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Letter to the Editor
Thursday September 5
AutoNation to Acquire Five Franchises in Corpus Christi
AutoNation, Inc., America's largest retailer of both new and used vehicles, has signed an agreement to acquire certain assets of the Vista Automotive Group based in Corpus Christi, Texas, from a partnership led by Bill McBean. The agreement includes the acquisition of property and five new vehicle franchises in the Corpus Christi area: Chevrolet, Cadillac, Oldsmobile, Mitsubishi and Isuzu.Once closed, the acquisition will increase AutoNation's presence in Corpus Christi to 13 new vehicle franchises. It will also raise AutoNation's presence in Texas to 64 new vehicle franchises and its U.S. presence to 379 new vehicle franchises. AutoNation's other Texas markets include Amarillo, Austin, Dallas, Fort Worth and Houston.
"Acquiring these new vehicle franchises will expand our ability to offer Corpus Christi consumers the market's best vehicle selection, service and prices," said Michael E. Maroone, AutoNation's President and Chief Operating Officer. "In each of our markets, our goal is to have vehicle shoppers include AutoNation dealerships as part of any intelligent buying or servicing decision."
Terms of the all-cash acquisition, which is subject to customary conditions and approvals, were not disclosed. In 2001, the five new vehicle franchises being acquired from the Vista Automotive Group had combined revenue of approximately $106 million. Upon closing the acquisition, Bill McBean will join AutoNation as a General Manager of the acquired franchises.
Other AutoNation-owned new vehicle franchises in Corpus Christi include Ford, Mazda, Honda, Hyundai, Volvo, Pontiac, Buick and GMC. Each dealership franchise also offers used vehicles, parts and services and finance and insurance products.
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