U.S. auto retailer Group 1 Automotive Inc said on Monday it would buy the Charles Maund Toyota dealership in Austin, Texas, as it is expected to add $435 million in annual revenues.
"Our current financial position allows us to continue to return capital to shareholders," said Earl J. Hesterberg, president and chief executive officer of Group 1. The auto retailer said with many large companies relocating to Texas in recent years, the Austin metro market has grown by more than 30per cent to become the nation's fastest-growing large metro from 2010 to 2020.
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