(WTVM) - One of the nation's largest automobile retailers, AutoNation Inc. announced on Tuesday that they've purchased Carl Gregory Enterprises.
The purchase, following signed agreement, includes 13 stores Georgia, Alabama and Tennessee from Carl Gregory Enterprises and three stores in Baltimore from Valley Motors Auto Group.
The combined annual revenue for the deal represents more than $600 million.
The franchises included in the acquisition are: Chrysler, Dodge, Jeep, Ram, Fiat, Ford, Lincoln, Honda, Hyundai and Volkswagen.
"We are pleased to have the opportunity to add 13 stores in Georgia, Alabama and Tennessee and 3 stores in the Baltimore, MD/Washington, DC market and bring AutoNation's store count to 253 from Coast to Coast," AutoNation's Chairman, Chief Executive Officer and President Mike Jackson said. "We continue to seek acquisitions to leverage our scale, expand the AutoNation brand and provide a peerless experience to more customers."
AutoNation owns 293 franchises representing 35 vehicles across 15 states. Once the deal is completed, AutoNation's total franchise count will be 327 franchises, an increase of 34 franchises.
The transactions are subject to customary terms and conditions, including manufacturer approval, and are expected to close later this year, according to a press release.