Castle Automotive Group Acquires Fox Valley Volkswagen of Schaumburg
CEO of Castle Automotive Group, Joe Castle, completing the acquisition of Fox Valley Volkswagen of Schaumburg.
SCHAUMBURG, Ill. - December 9, 2021 - (Newswire.com)
Castle Automotive Group (CAG), a growing automotive retailer with corporate headquarters in Oakbrook Terrace, IL, has completed its second transaction this year, with the acquisition of Fox Valley Volkswagen of Schaumburg located at 1000 E. Golf Road. Castle Automotive Group currently has nine locations and 14 new car franchises throughout Illinois and Northwest Indiana with a strong portfolio of brands, including Buick, Chevrolet, Chrysler, Dodge, Ford, GMC, Jeep, Lincoln, Mitsubishi, Ram, Subaru and now Volkswagen of Schaumburg.
"We are excited to expand our presence in Illinois with one of the greatest car companies in the world, Volkswagen of America, especially in such a key market like Schaumburg, Illinois. The acquisition of Fox Valley Volkswagen of Schaumburg will further diversify our group's overall portfolio and add to our geographic reach in the midwest market. This new acquisition will increase our group's annual sales revenue by $60 million and, most importantly, provide over 100 new job opportunities within our company and the local Schaumburg community. We look forward to our investment and community involvement in Schaumburg with its great people and local businesses. We will continue to focus on providing the exceptional customer service experience that Emir Abinion has provided his customers for many years," says CEO, Joe Castle.
About Volkswagen of America
Volkswagen Group of America, one of the world's leading automobile manufacturers, was founded in 1955 and is considered the largest carmaker in Europe. Volkswagen has committed 86.4 billion for the development of future technologies between 2021-2025, which makes up half of its vehicle sales to be electric by 2030. The Volkswagen Group, with its headquarters in Wolfsburg, Germany, is one of the world's leading automobile manufacturers and the largest carmaker in Europe. Ten brands from seven European countries belong to the Group: Volkswagen Passenger Cars, Audi, SEAT, Cupra ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati and Volkswagen Commercial Vehicles. The passenger car portfolio ranges from small cars to luxury-class vehicles. The Volkswagen Group sells its vehicles in 153 countries.
About Castle Automotive Group (CAG)
Castle Automotive Group (CAG) currently owns nine locations throughout Illinois and Northwest Indiana representing Domestic, Asian, and Germain brands. Castle also offers customers a wide range of automotive products and services, including new and used vehicle sales and related financing and insurance products, service contracts, vehicle repair and maintenance programs, and OE parts. Looking towards the future, this acquisition will further Castle Automotive Group's initiative to partner with more EV-focused brands as the automotive industry moves towards that, as well as its plans to continue innovation and investment. Castle Automotive Group will continue to invest in top markets throughout the Chicagoland area through various programs, such as the Castle Buy Center, Castle Credit Center, and CastleCars.com, their Direct-To-Consumer buying experience. These programs are set in place to offer a diverse range of solutions to simplify the online car buying and selling process. For more information, please visit www.castleautomotivegroup.com, www.castlecars.com, and www.castlevwcars.com.
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Original Source: Castle Automotive Group Completes Acquisition of Fox Valley Volkswagen of Schaumburg
