Performance Brokerage Services helped to facilitate more dealerships change ownership, with the latest developments coming to light on Wednesday involving two Ford stores in Pennsylvania.
The dealership brokerage firm announced the sale of Barber Auto Group’s two dealerships — Barber Ford of Exeter and Barber Ford of Hazleton — from Matt DePrimo to Key Auto Group.
According to a news release, the dealerships will remain at their current locations — 692 Wyoming Avenue in Exeter and 1112 North Church Street in Hazleton — and have been renamed Key Ford of Exeter and Key Ford of Hazleton.
Barber Auto Group is a fourth-generation, family owned and operated dealership group, getting its start in 1920 selling automobiles manufactured by Dort Motor Car Co. and an early precursor to the Jeep, Willys Overland Cars.
The company has sold and serviced new and used Ford vehicles in the Scranton/Wilkes-Barre area from its Exeter location since 1932. In 1999, the group expanded to a second location in Hazleton.
“Where do you start when it comes time to sell your 102-year-old family business? The first step is to properly value what it’s worth and the second step is to decide whether to hire a broker or sell it on your own,” DePrimo said in the news release from Performance Brokerage Services.
“After going through the process, I can now tell you that if you want to get the most money and have someone to guide you through this very complex process, then you want Gershon Rosenzweig and Matt Wilkins of Performance Brokerage Services on your team,” continued DePrimo, who joined Barber Auto Group in 1984.
“After spending time exchanging a lot of paperwork and numbers, their valuation was spot on,” DePrimo went on to say. “Their reach and network of buyers were instrumental in finding the right buyer for our dealerships and market. They found a buyer quickly and at a much higher valuation than I would have secured on my own. Not a day went by that they didn’t answer my phone calls or texts promptly. There are many ebbs and flows during a buy-sell, and their guidance and advice throughout the whole process was invaluable.
“The value they added was worth far more than the brokerage fee,” DePrimo added.
Key Auto Group was founded by owner Anthony DiLorenzo, who started his career in the auto industry in 1986 as an associate at Edwards Toyota. Less than a decade later, DiLorenzo founded Somersworth Auto Center, which rapidly expanded and evolved into a thriving auto group.
“I have now had the pleasure of closing my fourth transaction with Performance Brokerage Services. It was a pleasure working with Matt Wilkins and Gershon Rosenzweig on this deal and I look forward to more in the future,” Key Auto Group CEO John Leonardi said.
“They put our interests first, work hard to make a complicated process seem easy, and above all else, they are good people,” Leonardi continued. “They always make themselves available to answer questions, help resolve issues, and go above and beyond. They took their time getting to know us so they could bring us the right opportunities and never stretched the truth. These guys are unbelievable and will put in the work to earn your trust. They are first on our list and should be first on yours, too.”
These developments continue the momentum Performance Brokerage Services generated in 2022, when it consummated 92 transactions, marking a record-breaking year.
“We truly enjoyed working with Matt DePrimo, whose stores have a rich history. After meeting Matt and his family, we knew we had the opportunity to help hard-working people retire and thankfully, we were able to match them with a first-class buyer in Key Auto Group,” said Matt Wilkins, the exclusive agent for the transaction and Northeast Partner at Performance Brokerage Services.
“John Leonardi, CEO of Key Auto Group, is one of the best in the business and made our jobs easy. John and his team are building an incredible group and we are grateful to be a part of their growth. We look forward to seeing Key Auto Group’s success in the Exeter and Hazleton communities and continuing to support John and his team in the future,” Wilkins went on to say.
Backed by Diversis Capital Partners and Stage 1 Ventures, PureCars made an acquisition during the same week as naming a pair of new leading executives.
The provider of digital marketing technology and services for dealers announced on Wednesday its acquisition of data management platform, The AutoMiner.
In making this move, PureCars explained that the digital advertising landscape is poised for a “cookie-less” future later this year, making secure and actionable first-party data critical for dealers to compete in a crowded market.
Without the ability to use options like audience matching and retargeting, PureCars indicated dealerships will need to rely on their own first-party data to understand and engage their customers in a more personalized and relevant way.
In addition, PureCars said dealers must also consider strict privacy, data security and encryption policies — and the potential hefty fines associated with them. The AutoMiner’s data platform can ensure the secure storage and delivery of all data.
By merging The AutoMiner’s customer data platform with PureCars’ marketing technology, company leadership said dealership data can be cleansed, consolidated and easily deployed across a wide range of marketing channels.
“The AutoMiner solves a pain point that has plagued the industry for years — incomplete and inaccurate customer data that leads to a significant waste of ad spend,” PureCars CEO Stephane Ferri said in a news release. “Poor customer data leads to ineffective marketing, either from incorrect customer information or reaching out with irrelevant messages. By joining our two organizations, we will be able to provide dealers with the most powerful customer data and marketing platform available today.”
PureCars sees this combination resulting in more efficient and accurate ad targeting.
“PureCars is the trusted name in automotive digital advertising. By adding The AutoMiner to its suite of services, we are the first and only encrypted customer data platform with automated data hygiene services that connects directly to a dealer's advertising accounts,” said Aaron Sheeks, president and managing partner of the AutoMiner. “By integrating our technologies, we truly become what every dealer in the country is asking for: the complete package of data management and best-in-class marketing solutions — with the dealer’s success as the goal.”
The acquisition surfaced just a couple of days after PureCars named a new chief financial officer as well as a chief product officer.
PureCars’ current path evidently is delighting investors. David Muscatel is senior operating partner at Diversis.
“Many organizations are working to develop a solution to meet the demands of changing privacy legislation and data security. The addition of The AutoMiner to PureCars means dealerships can partner with the leader in digital advertising knowing that they have a proven and secure solution for first-party data, and one that is available today,” Muscatel said.
PureCars discussed the changes in dealership advertising during an episode of the Auto Remarketing Podcast recorded during Used Car Week 2022 in San Diego.
To learn more, dealers can visit https://info.purecars.com/nada-2023 or the company’s booth at NADA Show 2023. Attendees can go to booth No. 3879 to meet in person with PureCars and The AutoMiner representatives.
This dealer group news roundup includes a Blue Oval franchise store acquisition along with a philanthropic move during one of the recent college football bowl games.
Carousel Motor Group, which includes dealerships serving the Twin Cities region, announced on Friday that it has acquired Hudson Ford, which according to a news release is the No. 1-selling Ford dealership in Wisconsin for the past five years.
Meanwhile, the Ed Morse Automotive Group used its position as the official automotive partner of the Lockheed Martin Armed Forces Bowl played in December to give away a new truck to a member of the military who received a Purple Heart.
The acquisition of the Hudson Ford dealership, located at 2020 Crest View Drive in Hudson, Wisc., near Interstate 94 and Carmichael Road, marks Carousel Motor Group’s first Ford dealership in its portfolio as well as entry into the Wisconsin market.
Carousel now operates nine franchised dealerships, along with Carousel Online, a direct-to-consumer pre-owned automotive ecommerce site. Carousel also has franchises representing Porsche, Ferrari, Chrysler/Dodge/Jeep/Ram, Audi, BMW, and Chevrolet.
“We are not only privileged to represent the Ford brand, but to continue building on Hudson Ford’s exceptional reputation in the community. This is a true testament to the highly talented team who have built such a great culture,” Carousel Motor Group CEO and president Chase Hawkins said in the news release.
“This acquisition is a natural fit within our portfolio of reputable brands and reinforces our plan for continued strategic growth and value creation,” Hawkins continued. “We truly appreciate Mark Swelland, CEO and president of Hudson Ford, his business partner Gary Embretson and Jonathan Nissly, COO and GM, for both their leadership in making this such a fantastic dealership and for entrusting us with its future.”
Hudson Ford sells both new and pre-owned vehicles in a recently remodeled facility. The dealership also includes an Abra full-service collision center that is aluminum certified and an on-site detail center, servicing drivers throughout St. Croix County and eastern Minnesota.
“Carousel Motor Group mirrors the values of Hudson Ford. They really care about their employees and customers, and we are excited to have them guide this organization to the next level,” Swelland said.
Purple Heart recipient gets new truck at the Armed Forces Bowl
At halftime of the Lockheed Martin Armed Forces Bowl last month, Teddy Morse, chairman and CEO of Ed Morse Automotive Group, teamed up with Santa Claus to randomly pick a name out of a hat of almost 100 Purple Heart recipients.
According to another news release, the lucky winner was Gil Brown of Northlake, Texas. He was handed the keys to a 2022 RAM 1500 Rebel in Hydro Blue. The MSRP for this new truck was $65,905.
“I couldn’t believe they called out my name and was in total shock. It was like winning the lottery and certainly didn’t expect this. I look forward to selling my old truck, getting rid of the monthly payments and knowing that this truck will likely be my last,” Brown said. “I am so appreciative of Teddy Morse and his Freedom dealership team for their unwavering support for veterans.”
Brown earned the Purple Heart when he was wounded on Jan. 9, 1969 in Vietnam. Brown was an infantryman serving in the Ninth Infantry Division in the Mekong Delta. During a night operation in the Plain of Reeds on the Cambodian border, Brown’s patrol air cushion vehicle hit a mine and was decimated. He spent six weeks in the hospital and then rejoined his unit.
Brown has given back by serving as a mentor for the Veterans Treatment Court Program in Denton County.
“From its inception over 75 years ago, our company has proudly supported veteran and military organizations. Not only was it exciting to watch Air Force win the Armed Forces Bowl, but a true honor to meet so many inspiring veterans,” Morse said. “We were so proud to hand the new truck keys to Gil, a true hero and deserving of our admiration.”
The was held in December at the Amon G. Carter Stadium in Fort Worth, Texas and aired on ESPN. It was also one of the coldest bowl games ever with a wind chill of minus-1 degree.
This dealership news roundup includes both more M&A activities as well as philanthropic endeavors.
Beginning with the charity work, Larry H. Miller Dealerships announced last week an expansion of its existing holiday coat drive to include all 12 Arizona dealerships across Metro Phoenix and Tucson through a partnership with Valley of the Sun United Way in Phoenix and United Way of Tucson and Southern Arizona.
According to a news release, the dealer group was prompted by Annie E. Casey Foundation 2022 KidsCount data that indicated 20% of Arizona’s children live in poverty
During the past two years, Larry H. Miller Dealerships has hosted a winter coat drive at its three Avondale dealerships, collecting more than 840 winter coats for children within the Avondale Elementary School District.
Through Dec. 12, the group has expanded the drive to help even more children through a holiday “Share the Warmth” coat drive campaign, reaching K-6 students in Title 1 schools near the Metro Phoenix and Tucson dealership locations.
This campaign is part of Larry H. Miller Dealerships “Driven for Good” initiative, a giving program aimed at uplifting the communities in which the dealerships do business.
“All children deserve the comfort that comes from a winter coat,” said Robert Smith, customer relations manager at Larry H. Miller Hyundai Peoria. “While we don’t get snowfall in Phoenix and Tucson, our nights and mornings are quite cold, and nowadays, many families are having to make tough choices between basic needs like paying for groceries over a coat or a utility bill. We hope this month-long campaign serves to warm the hearts of children in our community.”
This holiday season, Larry H. Miller Dealerships is encouraging its employees and the public to help fill a vehicle at each of its 12 dealerships across Metro Phoenix and Tucson with new and gently used (must be clean) winter coats, lightweight jackets, and hoodies for K-6 students across Arizona to stay warm during the winter months.
“We’re honored to partner with Larry H. Miller Dealerships on the ‘Share the Warmth’ coat drive campaign,” said Melissa Boydston, senior vice president of community development and engagement at Valley of the Sun United Way. “Our organization is always looking for solutions to ensure that every child, family and individual in our community is healthy, has a safe place to live and has the opportunity to succeed in school, in work and in life. This partnership and shared mission among multiple organizations provides a real impact for children and their families this winter.”
Valley of the Sun United Way works with a network of 53 school districts across the Valley and United Way of Tucson and Southern Arizona partners with 10 school districts.
United Way will identify Title 1 schools in each of the cities where the dealerships are located so that the donations are distributed directly to children in need in those communities.
The “Share the Warmth” coat drive campaign will end on Dec. 15, when a caravan of Larry H. Miller Dealerships vehicles filled with winter coats, lightweight jackets and hoodies will deliver the donations to one of the Title 1 school locations in Phoenix and Tucson.
“Our community thrives when we LIVE UNITED. Our ability to impact one in four members in our Tucson community relies on uniting people, ideas, and resources,” said Tony Penn, president and CEO of United Way of Tucson and Southern Arizona. “This collaboration with Larry H. Miller Dealerships and our sister United Way in Phoenix shows the power of working together in service to our community.”
M&A activity involves California store
According to a news release from Performance Brokerage Services, dealership M&A continued earlier this month with the sale of Yucca Valley Chrysler Dodge Jeep Ram in California from Don McCredie to Jason Wilkins.
Performance Brokerage Services highlighted that Wilkins, along with his new partner, are in the beginning stages of building their new Southern California dealer group.
Wilkins acquired Victorville Mitsubishi in 2020, also with the help of Performance Brokerage Services. He will bring on a GM that has worked with his family for many years to run operations for Yucca Valley Chrysler Dodge Jeep Ram, which will remain at its current location at 57909 Twentynine Palms Highway in Yucca Valley, Calif.
However, the store has been renamed Joshua Tree Chrysler Dodge Jeep Ram.
The Wilkins family formerly owned Victorville Nissan and Victorville Chevrolet Cadillac.
Jason Stopnitzky, the exclusive agent for this transaction and the co-founder of Performance Brokerage Services said, “It was a pleasure assisting the McCredie family during this transaction, and I am thankful for the opportunity to have served in their best interest with the sale of their dealership. Congratulations to Mr. McCredie on his very well-deserved retirement.
“We were able to find a great fit with Jason Wilkins as the buyer. I have known the Wilkins family for 20 years and have had the privilege of helping them with four buy-sell transactions. I look forward to the bright future ahead for Jason Wilkins and his partner and wish them the best of luck on their newest acquisition,” Stopnitzky went on to say.
Perhaps 2022 is just the year of the acquisition — from auctions to artificial intelligence software providers to dealerships.
The latest move arrived on Tuesday, as Impel, a provider of digital automotive engagement software and data, announced that it is acquiring CarLabs.ai, a U.S.-based provider of conversational AI products for the automotive industry.
Impel highlighted that CarLabs digital assistants are used by OEMs and dealers to drive greater engagement across the customer lifecycle.
According to a news release, the acquisition brings additional product capabilities and resources to Impel and builds on the company’s acquisition of Pulsar AI completed last May.
Founded in 2016, CarLabs provides artificial intelligence products that can enable automotive retailers and OEMs to engage customers with automated, contextual two-way conversations that drive greater sales and service revenue.
The company’s solutions are designed to optimize content delivery and business performance by leveraging machine learning and advanced statistical models based on more than five years of serving international OEMs and enterprise dealer groups.
Carolina Coral Ayala Garcia is senior digital specialist at KIA Motors Mexico.
“For the past several years, Kia has made significant investments in digital capabilities designed to deliver an enhanced experience along the entire shopper journey,” Coral Ayala Garcia said in the news release.
“We’ve been fortunate to work with innovative technology companies like CarLabs that have enabled our digital transformation,” she continued. “They have been an indispensable partner, providing us with leading-edge AI capabilities that have helped us engage and educate consumers while at the same time strengthening our brand in an increasingly digital-driven world.”
Impel said the CarLabs acquisition comes at a time when service revenue and customer loyalty has become more critical than ever to dealer profitability.
“We’re thrilled to welcome CarLabs to the Impel family, and we look forward to integrating their innovative technology capabilities to generate even greater levels of digital engagement and business results for OEMs and vehicle retailers of all types,” Impel co-founder and CEO Devin Daly said in the news release. “This acquisition will accelerate our product development and innovation efforts to meet the growing need for exceptional end-to-end omnichannel experiences across the entire customer lifecycle.”
By continuously mining vehicle purchase data and service records, the company’s AI-powered solutions are geared to unlock new profit opportunities for dealers by engaging customers with highly relevant service messages and reminders at precise moments of the ownership lifecycle.
The addition of CarLabs technology and API integrations to Impel’s Service AI offering will create a complete solution for automated service drive communications, according to the companies.
“Impel is the preeminent digital engagement provider in the industry with thousands of satisfied customers around the world. We share a passion for creating seamless omnichannel journeys that deliver customer delight while driving increased business results and efficiencies at scale,” CarLabs co-founder and CEO Martin Schmitt said. “Automotive is ripe for intelligent automation, and together with Impel we’ll be able to accelerate efforts to deliver AI-powered applications that transform the experience for customers and dealers alike.”
Impel co-founder and chief strategy officer Michael Quigley added, “As the world’s foremost automotive digital engagement company, ongoing innovation and continuous growth are a key driver of our success. We are always on the lookout for leading-edge companies and emerging technologies to accelerate our efforts, and we couldn’t be more excited about the additional capabilities that CarLabs brings to our organization and to our technology platform.”
Spartan Auto Group has sold its Spartan Toyota, Wolverine Toyota and Lexus of Ann Arbor to Germain Automotive Partnership and has sold its Lexus of Lansing store to Serra Automotive.
The transactions were announced by Kerrigan Advisors, which represented Spartan Auto Group and the Criscuolo family.
“It was our honor to work with the Criscuolo family on this generational transaction,” Kerrigan Advisors managing director Ryan Kerrigan, said in a news release. “The Criscuolos have been prominent representatives for Toyota and Lexus in Michigan since the 1980s and were visionary partners for these OEMs in the Upper Midwest.
“Rosario Criscuolo will forever be remembered as a pioneer in automotive retail in the state of Michigan. These transactions further confirm the depth of interest amongst growing dealer groups for adding Toyota and Lexus dealerships to their portfolios.”
Co-owner Derek Criscuolo said: “Our father taught us to focus on relationships. His credo was ‘relationships, not salesmanship.’ That’s what made doing business at our dealerships such a special and memorable experience.
“We are grateful to have experienced such a positive working relationship with Kerrigan Advisors, whose comprehensive, focused and sensitive approach throughout the process ensured that all our family’s goals and objectives were met.”
Co-owner Deanna Criscuolo added: “Our father created a small town feeling in all of our stores, and that was true even in dealerships that served larger cities like Lansing. That family feeling of comfort and belonging is his legacy, and we’re grateful that with Kerrigan Advisors’ support through every phase of the transaction process — from sale preparation and marketing to negotiations and closing — that legacy will be successfully passed on to Germain and Serra, both highly regarded Midwest dealership groups.”
The Presidio Group recently mentioned another segment of M&A activity is on the rise.
Firm experts turned out to be good prognosticators, as CentralBDC, one of the nation’s leading privately owned outsourced business development centers (BDCs) for automotive dealerships, announced on Tuesday that it has acquired PowerBDC out of Stamford, Conn.
According to a news release, the transaction represents CentralBDC’s first industry acquisition, further augmenting its current suite of services offered for large and small dealership groups.
CentralBDC said PowerBDC is staffed by an experienced team representing more than 200 years of inbound and outbound lead generation, lead management, and CRM experience in the retail automotive, RV, powersports, and marine marketplace.
“PowerBDC represents an excellent example of a turn-key BDC solution in the market that is capable of closing more sales and increasing customer satisfaction within their existing base of accounts,” CentralBDC founder and president Benjamin Shamsizadeh said in the news release.
“Our goal is to continue to grow by acquiring other businesses with similar and complementary technology and customer base with the goal of being the number one marketing partner in the industry,” Shamsizadeh continued. “We look forward to integrating Power’s offerings and unique approach into our playbook to continue to enhance future growth opportunities.”
Founded in 2014 by 35-year automotive industry veteran Bill Sinko, CentralBDC highlighted PowerBDC has built a scalable structure and toolkit tailored to dealerships to maximize leads, increase productivity and provide seamless service.
“We are very excited to be able to expand our team, while continuing to provide customized options for our clients,” Shamsizadeh said.
Founded in 2018 and headquartered in Boca Raton, Fla., CentralBDC provides dealers with advanced platforms and combines people and technology to improve customer engagement.
The company has responded to more than 32 million customer calls and scheduled more than 1.3 million appointments for dealer partners.
It’s still early in the fourth quarter of 2022, but the pace of mergers and acquisitions happening among dealerships remains on a brisk pace with nine rooftops involved in actions announced this week.
Kerrigan Advisors was involved in a pair of stores changing hands in Illinois, while Haig Partners helped to facilitate a transaction connected with six dealerships in Ohio. Also, LMP Automotive Holdings announced the closing of the sale of one of its New York dealerships.
The largest transaction included Haig Partners serving as the exclusive sell-side advisor to Canton, Ohio-based Waikem Auto Family on the sale of its six dealerships to Diehl Automotive Group.
According to a news release from Haig, the transaction includes Honda, Ford, Kia, Subaru, Hyundai and Mitsubishi dealerships plus a collision center and Quick Lane facility.
Haig highlighted Waikem Auto Family is a third-generation business that has been a mainstay in the Canton, Ohio area for more than 70 years. It was established in 1957 by George Waikem Sr., with a single Ford dealership. Sons Chip, Doug and David have grown the group to six locations, and third-generation family members, Craig Waikem, George “Deuce” Waikem II and Chris Waikem are members of the management team.
“We are extremely happy to have found another family looking to continue selling and servicing cars in Stark County, Ohio the right way. We are thankful to our associates and customers over the last 65-plus years,” David Waikem said in Haig’s news release.
Diehl Automotive Group, based in Butler, Pa., is led by Corina Diehl and her son, Matt Diehl.
“We are looking forward to serving Massillon, greater Canton, and the surrounding areas for many years to come. We are honored to carry the legacy the Waikem family has built with the incredible team they have assembled,” Matt Diehl said in the news release.
Haig Partners has been involved in the purchase or sale of 38 dealerships nationwide so far this year.
“Automotive retail continues to evolve rapidly. Consumers are demanding a more efficient, technology-driven buying experience and broad inventory selection. As a result, dealers are having to adapt quickly to a shifting environment and the need for scale to compete effectively,” said Kevin Nill, a partner with Haig Partners.
“Dealership values continue to be very strong and buyer demand is as robust as ever. This has many dealers analyzing their current situation and making the decision to exit while they can get a premium for their stores,” Nill continued.
“I am grateful to the Waikem family for their trust in me and my firm to run a competitive process and uncover the best possible buyer for their family business,” he went on to say.
Charles Ringer and Robert Poklar of Weston Hurd served as legal counsel to Waikem Auto Family.
Dealer moves in Chicago
Also this week, Kerrigan Advisors represented and advised Sun Motor Cars of Chicago, owned by Daniel Sunderland and David Nocera on the sale of Mercedes-Benz & Sprinter of Orland Park and the scheduled sale of Mercedes-Benz of Bourbonnais to Illinois and Florida-based Fields Auto Group.
According to another news release, this transaction marks Kerrigan Advisors’ 161st and 162nd dealership sale since its founding in 2015 and the firm’s fifth multi-dealership transaction of the year.
As part of this transaction, Fields is scheduled to acquire and relocate Mercedes-Benz of Bourbonnais to a newly built dealership in Romeoville.
With this move, the Orland Park and Romeoville Mercedes-Benz and Sprinter franchises will be the exclusive dealers for Mercedes in the growing southwestern region of Chicago, serving a population of over 650,000.
Opened almost 30 years ago, Mercedes-Benz & Sprinter of Orland Park became one of the highest volume luxury dealerships in Orland Park, the fifth largest luxury market in the Chicago area.
Under the leadership of Nocera, a longtime member of Mercedes-Benz Dealer Council, Mercedes-Benz of Orland Park built a reputation for outstanding customer and employee service, receiving numerous awards, including Mercedes’ ‘Best of the Best’ six times and the ‘Employee Choice Best Place to Work Award’ two years in a row.
“Mercedes-Benz & Sprinter of Orland Park are pillars in the south Chicago auto market. The success of these dealerships is built upon the stellar work of our committed, longtime employees and a heartfelt commitment to top customer service,” Nocera said in the news release from Kerrigan.
“We are grateful to Kerrigan Advisors for identifying the Fields organization as the right buyer to continue our commitment to our customers, employees and community, particularly with the expansion into the Romeoville market. We are excited to see Fields capitalize on their strong brand and enter the south Chicago car market with our stores,” he continued.
Sunderland described the experience working with Kerrigan.
“When we decided it was the right time to sell, we knew Kerrigan Advisors had the most experience with higher value dealerships. They’ve sold more luxury franchises in the Midwest, particularly Chicago, than any firm in the industry,” Sunderland said. “The expertise of the Kerrigan Advisors’ team, particularly Marie Brashears, proved invaluable throughout the sale process and ensured as smooth a closing as possible. We are very grateful they were our advisors and by our side throughout this transaction.”
Mark Lyman of Lyman Law Firm provided legal counsel to the seller. Stephen Dietrich and Henry Lowe of Holland & Knight provided legal counsel to the buyer.
“We were honored to represent these two highly valuable Mercedes dealerships in the Chicagoland market on behalf of the Sunderland and Nocera families,” said Erin Kerrigan, founder and managing director of Kerrigan Advisors.
“This transaction is an excellent example of the continued strength of the buy/sell market, particularly for top luxury franchises like Mercedes. Many growing groups are seeking to add high volume Mercedes dealerships in major U.S. metros,” Kerrigan went on to say.
LMP’s move
Finally, LMP Automotive Holdings, an e-commerce and facilities-based automotive retailer in the United States, announced it has closed on the sale of its Chrysler Jeep Dodge Ram Dealership in White Plains, N.Y.
No other details about the transaction were included in the company news release.
The Presidio Group, known as an investment banking and dealership mergers and acquisition advisory firm, has seen a distinct uptick in its automotive retail services division that helps match dealership retail services companies with strategic capital to help the companies grow.
Presidio managing director Keith Style, during an interview about the company’s dealership M&A market update report titled, Where the Rubber Meets the Road, believes …
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Castle Automotive Group announced the completion of two acquisitions: Naperville Chrysler Dodge Jeep Ram and Gary Lang Auto Group.
With these purchases, Castle now has 14 locations and 26 new-car franchises throughout Illinois and Northwest Indiana.
Castle is headquartered in Oakbrook Terrace, Ill.
“First of all, I would like to say thank you and congratulations to Ed Burke, president of Naperville CDJR and Gary Lang, president of Gary Lang Auto Group. Both of these gentlemen were a pleasure to work with from the day we engaged all the way through a seamless buy-sell transaction. When entering into these large and very emotional transactions, it is very important to me that all parties are treated fairly and with respect to their legacies, people, and communities,” Castle CEO Joe Castle said in a news release. “I wish both of them the best in their next chapter of life. Also, thank you to my acquisitions teams at CAG, Andrew Dorgan and DSMC, VP of M&A Jennifer Rafael, and financial partner Ally for working you tails off this year to bring these two deals to the finish line.”
Castle added: “On a business note, we feel these two acquisitions are the right fit for our company with the right brands in the right locations. We are proud to have added Kia and Cadillac to our portfolio, as well as our third Chevrolet franchise and second CDJR, Subaru, Buick, GMC, and Mitsubishi franchise. This gives our company a lot of scalability in a highly competitive market. It has been a busy year for us and all involved to make this happen. I look forward to welcoming and onboarding all of the 200+ employees, their families, and 11 additional new car franchises to the CAG platform from these transactions.”
AutoNation to host DRVPNK event next week
AutoNation will hold its annual DRVPNK Across America Day on Oct. 11, where the dealer group’s associates throughout the country will put together comfort bags and deliver them to patients going through cancer treatments.
AutoNation holds several DRVPNK events and campaigns throughout the year. It supports several national charities including he Breast Cancer Research Foundation (BCRF), the American Cancer Society, the National Pediatric Cancer Foundation, and Zero: The End of Prostate Cancer, along with numerous cancer charities on a local level.
On the DRVPNK Across America Day, AutoNation associates in South Florida and local sports teams are gathering at DRV PNK Stadium in Fort Lauderdale, Fla., to put together “Totes for Hope” comfort bags. The bags will be delivered to local hospitals: Joe DiMaggio Children’s Hospital, Memorial Regional Hospital and the Cleveland Clinic, Florida.
AutoNation employees throughout the country will also assemble and delivery comfort bags to cancer patients in the respective local communities at hospitals and treatment centers.
“Although DRVPNK Across America Day is held during Breast Cancer Awareness Month, our fundraising efforts to beat all cancer are far-reaching and year-long,” AutoNation CEO Mike Manley said in a news release.
“Through our extensive network of charitable community partners, and with the support from our customers and associates coast to coast, we’ve donated millions of dollars where it is needed most — to support cancer research across the spectrum, from pediatric cancer to treatments for prostate cancer and more, aiding countless individuals who suffer from this devastating disease.”
The retailer is also hosting a credit card donation challenge in December to benefit the Breast Cancer Research Foundation, through support of four scientists at the University of Southern California, University of Texas and the H. Lee Moffit Cancer Center.
