GPB Sells Remaining Prime Automotive Group Dealerships to Group 1 Automotive
According to a regulatory filing submitted on September 13th, 2021, the private equity firm is selling all of its Prime Automotive car dealerships to Group 1 Automotive Inc. for $880M. The sale includes GPB Automotive Portfolio’s remaining 30 stores and three collision repair shops.
GPB Auto is one of the alternative asset firm’s largest funds, and it has been selling car dealerships since at least 2018 when it owned 52 of them. It is one of the largest GPB funds and has reported huge losses.