Dealer news: Group 1 upsizes credit facility; Don Jacobs adds Acura store
Group 1 Automotive has completed a $500 million increase in its revolving syndicated credit facility.
The giant dealer group, which owns and operates 203 dealerships in the U.S. and U.K., now has a total credit facility of $2.5 billion with 20 financial institutions that will expire in March 2027 and can be expanded to $3 billion total availability.
The lenders in the syndicated facility include six manufacturer-affiliated finance companies — Mercedes-Benz Financial Services USA, Toyota Motor Credit, BMW Financial Services, American Honda Finance, VW Credit and Hyundai Capital America — 14 commercial banks, including U.S. Bank, Bank of America, JPMorgan Chase, Wells Fargo, PNC Bank, Comerica, Truist, TD Bank, Ally, NYCB Specialty Finance, Barclays, Amegy Bank, Santander and Bank of Oklahoma.
The syndication was arranged through U.S. Bank, JPMorgan Chase, BofA Securities, PNC Capital Markets and Wells Fargo Securities.
“The expanded revolving facility further strengthens Group 1’s balance sheet by locking in additional capacity of reasonably priced capital for vehicle financing and acquisition growth,” Group 1 senior vice president and chief financial officer Daniel McHenry said. “The commitments made by our lenders are a testament to the strong relationships we have established and we want to thank them for their continued support.”
Don Jacobs adds Acura to its brands
Don Jacobs Auto Group has added an Acura dealership to its portfolio with the acquisition of Courtesy Acura in Lexington, Ky., from Patti Swope and Jeff Wood of Tom Wood Auto Group, according to Performance Brokerage Services, which advised on the sale.
Courtesy Acura joins Honda, BMW and Volkswagen dealerships under the Don Jacobs umbrella. The group has operated dealerships in Lexington since 1970 and has received the BMW Center of Excellence Award, the Volkswagen Customer First Award and the Honda President’s Award.
“Sam Swope and Tom Wood started Courtesy Acura in 1985 and the dealership was passed down to their children. Patti Swope and Jeff Wood,” Don Jacobs said. “My dad became a Honda dealer in 1970, so it’s an honor for us to acquire the Acura store from the Swope-Wood families after all these years.”