Special Coverage
NADA Convention & Exposition
Sonic Automotive Inc., a public automotive dealer group, announces today the acquisition of the Jaguar and Land Rover franchises from PPE Houston Ltd.
The deal makes the Houston market Sonic’s largest platform, with total annualized revenues of about $1.3 billion. Alone, the newly acquired PPE dealerships represent approximately $90 in annual revenues.
“This acquisition is consistent with our portfolio enrichment strategy of acquiring premium brands with stable operations that we can take to the next level of operating performance by implementing our proven best practices,” Sonic Automotive’s President and Chief Operating Officer Jeffrey C. Rachor, says.
“We will continue to target similar acquisition opportunities within our geographical footprint in order to leverage our regional infrastructure.”
The Charlotte, NC-based Sonic Automotive ranked third on a 2006 Ward’s Megadealer 100 list with $7.9 billion revenue in 2005. The group operates 173 franchises and 30-collision repair centers in the U.S.
