FORT LAUDERDALE, Fla. – Haig Associates LLC, served as the unique sell-side advisor to Group 1 Automotive, Inc. (NYSE: GP1) on the sale of its Sterling McCall Hyundai South Loop dealership positioned in Houston, TX to Steele Auto Group (“Steele”).
Group 1 is a publicly traded automobile retailer that ranks fourth on Automotive News Prime 150 Dealership Teams. In 2021, it produced $13.5B in earnings and retailed 307,000 new and employed automobiles.Steele is Atlantic Canada’s most significant auto dealership team with 55 new auto dealerships, 7 employed automobile dealerships, 3 powersports dealerships and 8 collision facilities. It expanded into the US just lately.
Sterling McCall Hyundai is its sixth dealership situated in the US, all in Texas. The dealership will be rebranded Steele South Loop Hyundai.
With the sale of Sterling McCall Hyundai South Loop, the staff at Haig Partners has been included in the buy or sale of 79 dealerships in Texas, also far more than any other advisory business.
“It was an honor to depict Team 1 Automotive in the sale of Sterling McCall Hyundai South Loop in Houston. Sometimes the ideal customer for a dealership is situated appropriate upcoming door. But in this scenario, our method surfaced the very best buyer in Canada, 2,500 miles absent,” explained Alan Haig, President of Haig Partners. “This transaction is even more evidence that many consumers are interested in growing into Texas. With higher inhabitants advancement, very low taxes and a small business-helpful weather, Texas, Florida, and other related markets deliver elevated dealership values. The transaction also demonstrates that desire for dealerships remains significant even however the macroeconomic outlook is troubled at the instant. Dealerships are continue to developing history amounts of income, so customers want additional of them.”