Group 1 sells Honda, Toyota dealerships in Massachusetts
Ira Honda was renamed Parkway Honda. Gregg Vitello, a accomplice in Parkway Honda, informed Automotive Information he had been ready for the prospect to purchase the Honda retailer, which is subsequent to Parkway Toyota of Boston, a retailer wherein he is additionally a accomplice. Taylor bought Parkway Toyota in March 2021 from Prime Automotive Group.
“It is a terrific alternative,” Vitello mentioned of Parkway Honda. “We’re very, very enthusiastic about it.”
Vitello mentioned he is also a accomplice in BMW of Freeport, Mini of Freeport and Mercedes-Benz of Massapequa in Amityville, all in New York state. Taylor acquired these shops from Group 1 in 2014, according to Automotive News‘ buy-sell database.
Group 1 acquired Ira Honda in West Roxbury from Prime Automotive Group in November, a part of an $880-million buy first announced in September. Group 1 mentioned it deliberate to accumulate 30 Prime dealerships and closed on the acquisition of 28 shops. A Toyota dealership was dropped from the transaction attributable to Group 1’s framework settlement limitations, whereas the purchase of Prime Subaru of Manchester in New Hampshire has been in dispute with distributor Subaru of New England.
“We consider every operation and infrequently purchase and promote dealerships to fulfill our inner targets,” DeLongchampstold Automotive Information in an e mail about Group 1’s determination to promote the Honda dealership.
Group 1 ranks No. 4 on Automotive Information‘ most up-to-date checklist of the highest 150 dealership teams primarily based within the U.S., retailing 140,221 new automobiles in 2020.