PSD Automotive, Envision Motors amongst dealership patrons
Envision Motors, of West Covina, Calif., acquired California Honda and Toyota dealerships in December, marking the group’s third Toyota retailer and first Honda outlet.
The rising auto group on Dec. 13 purchased Piercey Honda and Piercey Toyota in Milpitas, close to San Jose, from Invoice Piercey and Tom Chadwell, based on Invoice Scrivner of Pinnacle Mergers & Acquisitions, a Frisco, Texas, buy-sell agency, which represented the sellers.
The shops had been renamed Envision Toyota of Milpitas and Envision Honda of Milpitas.
“We need to be in Northern California,” the group’s CEO, Simon Sarriedine, informed Automotive Information.
Envision Motors was co-founded in 2018 by Sarriedine, who beforehand labored as an government supervisor for Keyes Automotive Group, of Van Nuys, Calif., and Frank Zarabi, who heads a trend firm, amongst different enterprise ventures. The Envision group has 10 dealerships in California and Arizona, according to its website.
In April, the group acquired a Jaguar-Land Rover dealership in Cerritos, Calif., from Roger Penske Jr. of SoCal Penske Supplier Group, Sarriedine stated.
Envision Motors additionally sells Mercedes-Benz, Audi, Chrysler, Dodge, Jeep and Ram automobiles and generates greater than $1.2 billion in annual income, Sarriedine stated.
“We’re able to accumulate shops this yr [and] subsequent yr,” Sarriedine stated. “We’re attempting to get to $2 billion [in annual revenue] hopefully by this yr.”
Piercey and Chadwell have offered most of their dealerships in latest months. Piercey Automotive Group, of Irvine, Calif., nonetheless lists Honda World Westminster in California on its website.
In August, Lithia Motors Inc. bought Rock Honda in Fontana, Calif., from Piercey and Chadwell.
In September, Summit Automotive Companions bought Freedom Honda in Colorado Springs, Colo., from Piercey Automotive, and in October, Germain Automotive Group bought Piercey and Chadwell’s Surprise Honda dealership in Arizona.