Hendrick adds 8 European franchises in home state
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Hendrick Automotive Group didn’t have to travel far to add a bit of Europe to its lineup.
The North Carolina-based dealership group, said to be the largest privately owned auto retailer in the U.S., has acquired Foreign Cars Italia Charlotte and Foreign Cars Italia Greensboro.
Hendrick, which is headquartered in Charlotte, purchased the stores from Hickory, N.C.-based Paramount Automotive, according to a news release from Kerrigan Advisors, which represented the sellers.
The deal includes eight total franchises: Foreign Cars Italia Charlotte features Ferrari of Charlotte, Alfa Romeo of Charlotte, Aston Martin Charlotte, Bentley Charlotte and Maserati of Charlotte, while Foreign Cars Italia Greensboro includes Ferrari of Greensboro, Maserati of Greensboro and Porsche Greensboro.
“Benny and his family have built something special, and it’s incredibly meaningful that they’ve entrusted us to carry it forward,” Hendrick Automotive chairman and CEO Rick Hendrick, referring to Paramount Automotive president and CEO Benny Yount.
“It’s a privilege to represent these world-class brands and welcome talented new teammates to our organization. We also appreciate Erin Kerrigan and Kerrigan Advisors for helping facilitate a smooth and successful transaction.”
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Foreign Cars Italia has been the exclusive Ferrari retailer for the Carolinas since 1993. Paramount will continue running stores in Asheville, N.C.; Hickory; and Valdese, N.C.
“Paramount has always stood for excellence and doing right by our customers, employees and community. This is why Kerrigan Advisors, whose track record reflects these same values, was the only firm we considered to guide us through this momentous transaction for our family,” Yount said.
“We have a lot of respect for the Hendrick organization and Rick Hendrick personally, a long-time customer and a good friend. We could not be more pleased to know that our luxury business will be shepherded by Hendrick Automotive Group going forward and are excited to see our franchises flourish with their leadership.”
