaningful scale. Therefore, we decided that redeploying the capital invested in our Brazilian operations to other near-term growth opportunities is in the best interest of our shareholders.”

Group 1 ranks No. 4 on Automotive News‘ list of the top 150 dealership groups based in the U.S., with retail sales of 140,221 new vehicles in 2020.

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