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Illustration: Eniola Odetunde/Axios

GPB Capital agreed to sell Prime Automotive Group, a Westwood, Mass.-based network of 30 auto dealerships and three collision repair shops, for around $880 million to Group 1 Automotive (NYSE: GPI).

Why it matters: This comes as GPB is facing criminal and civil fraud charges, brought by both federal and state authorities, over allegations that it used new investor commitments to pay dividends to investors in prior funds (i.e., a Ponzi scheme).

  • GPB has denied the claims, while a federal judge put an outside forensic accountant in charge of making final calls on GPB business decisions.

The bottom line: "The value of the average dealership in the U.S. ranged from $20 million to $25 million in June, including real estate, or about 33% more than at the end of 2019. Industry consulting firm Kerrigan Advisors recently estimated there were 289 dealership acquisitions last year, with the count rising 27% this year through the first half," the Wall Street Journal's Ted Bunker writes.

Go deeper

Special Envoy for Haiti resigns over Biden deportations

Daniel Foote testifies during a Senate Foreign Relations Committee hearing on May 26, 2016. Photo: Drew Angerer/Getty Images

The Special Envoy for Haiti on Wednesday resigned from his position, writing in his resignation letter obtained by PBS that he "will not be associated with the United States inhumane, counterproductive decision to deport thousands of Haitian refugees."

Why it matters: Ambassador Daniel Foote's resignation comes amid heightened anger over the treatment of Haitian migrants and asylum-seekers living in a temporary encampment in Del Rio, Texas — especially after images surfaced of Border Patrol agents whipping at the migrants from horseback.

First-time homebuyers shrink as prices spike

Data: National Association of Realtors; Chart: Axios Visuals

Home sales cooled as prices continued to heat up in August.

Driving the news: The share of first-time existing homebuyers (29%) last month was the smallest in two years, according to new data from the National Association of Realtors.

Mike Allen, author of AM
5 hours ago - World

Airbnb co-founders double Afghan refugee program to 40,000

Afghan refugees arriving at Dulles International Airport in Virginia in August 2021. Photo: Kent Nishimura/Los Angeles Times via Getty Images

Airbnb CEO Brian Chesky and co-founder Joe Gebbia said during a visit to Washington on Wednesday that they're offering temporary housing to 40,000 Afghan refugees worldwide, doubling a previous commitment.

The big picture: The housing typically lasts several weeks, and Airbnb and Airbnb.org provide subsidies to hosts. Hosts and donors also help pay.