Houston-based Group 1 Automotive said Tuesday that it has acquired Moritz BMW/Mini and Moritz Cadillac in Arlington and will immediately market the dealerships under new names.
The dealerships will remain in their same locations at the northeast corner of Collins Street and Lamar Boulevard and operate as BMW of Arlington, Mini of Arlington and Cadillac of Arlington. The three are expected to generate $200 million in annual revenue, Group 1 said.
The dealerships employ about 230 people, and all have been offered positions with the new owner, the company said. Group 1 said it has brought in a new general manager for BMW and promoted longtime Moritz employee Richy Harter to be general manager of the Cadillac store.
Group 1 has several dealerships in Texas, but these are its first in Tarrant County. It has eight in the Dallas area, according to its website.
“Dallas is one of the largest and fastest-growing luxury automobile markets in the U.S.,” Earl Hesterberg, Group 1’s president and CEO, said in a statement. “These well-established businesses will give Group 1 a great platform for growth and will further expand our important, long-term relationship with BMW of North America.”
The acquisition does not include Moritz’s Chevy, Kia or Dodge dealerships. The deal closed Monday.
The Moritz family, headed by John David Moritz, started its dealerships in 1973 with the Cadillac brand. BMW was added in 1989, and BMW’s Mini Cooper brand in 2002.
Moritz Kia said recently that it is expanding into far north Fort Worth with construction of a Kia showroom and sales center in the Alliance Corridor. The Kia dealership will sit on 8 acres along Interstate 35W, just north of the Allen Samuels car dealership, when it opens by the end of 2014.
Group 1 owns and operates 144 auto dealerships, 182 franchises and 36 collision centers in the U.S., the United Kingdom and Brazil, offering 33 brands of automobiles.