Expanding Its Reach: Group 1 Automotive Adds South Carolina Dealerships to Portfolio

Group 1 Automotive, Inc. has strategically expanded its market presence through the recent acquisition of Modern Classic Motors in Hilton Head, South Carolina. Recognized within the automotive retail sector, this Fortune 300 company has incorporated three new franchises—Mercedes-Benz, Sprinter, and Honda—into its portfolio. This move serves to further strengthen the company’s foothold in both the United States and the United Kingdom.

Situated in Beaufort County, which is known for its rapid growth, the newly acquired dealerships are projected to contribute approximately $140 million to Group 1’s annual revenues. This acquisition forms a pivotal part of the company’s expansion strategy, as it has already achieved a $1.0 billion in annual revenues year-to-date in 2024, following a $1.1 billion revenue acquisition in 2023.

Daryl Kenningham, the President and CEO of Group 1, has conveyed his enthusiasm for the acquisition, highlighting the growth potential resulting from the addition of these esteemed automotive brands. This move has increased Group 1’s count of Mercedes-Benz franchises to 17 and Honda franchises to 13 across their operations.

Currently, Group 1 encompasses a total of 202 dealerships, 265 franchises, and 43 collision centers, offering 35 automobile brands through its various channels. The company’s services encompass the sale of new and used vehicles, vehicle financing, service and insurance contracts, automotive maintenance and repair, and the sale of vehicle parts.

This acquisition marks a significant milestone for Group 1, positioning the company for sustained growth and success in the automotive retail industry. With an expanding portfolio and a strong market presence, Group 1 Automotive is poised to further establish its position as a leader in the sector.

It will be intriguing to observe how this latest acquisition drives Group 1’s growth and solidifies its position within the competitive automotive retail landscape. Stay tuned for further updates on this compelling development!