AutoNation To Buy Barrier Motors Premium Luxury Group In Seattle-Bellevue Market

(RTTNews) - Automotive retailer AutoNation, Inc. (AN) has reached agreements to acquire Audi, Mercedes-Benz, Porsche and Volvo stores in the Seattle-Bellevue market from Barrier Motors.

The annual revenue for these stores totaled around $355 million, with retail sales of about 5,500 new and used vehicle units. Upon completion, AutoNation would own and operate 22 franchises in the state of Washington, including 13 franchises in the Seattle-Bellevue market. The transactions are likely to close in the fourth quarter 2014.

Mike Jackson, AutoNation's Chairman and Chief Executive, stated: "We are pleased to be adding the Barrier Audi, Mercedes-Benz, Porsche and Volvo stores to our Seattle-Bellevue platform. The Barrier stores have a great reputation in the market. The franchises are in attractive automotive retail locations and the facilities are first class." He added, "The acquisition will greatly enhance our brand mix in Seattle-Bellevue, positioning us with outstanding premium luxury offerings in the market, where we already represent BMW. The product cycles from Audi, Mercedes-Benz and Porsche are some of the most exciting in the industry. We also look forward to welcoming the Barrier customers and over 300 associates into the AutoNation family."