Rising Northeastern auto vendor Jonathan Sobel, a former Goldman Sachs confederate, has expanded his presence into a third state with the acquisition of three luxurious dealerships, a service coronary heart and a used-only dealership in Pennsylvania.
Sobel on July 8 bought Audi West Chester, Audi Wynnewood, Porsche Conshohocken, Audi Service Conshohocken and the Warehouse, a used-vehicle dealership in Conshohocken — all in suburban Philadelphia — from Jerry Miller, proprietor of MMCO Auto.
Miller started selling used autos higher than 40 years up to now and MMCO Auto opened in 1991, in keeping with its web page.
“It was time for me to retire and switch on to the rest of my life,” Miller acknowledged in an email correspondence to Automotive Data. “I’ve had a wonderful expertise.”
Phrases of the transaction weren’t disclosed, nevertheless Sobel will keep the names of the dealerships and the service coronary heart. He acknowledged no vendor was used throughout the transaction.
“I’m fortunate enough that I already have two Audi retailers and a Porsche retailer,” Sobel acknowledged. “So I’m pretty conscious of how good these producers are, how strong the merchandise are, how good the factories are to work with and the best way scarce these firms are. So as soon as I had an opportunity to purchase two strong, award-winning Audi retailers and a sturdy, award-winning Porsche retailer in terrific areas in my geographic footprint, I assumed that it made a great deal of sense.”
Sobel has three dealerships in Princeton, N.J.; three in Manhattan; 4 in Southampton, N.Y.; and three in Auburn, N.Y. With the latest acquisitions, Sobel expects his enterprise to generate annual product sales of higher than $1 billion and to advertise higher than 20,000 blended new and used autos per yr.