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Letter to the Editor
Thursday October 17
AutoNation Acquires Two Dealerships in Texas
AutoNation, Inc., America's largest retailer of both new and used vehicles, has signed agreements to acquire two new vehicle franchises in Texas -- Jim McNatt Honda of Dallas and Vista Toyota of Corpus Christi -- the fourteenth and fifteenth franchises the Company has agreed to acquire this year.AutoNation has agreed to acquire Jim McNatt Honda from its principal, Jim McNatt, and Vista Toyota from a partnership led by Bill McBean. In September, AutoNation announced it agreed to acquire from the McBean-led partnership the five other new vehicle franchises that make up the Corpus Christi-based Vista Automotive Group. They included Chevrolet, Cadillac, Oldsmobile, Mitsubishi and Isuzu franchises. Terms for each of the all-cash acquisitions were not disclosed.
Once closed, the seven franchises that make up the McNatt and Vista acquisitions will increase AutoNation's presence in Texas to 66 new vehicle franchises -- 22 new vehicle franchises in the Dallas-Fort Worth market, 19 in Houston, 14 in Corpus Christi, 7 in Austin and 4 in Amarillo. They will also raise AutoNation's U.S. presence to 381 new-vehicle franchises. AutoNation- owned dealerships sell new vehicles from 35 different manufacturer brands.
"Our acquisition strategy is based on acquiring high-quality new vehicle franchises from market leaders such as Toyota, Honda, Chevrolet, Ford, Chrysler-Jeep, Dodge and Nissan to premium luxury franchises such as Mercedes- Benz, BMW and Lexus," said Michael E. Maroone, AutoNation's President and Chief Operating Officer. "This strategy strengthens our presence around the country by improving our ability to offer the customer the market's best selection, service and prices."
In 2001, Jim McNatt Honda had retail revenue of approximately $48 million. Including the Toyota franchise, the Vista Automotive Group had 2001 revenue of approximately $151 million.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest retailer of both new and used vehicles. Ranked #101 on the 2002 Fortune 500, AutoNation employs approximately 30,000 people at 374 new vehicle franchises in 17 states.
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