Feb 26 2025 17 mins
Today, Paul and Kyle are coming to you live on location from Paul’s office! We’re talking about how Group 1 grew in 2024 through $1.3B in acquisitions, a new face on the top 5 best-selling EVs and how grassroots is trying to take Tesla down.
Show Notes with links:
- Group 1 Automotive made waves in 2024, dropping $1.3 billion to acquire 68 dealerships across the U.S. and U.K. The move adds $3.9 billion in annual revenue and solidifies the company's aggressive expansion strategy.
- The acquisitions spanned six major deals from Southern California to London.
- Major brands acquired include Lexus, Honda, Mercedes, BMW, Toyota, Porsche, Land Rover, and Audi.
- A key purchase was the $517 million acquisition of Inchcape’s 54 U.K. stores, adding $2.7 billion in revenue.
- The company also sold off select U.S. dealerships, including a Buick-GMC store in Massachusetts and a Subaru dealership in New York.
- CEO Daryl Kenningham: “Our ability to acquire outstanding brands in desirable markets is because we perform well on the OEM eligibility metrics.”
- After a rocky 2024, the Volkswagen ID.4 is making a triumphant comeback. Following production halts due to a recall, sales of the electric SUV are now skyrocketing, making it the third best-selling EV in the U.S. last month.
- VW sold 4,979 ID.4s in January 2025, marking a 653% increase from the previous year.
- The ID.4 now ranks #3 in U.S. EV sales, trailing only the Tesla Model Y and Model 3.
- The top five best-selling EVs—Tesla Model Y, Tesla Model 3, VW ID.4, Tesla Cybertruck, and Honda Prologue—accounted for 54% of total EV sales.
- Over 102,200 EVs were sold in the U.S. in January, up 30% year-over-year.
- VW is offering aggressive discounts on 2024 models, with leases as low as $189/month.
- Tesla showrooms across the U.S. are becoming flashpoints for protests as demonstrators rally against Elon Musk’s actions. The #TeslaTakedown movement has gained traction, with over 65 events scheduled through March.
- Protesters in New York’s Meatpacking District hurled insults at passing Teslas, calling them “uncool” and “major loser” cars.
- The movement took off on Bluesky, a social media competitor to Musk’s X, and has since gone viral.
- Demonstrations started in Maine, Massachusetts, New York, California, and Colorado, but have now spread internationally.
- The protests lack a central leader but have been amplified by legislative advocacy groups like Indivisible and Rise and Resist.
Hosts: Paul J Daly and Kyle Mountsier
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