P&A Providers & Administrators
MenuMENU
SearchSEARCH

Group 1 'Won't Be Deterred' from Buying Toyota Stores

October 27, 2010
2 min to read


Despite a spat over an acquisition attempt this summer, Group 1 Automotive Inc. still wants to add Toyota stores to its network, Automotive News reported.


“If we find a Toyota dealership that meets our requirements, we won’t be deterred,” Group 1 CEO Earl Hesterberg said.

Ad Loading...


Acquisitions are how Group 1 executives would prefer to invest the company’s cash and grow, Hesterberg said. But no deals for a dealership representing any brand are under contract at the time. Though a “significant number” of dealerships are available for sale, Group 1 hasn’t found anything recently that meets its return-on-investment criteria, he said.


In late June, Group 1’s attempt to buy Gene Reed Toyota-Scion and Lexus of Charleston was blocked after Toyota filed a lawsuit objecting to the sale because Toyota had not approved the deal. But Gene Reed quickly came to an agreement to sell the dealerships to another buyer, and Toyota dropped the lawsuit.


Group 1, the nation’s fourth-largest dealership group, hasn’t had any further discussions with Toyota on acquisitions since the Gene Reed deal was rejected, Hesterberg said this week.


“But, by the same token, we didn’t have the chance to defend ourselves in court because the seller got a $5 or $10 million better offer within a day,” he said. “So we didn’t get a chance to prevail in court, which we believe we would have.”

More Industry

Photo of gray SUV plugged into public electric-vehicle charger in parking lot
Industryby Hannah MitchellJuly 21, 2026

World EV Adoption Set to Grow

A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.

Read More →
Bar chart of truck and SUV segments' weekly value change
Industryby StaffJuly 21, 2026

Black Book: Weekly Market Update

Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.

Read More →
laptop with blue car on screen on a shopping website, Clear Costs Convert
Industryby Lauren LawrenceJuly 21, 2026

Pricing Transparency Drives Purchase Consideration

An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.

Read More →
Ad Loading...
Bar graphic of used-car segment weekly change
Industryby StaffJuly 14, 2026

Black Book: Weekly Market Update

Used-vehicle market depreciation was the prevailing story in the wholesale market last week.

Read More →
Light-blue Fiat car parked on a sunny Chicago street
Industryby Hannah MitchellJuly 14, 2026

Smaller Is Looking Better

A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.

Read More →
man sitting at desk using calculator with charts in front of him, to-go coffee cup on desk, rising and falling data chart in front
Industryby Lauren LawrenceJuly 14, 2026

U.S. EV Market Slowly Stabilizes

U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.

Read More →
Ad Loading...
blue background, map of the world with connecting lights and an electric vehicle emblem in the middle
Industryby Lauren LawrenceJuly 8, 2026

Global EV Market Entering New Phase

Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.

Read More →
Bar chart showing week-over-week wholesale automotive price change
Industryby StaffJuly 7, 2026

Black Book Weekly Market Update

The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.

Read More →
Photo of Honda CR-V SUV on two-lane road next to roadside trees
Industryby Hannah MitchellJuly 1, 2026

Auto Affordability in Context

Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.

Read More →
Ad Loading...
Line chart of used-vehicle days to turn over past week
Industryby StaffJune 30, 2026

Black Book: Weekly Market Update

Automotive auction inventory increased last week, giving choosy bidders even more leeway.

Read More →