In just a few words, Group 1 intends to purchase two Lexus and Toyota stores in Charleston, S.C., but the Japanese car producer claims it did not consent to its intention to take over the two stores. Gene Reed, the owner of the two dealerships, announced in June its desire to sell the business so Group 1 Automotive, who owns and operates 101 automotive dealerships, 136 franchises, and 25 collision service centers in the US and in the UK, started the takeover procedure.
Toyota is thus hoping to block the acquisition, so it filed a lawsuit against the Houston-based group. As a reply, Peter DeLongchamps, Group 1's vice president of manufacturer relation, said Toyota's claims are baseless and emphasized his intentions to resolve the dispute as soon as possible.
“For more than a decade, our company has been committed to Toyota,” he explained in a statement.
“We have or will invest more than $140 million in land, building and facility improvements and are the third-largest Toyota retailer in the nation. Despite our efforts to remedy this issue with Toyota directly, they have chosen to pursue legal action against one of their most vocal allies and top-performing dealership owners,” DeLongchamps said. “We are perplexed and disappointed by the action they have taken.”
You'll find a copy of the lawsuit in the attachment box below.
Google News