AutoNation has announced that it has signed an agreement to acquire Land Rover Fort Lauderdale from owners Steve and Tom Shelton. The dealership, located at 5730 North Federal Highway in Fort Lauderdale, is the only Land Rover dealership in Broward County.
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The acquisition will bring to 35 the total number of new vehicle franchises in South Florida owned by AutoNation. Terms of the all-cash transaction, which is subject to customary conditions and approvals, were not disclosed.
Land Rover Fort Lauderdale, currently the 15th largest Land Rover dealership in the United States, generated annual revenue of approximately US$63m and sold 589 new vehicles in 2005. AutoNation currently owns three Land Rover dealerships in the US, including the world’s largest in Encino, California.
“Land Rover Fort Lauderdale is an outstanding addition to our brand mix in the South Florida market,” said Michael E. Maroone, AutoNation’s president and chief operating officer. “AutoNation has focused on continuing to enhance our luxury portfolio, because we believe luxury vehicles will be the fastest growing segment of automotive retail for the next few years. This transaction underscores our commitment to offer those customers the vehicles and services they want.”
AutoNation said it anticipates completing the transaction in October 2006 and that neither of the current owners will retain a position with AutoNation. It also intends to relocate the dealership.
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