4 dealerships, together with an unique Bentley dealership, modified fingers in single-store transactions within the fourth quarter of 2021 and first quarter of 2022.
Here is a have a look at the offers involving home and ultraluxury model dealerships in South Carolina, Florida, Indiana and Virginia.
Hudson Automotive buys South Carolina dealership
Rising Hudson Automotive Group made its first acquisition of 2022, CEO David Hudson confirmed, when it purchased a South Carolina dealership close to its headquarters.
Hudson Automotive on Feb. 28 purchased Summerville Ford from Mark Mitchell, managing associate of the Mitchell Household Workplace in Birmingham, Mich., close to Detroit, and JR Reihl, who was the dealership’s working associate.
“We made the choice to promote the Summerville Ford retailer to permit us to utterly concentrate on the household’s core enterprise alternatives in healthcare,” Mitchell stated in a press release.
In January, the Mitchell Household Workplace and Reihl offered Toyota of Bristol in Tennessee. Summerville Ford was the household workplace’s final dealership, buy-sell agency Haig Companions of Fort Lauderdale, Fla., confirmed. John Davis, managing director of Haig Companions, represented the sellers within the transaction.
“This addition aligns nicely with our mission of offering nice service and types to prospects and communities all through the Southeast,” Hudson stated in a press release.
Summerville is northwest of Charleston, the place Hudson Automotive relies. The dealership’s identify stays the identical.
Hudson now has six Ford dealerships, in response to its web site.
The Summerville Ford acquisition marks the group’s first buy since December, when it purchased Dave Edwards Toyota in Spartanburg, S.C.
Key Auto buys Florida dealership
Key Auto Group bolstered its Florida presence with the acquisition of a Stellantis retailer.
Key Auto, of Portsmouth, N.H., purchased Bob Pforte Motors, a Chrysler-Dodge-Jeep-Ram dealership in Marianna, Fla., on March 16 from Bob Pforte, in response to Efficiency Brokerage Companies, the Irvine, Calif., buy-sell agency that dealt with the transaction.
The shop was renamed Key Chrysler-Dodge-Jeep-Ram of Marianna, Efficiency Brokerage Companies stated. Marianna is within the Florida Panhandle and is northwest of Tallahassee.
Pforte had been a seller since 1965, the agency stated.
Key Auto, owned by Anthony DiLorenzo, purchased a Chevrolet-Buick dealership in Perry, Fla., in December.
“We knew we wished to broaden in Florida,” Todd Jackson, regional vice chairman of Key Auto, stated in a press release.
Key Auto additionally has an Acura dealership in Gainesville, Fla., plus shops in New Hampshire, Vermont and Maine, in response to its web site.
Along with its December acquisition, Key Auto in 2021 purchased a Chrysler-Dodge-Jeep-Ram retailer in Maine and a Chevrolet-Buick-GMC dealership in New Hampshire, whereas it offered a Nissan dealership in New Hampshire.
Indiana Bentley dealership offered
The homeowners of a uncommon, boutique Bentley dealership in Indiana offered their British ultraluxury model retailer within the fourth quarter.
Brothers Greg Albers and Mark Albers offered Bentley Zionsville to Yousef Barham on Oct. 1, in response to Greg Albers. Zionsville is northwest of Indianapolis.
On Jan. 1, there have been simply 48 Bentley franchises within the U.S., in response to Automotive Information‘ annual dealership census.
Barham is the proprietor of Coast To Coast Imports, a high-end used-vehicle dealership that focuses on unique and ultraluxury autos with two places in suburban Indianapolis, in response to its web site.
The Bentley franchise moved to Indianapolis, and the shop was renamed Bentley Indianapolis.
“We had been in a position to promote … simply the correct to be the Bentley seller mainly, some elements and a few gear,” Greg Albers instructed Automotive Information. “And in return, in our settlement, we had been in a position to proceed to service the older vehicles, older than 10 years previous, [and] promote elements for them.”
He famous that the patrons had expressed curiosity within the Bentley franchise and “already had a facility that might meet the wants of Bentley so far as the scale and the whole lot.”
The 2 brothers now function Albers Motorcars as an impartial store with a concentrate on elements and repair for older Rolls-Royce and Bentley fashions, Greg Albers stated.
The enterprise was began in 1963 by their father, Hermann Albers, as a service and elements location for Rolls-Royce and Bentley autos. It later offered new autos of each ultraluxury manufacturers till 2003, when it turned Bentley-only for new-vehicle gross sales.
McMurray buys first franchised dealership
Jim Snead, seller principal of Jim Snead Ford, on Jan. 26 offered his father’s former dealership in Waynesboro, Va., to first-time franchised dealership proprietor Matt McMurray.
The enterprise, which incorporates an adjoining Fast Lane Tire & Auto Heart constructing, is now known as Campus Ford.
McMurray owns and operates Campus Automotive Inc., a used-vehicle gross sales and repair dealership, and a Maaco physique store, each in Blacksburg, Va.
Jim Snead opted to exit the enterprise for well being causes, stated Hal Feder, managing associate of Murphy Enterprise & Monetary Corp. in Williamsburg, Va., who represented Snead within the sale. Frank O’Donnell of Biltmore Consultants in Hendersonville, N.C., represented McMurray.
All 34 staff had been retained, Snead stated.
Snead discovered McMurray’s service expertise and enterprise mindset enticing, he instructed Automotive Information.
“I used to be looking for any individual that might match up with my philosophy, the place there could be a minimal quantity of disruption to the opposite staff,” Snead stated. “Most of my staff have been with me for 30 years. I felt like I owed it to them to pick somebody who would least disrupt their lives.”
Although consolidation stays rigorous in auto retail, Feder stated the getting old demographics of sellers is driving most of the transactions he has labored on recently.
“I used to assist them develop, and now I assist them exit,” Feder stated.