4 sellers expanded within the second quarter with single-store acquisitions in California, Virginia, Kansas and Indiana.
Here is a fast take a look at the transactions involving home and import model shops. One transaction concerned one among Automotive News‘ top 150 dealership groups.
Martin Administration Group, primarily based in Bowling Inexperienced, Ky., on June 9 purchased its first Nissan dealership when it acquired Ross Nissan of El Monte in California from Ross Automotive Group.
“We have been keen on working with Nissan as a producer given their strong product cadence coming in over the subsequent about 18 months,” Chad Martin, the group’s president, advised Automotive Information.
The dealership has been renamed El Monte Nissan. The Nissan retailer is the group’s second California dealership.
Martin Administration has dealerships unfold throughout Kentucky, Ohio, West Virginia, Tennessee, South Carolina and California with a model portfolio of Subaru, Hyundai, Genesis, Kia, Honda, Ford, Volkswagen, Audi, Chrysler, Dodge, Jeep and Ram. It additionally has three bike dealerships.
“I believe it is a distinctive alternative proper now the place sellers are capable of demand pretty excessive multiples and excessive actual property values,” Martin mentioned. “However conversely, patrons are capable of partake in traditionally low rates of interest, which makes it a reasonably compelling enterprise argument for enlargement throughout this time.”
Martin Administration ranks No. 145 on Automotive Information’ checklist of the highest 150 dealership teams primarily based within the U.S., retailing 5,539 new autos in 2020.
Jason Stopnitzky, co-founder of Efficiency Brokerage Companies, an Irvine, Calif., buy-sell advisory, brokered the transaction.
Darryl Huften and Nancy Huften purchased a second Ford dealership in southern Virginia this month once they bought Barkhouser Ford-Lincoln in Danville.
The Huftens renamed the shop Apple Ford of Danville after the transaction with James Barkhouser closed June 3.
James Barkhouser is the son of founder Richard Barkhouser. The shop had been a household operation for 63 years.
Darryl Huften advised Automotive Information that the transaction didn’t embrace the Lincoln model.
“We’re thrilled to put roots in Danville and proceed the family-owned legacy established by the Barkhouser household,” the Huftens, who even have owned Apple Ford in Lynchburg, Va., since Might 2005, mentioned in a information launch. “Whereas the identify is altering to Apple Ford, the acquainted faces that made this enterprise what it was for many years will stay.”
Barkhouser Ford’s longtime normal supervisor Benjy Powell is constant in his place.
No dealer was used within the transaction, Darryl Huften mentioned.
Conklin Vehicles on June 1 purchased Robbins Motor Co. of Newton in Kansas, a Chrysler-Dodge-Jeep-Ram retailer, from Mark Robbins.
Conklin has moved the Chrysler, Dodge, Jeep and Ram manufacturers to its campus in Newton, which additionally consists of Ford and Chevrolet shops. These shops function as Conklin Vehicles of Newton, mentioned Sam Conklin, an proprietor of Conklin Vehicles. The previous web site of Robbins Motor Co. will likely be used for one more function, Conklin mentioned.
“We expect it will likely be very nice to have a lot of the domestics” in a single location, Conklin advised Automotive Information.
The corporate additionally sells Buick, GMC, Honda, Toyota and Nissan autos at different dealerships in Hutchinson and Salina, Kan.
Robbins is retaining a Chrysler-Dodge-Jeep-Ram-Fiat dealership in Manhattan, Kan.
No dealer was used within the transaction.
Pilson Auto Facilities purchased 500 Automotive Chevrolet-Buick-GMC in Clinton, Ind., on April 29 from Deep Vein Coal Co., mentioned Edward French, the previous seller operator of the shop.
The dealership has been renamed Pilson Chevrolet-Buick-GMC. Clinton is positioned in central Indiana.
Pilson Auto, primarily based in Mattoon, Unwell., owns three different dealerships and a motorsports retailer in central Illinois.
The vendor was represented by Mallor Grodner, a Bloomington, Ind., legislation agency that additionally does enterprise asset gross sales.