Premier Automotive of New Orleans entered two states in separate first-quarter transactions that mixed added 4 shops to the auto retailer’s portfolio.
Premier on Feb. 22 bought Freedom Ford of Claypool Hill in Pounding Mill, Freedom Ford of Sensible and Freedom Chevrolet of Huge Stone Hole, all in Virginia. The names stay the identical for the Ford dealerships, whereas the Chevrolet retailer’s identify shortens to Freedom Chevrolet.
Every week later, on March 1, Premier acquired Charlie Henderson Ford in Waveland, Miss., from the Henderson household.
Charlie Henderson was a single-store Ford proprietor for 50 years, along with his son, Joe Henderson, most lately working it, Premier proprietor Troy Duhon stated.
Each transactions included partnerships that Duhon stated align along with his philosophy of serving to others.
“It is extra about making goals come true for others than me rising for me,” Duhon informed Automotive Information. “I am previous that.”
Anthony Legeaux has labored for Premier for 25 years, Duhon stated. He is now the supplier operator and majority proprietor of the Mississippi retailer, renamed Premier Ford.
Duhon stated he labored with Ford on the acquisition via an automaker program that helps minority candidates develop into homeowners. Ford funded many of the transaction through a mortgage to Legeaux, Duhon stated. Premier acquired a 49 p.c stake within the retailer, whereas Legeaux’s possession stake is 51 p.c, Duhon stated.
For the Virginia dealerships, Duhon stated he is almost all proprietor, with Tim Barnett as a minority companion. Premier didn’t disclose possession percentages for these dealerships.
That sale transpired when Barnett, a supplier previously working in Atlanta, met Wendell Barnette, who owned the Virginia shops.
After Barnette’s grandson, the supposed inheritor to the dealerships, died, Barnette stated he needed to promote. A mutual good friend linked Duhon and Barnett.
“We had been seeking to get out of the rat race of the large metro and go to a smaller group the place we might, you understand, have extra of an influence, serving to individuals locally that need assistance, which is what Troy is understood for doing,” Barnett informed Automotive Information.
Duhon credit his late father, Corbett Duhon, an automotive supplier turned preacher, with inspiring him to at all times give again.
Amongst philanthropic efforts that embrace constructing orphanages, Duhon and his spouse, Tracy, based the nonprofit Giving Hope following Hurricane Katrina’s devastation.
Throughout the coronavirus pandemic, Giving Hope distributed meals in New Orleans. Duhon stated the group additionally operates meals banks in California, Hawaii and coming quickly, in St. Louis. “We feed about 5,000 to six,000 individuals a day,” Duhon stated.
Along with the Virginia and Mississippi shops, Premier added 9 franchised shops since July 2020, Duhon stated. The group owns shops in seven states, together with Louisiana, California, Texas, Missouri and Kansas.
Premier Automotive ranks No. 46 on Automotive Information’ most up-to-date record of the highest 150 dealership teams within the U.S., retailing 20,325 new automobiles in 2021.