A Class Of Its Own

Group 1 Automotive buys high-volume Toyota store in Texas

Group 1 Automotive Inc. on Monday acquired Charles Maund Toyota in Austin, Texas, which the auto retailer expects will include $435 million in once-a-year profits.

Group 1, of Houston, stated it renamed the dealership Toyota of North Austin. The sellers were Doug Maund, a son of the dealership’s founder, Charles Maund, and Taking care of Associate Jim DiMeo, stated Pete DeLongchamps, Team 1’s senior vice president of company relations, financial companies and public affairs.

Group 1 explained the dealership, which is its 16th Toyota retail outlet in the U.S., ranks in the leading 20 for Toyota new-automobile revenue quantity nationally. Team 1 claimed it now has 13 new-motor vehicle franchises in central Texas.

Earl Hesterberg, Team 1’s CEO, reported in a assertion that the auto retailer sees a “constructive advancement possibility” with the Toyota manufacturer and in the Austin.

“The Austin market place is primary the way as a dwelling for many significant businesses which have been relocating to Texas in new several years,” Hesterberg said in the assertion. “The Austin metro marketplace has grown by more than 30 percent and added in excess of 500,000 citizens to become the nation’s fastest developing big metro location from 2010 to 2020.”

The Toyota acquisition marks the most up-to-date in dealership purchase-sells for Team 1. Final thirty day period, it marketed Honda and Toyota dealerships in Massachusetts.

The sale of Charles Maund Toyota comes about three months immediately after federal prosecutors claimed a Maund Automotive Group spouse, Erik Charles Maund, was indicted on costs of conspiracy to dedicate kidnapping, kidnapping ensuing in dying, and carrying, brandishing and discharging a firearm “for the duration of and in relation to a crime of violence.”

Maund is alleged to have paid a few males to study, kidnap and get rid of a Nashville woman and her partner, according to an indictment unsealed in December. The couple was killed in March 2020, according to a launch from the U.S. Attorney’s Business office for the Middle District of Tennessee.

Past 7 days, Erik Maund pleaded not responsible to the charges, in accordance to federal court information.

The Austin-American Statesman reported that Erik Maund is a grandson of Charles Maund.

Team 1 ranks No. 4 on Automotive Information‘ most modern record of the top 150 dealership groups primarily based in the U.S., retailing 140,221 new autos in 2020.