An iconic downtown Los Angeles dealership has new homeowners, a gaggle bolstered its Kia portfolio, an acquisitive auto retailer expanded once more and a Stellantis dealership modified palms, all in three fourth-quarter transactions and one deal that closed this week.
Here is a take a look at the offers involving home and import shops and dealerships in California, Florida, Tennessee and Indiana.
Two transactions concerned an auto retailer ranked on Automotive Information‘ listing of the highest 150 dealership teams.
Auto retail funding firm Open Highway Capital and Rinaldi Halim on Dec. 19 purchased an iconic Chevrolet dealership in California — recognized for its signal that includes Felix the Cat.
Open Highway and Halim purchased Felix Chevrolet in Los Angeles, a dealership relationship again to 1921, from homeowners Darryl Holter and his spouse, Carole Shammas, Tim Batchelor, an Open Highway Capital companion, confirmed to Automotive Information.
Open Highway and Halim retained the shop’s long-standing title, Batchelor stated.
Halim advised Automotive Information that he’s pals with the sellers, they usually felt snug promoting the shop to him. He referred to as the dealership “greater than only a enterprise.”
Open Highway first partnered with Halim in late 2021, shopping for a majority stake in three Monrovia, Calif., dealerships and shopping for a majority stake in Halim’s two different Stellantis dealerships in California. A kind of shops is the Chrysler-Dodge-Jeep-Ram retailer in downtown Los Angeles, simply blocks away from Felix Chevrolet.
Halim stated being able to purchase the enduring Felix Chevrolet retailer simply blocks away from his Stellantis retailer was “actually significant.”
Holter in 2017 offered his downtown Los Angeles Group dealerships to Lithia Motors Inc. however saved Felix Chevrolet due to its storied historical past. Holter stated his father-in-law purchased the dealership in 1955.
Holter helped to rejuvenate the historic auto row on Figueroa Avenue, making a enterprise enchancment district that has featured a number of new builds of auto dealerships and different redevelopment close to the USC campus.
It was by the neighborhood that Holter met Halim.
“I preferred his strategy, and he understood what I used to be speaking about after I talked concerning the legacy of the auto row on Figueroa,” Holter stated.
The positioning, nonetheless owned by Holter and Shammas, incorporates a new four-story service and elements constructing.
“We saved the historic showroom in place. We saved the historic sign up place,” Holter stated. “However we constructed every part new behind it.”
Increasing Ken Ganley Automotive Group made its first acquisition of 2023 and additional bolstered its Kia dealership portfolio with a second-quarter buy.
Ken Ganley Automotive on Wednesday purchased Pleasant Kia in New Port Richey, Fla., from John Gilliss, CEO Ken Ganley confirmed to Automotive Information.
The dealership was renamed Ken Ganley Kia New Port Richey. New Port Richey is northwest of Tampa.
Ganley stated he’s companions with Bob Serpentini at Efficiency Nissan in Pompano Seaside, Fla. However he stated the New Port Richey retailer is the primary he owns in Florida on his personal.
“We have had it on our radar display for fairly some time to seek out alternatives down right here,” Ganley stated. “It is not straightforward. Florida’s an ideal market, significantly the placement that we ended up in right here. It is robust to seek out alternatives, however this one, we’re thrilled with.”
The acquisition is Ganley’s newest Kia dealership buy. In November, he purchased two Kia shops in Ohio. He additionally purchased a West Virginia Kia dealership in September and one other Kia retailer in Ohio at first of 2022.
Ganley stated JT Taylor, managing director of automotive at Truist Securities, represented him within the Florida transaction.
Ken Ganley Automotive ranks No. 14 on Automotive Information‘ most listing of the highest 150 dealership teams based mostly within the U.S., retailing 36,409 new autos in 2022.
Victory Automotive Group capped an energetic buy-sell yr in 2022 with the acquisition of a GM dealership.
Victory Automotive of Canton, Mich., on Dec. 15 purchased Dave Kirk Chevrolet-Buick-GMC in Crossville, Tenn., from Dave Kirk, Rodger Olson, Victory Automotive’s COO, confirmed to Automotive Information in an e mail.
The dealership title stays. Crossville is west of Knoxville. Victory Automotive additionally has a Stellantis dealership and a Ford retailer in Crossville, in response to its web site.
The December deal marked Victory Automotive’s first acquisition because it purchased a Honda retailer in California in August, Olson confirmed. The group purchased and offered a number of different dealerships all through 2022.
Tim Lamb Group, a buy-sell agency in Columbus, Ohio, represented Kirk within the Tennessee transaction.
Victory Automotive ranks No. 19 on Automotive Information‘ most up-to-date listing of the highest 150 dealership teams based mostly within the U.S., retailing 28,535 new autos in 2022.
Andy Mohr Automotive bought a Stellantis dealership in Indianapolis from Fernando Falcon, in response to a Dec. 22 Indianapolis Enterprise Journal story.
A Dec. 22 publish from the dealership’s Fb web page additionally shared information of the acquisition.
Falcon partnered with Chrysler and its minority dealership program in 2003 to change into minority proprietor of the previous Champion Chrysler-Jeep-Dodge-Ram, earlier than turning into sole proprietor in April 2007, in response to Falcon’s LinkedIn web page.
Andy Mohr bought Hyundai and Kia dealerships from Falcon about 5 years in the past, in response to the Indianapolis Enterprise Journal.
Renamed Andy Mohr Chrysler-Dodge-Jeep-Ram, the acquisition marks the twelfth franchised dealership for the group, all in Indiana. That is the group’s solely Stellantis retailer, in response to its web site.
Andy Mohr Automotive began with one dealership in 1992 and likewise has 4 collision facilities and a heavy-duty truck heart, in response to its web site.