Ford, Chevy and Mitsubishi dealerships change arms in Q1, Q2 transactions
Three dealership teams expanded with single-store purchases and an proprietor shopping for his second retailer in first-quarter and second-quarter transactions.
Here is a take a look at the offers involving home and import dealerships and shops in Texas, Michigan, Oklahoma and Maryland.
Star Household of Dealerships buys Ford retailer
Star Household of Dealerships in Texas expanded final month with the acquisition of a Ford dealership.
The group, owned by Mike Dunnahoo and Tracy Gilliam, purchased Huge Spring Ford in Huge Spring, Texas, on June 28, based on DCG Acquisitions, a Dave Cantin Group firm that dealt with the transaction. Tony Karabon of DCG Acquisitions was the dealer.
The dealership was renamed Star Ford of Huge Spring. Huge Spring is west of Abilene, the place Star Household of Dealerships is predicated, according to its website.
The group purchased the shop from Ford & Son’s Auto Buyers LLC. That is former RFJ Auto Companions Holdings Inc. CEO Rick Ford’s holding firm.
Huge Spring Ford was the lone dealership not included in Sonic Automotive Inc.’s December purchase of RFJ Auto.
Ford beforehand informed Automotive Information that RFJ Auto Companions already had a deal in place to promote Huge Spring Ford previous to its settlement to promote to Sonic. Ford is now govt vp of operations of the RFJ Auto platform at Sonic.
Star Household of Dealerships now has 4 franchised dealerships, based on its web site. It has a Stellantis retailer in each Abilene and Huge Spring, plus a Hyundai dealership and a used-vehicle retailer in Abilene.
Glassman Automotive grows
Glassman Automotive Group bulked up its import model presence in metro Detroit with the acquisition of its first Mitsubishi retailer.
Glassman Automotive on March 1 purchased Artwork Moran Mitsubishi in Southfield, Mich., from seller Tom Moran, based on Michael Glassman, the group’s vp.
Southfield, the place Glassman Automotive is predicated, is north of Detroit. The dealership, which relocated close by, was renamed Glassman Mitsubishi.
“We’re actually excited to choose it up and transfer issues ahead,” Glassman mentioned.
Glassman Mitsubishi joins the group’s Subaru, Kia and Hyundai-Genesis shops, all of that are situated about one mile south of the Artwork Moran Mitsubishi dealership.
In 2017, the group bought a former Toys R Us store situated subsequent to its Subaru dealership and finally turned it into an indoor used-vehicle middle.
The Mitsubishi franchise is housed in that facility for now, however Glassman mentioned the group plans to finally construct a separate constructing for the Japanese model.
Jay Hatfield provides retailer in Oklahoma
Jay Hatfield Auto Group has bought Bob Hart Chevrolet in Vinita, Okla., based on Paul Kechnie, the dealer who represented Hart within the sale.
Jay Hatfield Auto bought the Chevrolet dealership on Could 5 as Bob Hart retired.
The dealership was renamed Jay Hatfield Chevrolet of Vinita. Vinita is northeast of Tulsa.
The Jay Hatfield group has 5 franchised dealerships in Kansas, Missouri and now Oklahoma, based on the group’s web site.
“Bob was trying to retire, and we had been speaking for a pair years simply on and off and I’ve completed enterprise with Jay Hatfield prior to now and located him to be only a great man and great purchaser,” Kechnie, a accomplice at Efficiency Brokerage Providers Inc., a buy-sell agency in Irvine, Calif., informed Automotive Information. “So when Bob Hart and I began speaking, I recommended that we go on to Jay Hatfield and see if he wish to purchase the shop.”
Kelly provides Chevrolet dealership
Rick Kelly bought Douglas Chevrolet in Hancock, Md., from Steve Douglas on March 28, Kelly informed Automotive Information.
He renamed the shop Hancock Chevrolet.
Kelly additionally owns and is seller principal of Hagerstown Ford in Maryland. That retailer is a part of family-owned King Auto Group in Gaithersburg, Md.
Kelly mentioned he bought the Chevy retailer on his personal, as it’s in shut proximity to Hagerstown Ford.
“I am not a megadealer or something, so I wanted to seek out one thing that was affordable in value and shut sufficient that I might handle it with my present administration group,” Kelly mentioned. “And Hancock Chevrolet is 25 miles from Hagerstown Ford.”
Kelly mentioned he additionally bought a used-vehicle dealership in Berkeley Springs, W.Va., from Douglas.
He mentioned Douglas determined to promote his shops attributable to his age. Kelly mentioned, following the sale, that he’s targeted on recovering from the COVID-19 pandemic and bettering gross sales.
“We have made cash each month and I am fairly pleased with the progress,” Kelly mentioned.