Auto Group Appoints CEO

January 08, 2020

Prime Automotive Group appointed veteran auto industry executive Todd Skelton to CEO.  Skelton brings a wealth of industry experience to his role, most recently as president-Northeast market for AutoNation, Inc. He spent the bulk of his career at the company which has 360 franchises across 16 states. 

“We are extremely fortunate to have found a CEO with such extensive automotive experience,” said Kevin Westfall, chairman of Prime Automotive Group.  “I am very happy to return to my chairman’s role knowing that our day-to-day operations at Prime will be in excellent hands under Todd’s leadership.” 

Skelton held several previous roles with AutoNation beginning as general sales manager for a Chevrolet dealership in 1996.  He started his automotive career as a sales associate at Steve Moore Chevrolet in Florida which was later acquired by AutoNation.  Within six months, he was promoted to various management positions and later became president-south Florida where he oversaw multiple automotive dealerships generating over $2.5 billion in revenue.

HGreg.com has acquired the largest Nissan dealership in the eastern U.S. Now known as HGreg Nissan Kendall, the dealership is located in Florida’s Palmetto Bay, southeast of Kendall. With the important acquisition, HGreg.com expands its portfolio of Nissan dealerships to two in Florida, six continent-wide.

The dealership features a 71,500-square-foot building and 14.25-acre property and offers new and pre-owned vehicles. It also enjoys a direct pipeline to the large selection of pre-owned vehicles available through the growing HGreg.com network in South and Central Florida.

 

Group 1 Automotive, Inc. declared a cash dividend of $0.29 per share for the third quarter, an increase of 3.6 percent, or $0.01 per share, from the second quarter. It is payable on Dec.16 to stockholders of record as of Dec. 2.

Asbury Automotive Group has entered into a third amended and restated $1.45 billion, five-year syndicated senior credit facility.  The new senior credit facility replaces the company’s previously amended and restated facility, and provides additional borrowing availability, increased financial flexibility, and an extended maturity date as compared to the prior facility.

“This new $1.45 billion senior credit facility provides additional financial flexibility to support our business strategy over the next five years,” said Sean Goodman, Asbury’s senior vice president and CFO.

 Group 1 Automotive announced it has completed a preliminary assessment of damages across its Southeast Texas dealerships in the aftermath of Tropical Storm Imelda.

Despite significant damage to inventory and some facilities due to extensive flooding in the region, preliminary assessments indicate all facilities are intact and operations are open, though some with limited services. Group 1’s Houston stores reopened on Sept. 20. Operations in Beaumont are open on a more limited basis, as that area was significantly impacted by the flooding. Total financial damages associated with the storm are estimated at approximately $12.5 to $15 million. This amount includes insurance deductibles for damaged inventory and facilities, and disaster pay for employees.

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