Simpar completed the acquisition of UAB Motors Participações from Group 1 Automotive for $93m.

Simpar, a passenger car rental company, completed the acquisition of UAB Motors Participações, a retailer of used and new automobiles, from Group 1 Automotive, an automobile retailer, for $93m. "Over the past eight years we developed a successful automotive dealer group in Brazil representing Land Rover, BMW, Honda and Toyota. Unfortunately, despite our best efforts, we were unable to attain critical mass or meaningful scale. Therefore, we decided that redeploying the capital invested in our Brazilian operations to other near-term growth opportunities is in the best interest of our shareholders," Earl J. Hesterberg, Group 1 President and CEO.