Group 1 has acquired family-owned Soper of Lincoln BMW/MINI, which will generate £94,000 in additional annual revenues.
Daryl Kenningham, CEO of fast- expanding US-owned dealer group, said: “We are excited to welcome our new teammates from Soper of Lincoln to the Group 1 family and are thrilled to enhance our operations with these esteemed brands. Our strong relationship with the manufacturer and our experience in this market area make this a valuable addition to our UK operations.”
With the acquisition of the South Hykeham, Lincoln dealership, Group 1 said it is set to reach an estimated $3.9 billion in annual revenues for 2024, following a successful year in 2023 with $1.1 billion in acquired revenues.
David Kendrick, automotive partner at Cooper Parry which advised the shareholder of Soper on the sale, said:“Andrew has built a great business having bought it from Steve Soper many years ago. It makes absolute sense for Group 1 to take this on and it’s been another great deal.”
US retailing giant Group 1 has operated in the UK since 2007 and now has 115 dealerships across the market.
Group 1 Automotive has also appointed former Lookers’ chief Mark Raban to head its UK operations.
Raban exited Lookers at the end of last year after the business transitioned to private ownership in October following a £504 million deal by Canadian firm Alpha Auto Group.
In his new role, Raban will oversee the integration of the recently acquired Inchcape dealerships to drive strategic growth.
Group 1 Automotive completed its £346 million takeover of Inchcape Retail in August, adding 54 car and van dealerships in a ‘monumental transaction’ that puts it into the top five of the AM100 rankings of UK’s largest motor retailers.
