FORT LAUDERDALE, Fla. – Haig Associates LLC, served as the unique sell-facet advisor to Group 1 Automotive, Inc. (NYSE: GP1) on the sale of its Sterling McCall Hyundai South Loop dealership situated in Houston, TX to Steele Vehicle Team (“Steele”).
Team 1 is a publicly traded auto retailer that ranks fourth on Automotive Information Top 150 Dealership Groups. In 2021, it generated $13.5B in income and retailed 307,000 new and applied automobiles.Steele is Atlantic Canada’s most significant car dealership group with 55 new automobile dealerships, 7 utilized automobile dealerships, three powersports dealerships and 8 collision centers. It expanded into the US recently.
Sterling McCall Hyundai is its sixth dealership found 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 workforce at Haig Companions has been involved in the invest in or sale of 79 dealerships in Texas, also additional than any other advisory business.
“It was an honor to signify Group 1 Automotive in the sale of Sterling McCall Hyundai South Loop in Houston. Often the very best consumer for a dealership is found right next door. But in this scenario, our system surfaced the ideal buyer in Canada, 2,500 miles away,” claimed Alan Haig, President of Haig Companions. “This transaction is even more evidence that numerous purchasers are intrigued in increasing into Texas. With significant inhabitants development, very low taxes and a organization-welcoming local weather, Texas, Florida, and other comparable markets provide elevated dealership values. The transaction also demonstrates that need for dealerships continues to be superior even however the macroeconomic outlook is troubled at the second. Dealerships are even now developing document concentrations of earnings, so customers want far more of them.”