According to a news release distributed on Tuesday, Affinitiv and AutoLoop announced that they have received all customary regulatory approvals and that the merger of the two providers of data-driven marketing automation and software solutions is complete.
Officials said the combined company will operate under the Affinitiv brand name and will be headquartered in Chicago, with more than 800 employees and revenues of approximately $200 million, supporting more than 6,500 dealerships and strategic relationships with 15 OEM partners.
New York-based private equity firm CIP Capital will continue as majority owners of the business, according to the news release.
Over the next several months, officials explained, AutoLoop’s suite of software products, including equity mining, scheduling, service lane technology and appraisal tools, will be strategically integrated with Affinitiv’s digital and direct marketing products, offering dealers a comprehensive, end-to-end solution designed to maximize dealership revenue and customer retention throughout the entire ownership lifecycle.
Affinitiv chief executive officer Scot Eisenfelder will continue in his current role as CEO, while Steve Anderson, AutoLoop’s CEO, will assume the position of executive chairman of the combined entity.
“I’m excited about this merger, as it allows us to rapidly accelerate the adoption of our best-in-class technology and products across the automotive market,” Anderson said. “In addition, having a considerably larger organization operating at scale will provide our OEM and dealer customers a rich array of solutions with outstanding support.”
Eisenfelder added, “Dealerships need to evolve in order to thrive. The combined company will join two leading industry platforms to provide the best data-driven marketing and software solution that will guide dealers through each touchpoint in the customer journey, creating an optimal customer experience while growing dealership revenue.”
The newly combined company will create one of the largest providers of data-driven marketing and software solutions exclusively focused on the automotive customer lifecycle. Key highlights of the merged operation include:
— Modern and scalable SaaS offering, purpose-built for automotive OEMs and dealerships
— Fully integrated product portfolio across retention marketing, equity mining, online scheduling, service lane software, digital marketing and appraisal solutions
— Proprietary analytics platform that provides sophisticated customer and marketing insights based on the combination of unique data sets from OEMs, dealerships and third parties
— Customized solutions for each dealer via a consultative field staff working closely with dealers to customize and evolve marketing plans – a method proven to deliver better ROI
— In-house digital agency that leverages deep technical, strategic and creative expertise to develop and deploy data-driven, multi-channel campaigns that are innovative, effective and OEM-compliant, ultimately creating a best-in-class customer experience and driving strong brand loyalty
AutoLoop customers will gain immediate access to enhanced digital and social campaigns through Affinitiv’s CK Advertising and Affinitiv Digital offerings. Affinitiv’s customers will benefit from AutoLoop’s integrated product offering across marketing, scheduling, equity mining and service lane software.
For more information, visit www.Affinitiv.com or call (847) 955-9740.
WebBuy introduced what it describes as the nation’s first fully integrated car-buying application to dealerships in 2014, and in the last year, WebBuy says it has seen significant growth in U.S. markets. Now, the company boasts a national network of participating dealerships.
On Wednesday, WebBuy announced it has merged with Webgrain, which created the initial WebBuy prototype and later developed the app’s first commercial version.
In announcing the merger with Webgrain, WebBuy said its co-founders Steve Zabawa and Tom Murray wanted to take the app to the next level. The Webgrain merger closed June 16, and the company said it provides the WebBuy team with full-time development resources.
WebBuy named former partners Mike Ohman and Nick Britton to be its director of technical operations and lead developer, respectively. The company said all seven WebGrain employees moved to WebBuy’s offices in Billings, Mont..
Steve Dimock is WebBuy’s chief technical officer who was one of three partners at Webgrain. Dimock acted as WebBuy’s chief technology officer when representing the product and in helping guide its evolution.
He said while his teammates move forward on WebBuy projects, they are also working toward a smooth transition for dozens of Webgrain clients. In 2010, Webgrain was founded as an interactive web development and design company, with web design, database and application development, search engine optimization and secure hosting services among its offerings.
The merger will help WebBuy improve its current app and develop new products, said Zabawa, who is a principal at Rimrock Auto Group and a dealership owner for more than 30 years.
“With the additional development resources, we will bring new WebBuy products and services to market sooner and continue to meet the growing demand for an easy, transparent way to buy a car online,” Zabawa said.
In only one month since the move to WebBuy, Dimock said his company has already seen a strong improvement in its ability to respond to support requests and develop new features “just by being in the office and reducing communication times.”
“Our goal is to create the most complete, stable digital-retailing platform on the market,” Dimock said. “We are already providing one of the most flexible solutions available, and we are excited to use this merger as an opportunity to continue improving on our work.
“It has always been our objective to create a solution that appeals to dealerships, and we’ve done it. We have now accelerated our efforts to incorporate feedback received by dealers, our users, and internally.”
Dimock also said that bringing in an in-house development team is helping WebBuy effectively supercharge development efforts to maintain its position “as the leader in the digital-retailing space,” and it allows the company to support its growing client base.
For the second time in a little more than three years, J.D. Power has new ownership.
According to a news release distributed late on Tuesday, leading private equity investment firm Thoma Bravo announced that it has reached an agreement to acquire J.D. Power, a global leader in data analytics and consumer intelligence.
The firm said the transaction is expected to close by year end, subject to customary closing conditions.
Upon closing, Thoma Bravo said it plans to partner with J.D. Power’s existing team in the ongoing expansion of the company, with a focus on continued development of enhanced industry insights, advanced analytics and innovative new offerings.
As part of the transaction, J.D. Power’s existing management team and employee owners will be rolling over their ownership interest in the company, according to the news release.
Thoma Bravo’s move involving J.D. Power arrived on the heels of the firm acquiring Autodata Corp. earlier this year.
Back in April 2016, J.D. Power’s previous owner — global alternative investments firm XIO Group — made a $1.1 billion cash deal with McGraw Hill Financial for the data-driven company.
Now J.D. Power leadership is excited about its new ownership.
“We are thrilled to partner with Thoma Bravo, a firm that clearly understands our space and is well-positioned to help us develop new growth opportunities and continue on our current path of rapid expansion,” J.D. Power president and chief executive officer Dave Habiger said in the Tuesday news release.
“This is an exciting step forward for our company, and we look forward to a fruitful partnership that will help us maximize our company’s fullest potential,” Habinger continued.
J.D. Power reiterated that it has been delivering incisive industry intelligence on consumer interactions with brands and products for more than 50 years. The company is headquartered in Costa Mesa, Calif., with offices in 16 cities throughout North America, Europe, Asia-Pacific and South America.
“J.D. Power is one of the most recognized brands in the world, synonymous with a deep understanding of real-world customer experience, and it provides trusted insight that businesses of every type need in order to make critical strategic decisions,” said Scott Crabill, a managing partner at Thoma Bravo. “More recently, the company has expanded its leadership to include globally recognized experts in several industries, and it has dramatically expanded its analytics and product offerings, leveraging AI, the cloud and big data in ways that really showcase the brand’s significant near-term and long-term growth potential.
“We look forward to partnering with Dave Habiger and his team to further accelerate the business and build even greater value for J.D. Power’s employees, customers and partners globally,” Crabill continued.
London-based XIO Group also shared its perspective on working with J.D. Power for the past three years.
“We saw J.D. Power as an iconic brand with strong upside potential and have been greatly impressed with the management team’s accelerating the digitization of the platform, including the successful implementation of AI initiatives and introduction of innovative analytics products,” XIO Group spokesperson Joseph Pacini said. “As we exit our investment, we wish them every success in the years ahead.”
J.D. Power is being advised by Evercore and Cravath, Swaine & Moore.
Kirkland & Ellis is serving as the legal adviser, and Barclays and RBC Capital Markets are acting as financial advisoers to Thoma Bravo. Financing for the transaction is being provided by RBC Capital Markets, KKR and SunTrust Bank.
Get Spiffy capitalized on an opportunity to grow where the on-demand car care, technology and services company already possessed a market toehold.
On Tuesday, Spiffy announced the acquisition of ongoing Dallas operations from NuWash. This acquisition allows Spiffy to provide on-demand car washing, detailing, oil change and other automotive maintenance for the more than 200 office park and multi-unit residences previously serviced by NuWash.
“This is our first acquisition in a city where we already operate, so it’s really unique and exciting to be able to fold those customers and technicians into the existing business,” Spiffy chief executive officer Scot Wingo said in a note to Auto Remarketing.
NuWash was founded in 2016 in Austin, Texas, and will continue to serve customers in that market, according to a news release.
“Our customers are important to us, so we considered multiple options and chose Spiffy to take over our Dallas operations because their levels of quality and convenience match ours. Customers may also enjoy broader service offerings, including oil changes and other maintenance,” NuWash CEO Walker Drewett said.
Spiffy expanded on-demand car care to Dallas in 2017 serving office parks, fleets and residences.
“In a short time, Dallas has become a top-performer in Spiffy’s 11 markets,” Wingo said in the news release.
“Acquiring NuWash allows us to grow our Dallas business by providing continuity of operations at 200+ locations without missing a beat.”
Along with the acquisition itself, Wingo emphasized another important component of this development.
Spiffy made it seamless for NuWash customers to transition. Customers can download the Spiffy app and log in with their existing NuWash credentials to see their wash history and book Spiffy services.
Wingo explained why it was “absolutely critical” to merge the technology platforms so NuWash customers could use their credentials to access Spiffy through his company app.
“We live in a ‘zero friction’ world, so we wanted to make it as easy as possible for fleets, office parks and individual consumers to move over to Spiffy,” he told Auto Remarketing.
The company added that many NuWash Dallas technicians will have the opportunity to join the Spiffy team as they will receive over 100 hours of classroom and field training “to deliver five-star convenient, trusted, professional and green services, every time.”
Along with the Dallas-Fort Worth region, Spiffy is available in cities and metro areas including Atlanta, Charlotte, N.C., Los Angeles and Raleigh, N.C. Spiffy also offers Fleet-Management-as-a-Service in Denver, New York, Phoenix, Seattle, Tampa, Fla., and Washington, D.C.
New-vehicle sales might be softening so far this year, but franchised dealerships themselves are turning at a significant pace.
Kerrigan Advisors reported that this year’s dealership buy/sell market rocketed to a strong start in Q1 with 54 completed transactions, representing a 38.5% increase year-over-year. Analysts said in the First Quarter 2019 Blue Sky Report that the first-quarter pace indicates that 2019 is on track to be the sixth consecutive year of 200 transactions or more.
In spite of a 3.2% new-vehicle sales decline, Kerrigan Advisors founder and managing director Erin Kerrigan noted that continued profit stability and an increase in sellers coming to market is contributing to the robust outlook for the buy/sell market.
“As Kerrigan Advisors predicted, 2019 is shaping up to be another solid year for buy/sells and valuations,” Kerrigan said in a news release. “In the face of a decline in new-vehicle sales, the diversity of the dealership business model continues to demonstrate its value through its ability to sustain profits.
“In addition, the influx of older generation sellers coming to market, coupled with private capital jumping into the void left by the publics, all add up to a promising buy/sell year,” she continued.
Kerrigan Advisors explained the first three months of the year reflect a shift in industry focus toward used vehicles, F&I and service and parts. Kerrigan noted that this shift to higher margin profit centers (used-vehicle gross margin is three times that of new vehicles and F&I per new vehicle sold has risen 60% since 2010) is a key reason strategic buyers and outside investors remain interested in auto retail acquisitions, with particular interest in high performing dealerships representing strong franchises in growth markets.
And, with aging dealers increasingly concerned over their ability to succeed in a consolidating, evolving auto retail industry, the firm pointed out that buyers are facing new opportunities, although increasing industry debt poses a looming risk.
According to the report, the healthy economy and strong financial markets means there continues to be a high rate of complex multi-dealership transactions.
Among the franchises being acquired, domestics continued to grow their buy/sell market share, while import non-luxury franchises saw their market share decline, primarily driven by Hyundai, Kia, Mazda, Nissan and Volkswagen.
Interest in top domestic franchises, such as Chevrolet and Ford, as well and top non-luxury imports, such as Toyota, Honda and Subaru remain high, according to Ryan Kerrigan, managing director of Kerrigan Advisors.
“In the face of all these positives in the market, it must be noted that the outlook is less promising for some players, especially weaker, lower performing franchises with low buyer demand who are finding it more difficult to find a buyer, particularly at a strong price,” Ryan Kerrigan said.
“Another factor to watch is that dealership rents appear to have peaked, with Q1 2019 showing a decline for the first time in 10 years,” he continued. “We expect that many dealers are realizing that their businesses can no longer support these high rent levels and, as rents fall, real estate values often follow.”
The report also highlighted that image upgrades required by OEMs are sending sellers to market, but, because these sellers are unwilling to invest the capital required to become facility-compliant, their dealerships will sell at a lower blue sky value in 2019.
In addition, the report identified the following three trends, which are expected to meaningfully impact the buy/sell market through the remainder of 2019. They include:
• Dealership real estate values start to peak.
• Industry debt levels increase buy/sell market risk.
• Auto retail’s lack of a dominant public consolidator opens the door to private capital.
Other highlights from the Q1 reported included:
• Fifty-four dealership transactions were completed, representing a 38.5% increase over the first quarter of 2018.
• Significant increase in used to new sales ratio (.96). Kerrigan Advisors expects the industry to continue to move towards a 1:1 used to new ratio.
• Fourteen multi-dealership transactions, representing 26% of the buy/sell market in the first quarter.
• Domestics buy/sell market share increased 5.5% in the first quarter to the highest level in five years.
• U.S. public auto retailers’ acquisition spending in the US decreased 68.6% in the first quarter of 2019 compared to the first quarter of 2018, primarily driven by the downward slide in their stock prices.
• Publics sold 18 franchises, for a net decline of 13 franchises.
• Private buyers acquired 95% of the franchises sold in the first quarter.
• The average dealership saw a 2.2% decline in rent in the first quarter.
• Dealership real estate remains auto retail’s most valuable asset class, exceeding blue sky on average by 67.1%.
• Kerrigan Advisors’ assessment of blue-sky multiples for Q1 2019 remained relatively stable.
• Kerrigan Advisors downgraded Audi’s high-end multiple from 8.25 to 8.0.
• Kerrigan Advisors upgraded Volvo’s high-end multiple, from 3.5 to 4.0
The Blue Sky Report, published by Kerrigan Advisors, includes analysis of all transaction activity for the year, and lays out the high, average and low blue-sky multiples for each franchise in luxury and non-luxury segments.
For more details and to preview the report, go to this website.
“A world where all cars are shared.” That is the vision of car-sharing company, Getaround. The company rents cars by the hour, or the day, with insurance and roadside assistance included.
The company is now expanding on that vision with an acquisition that it says combines strengths of both companies to form a global transportation and mobility company spanning North America and Europe.
With its $300 million acquisition of Europe car-sharing platform Drivy, Getaround says the combined company now covers 300 cities in the U.S. and Europe. The acquisition adds international presence in France, Germany, Spain, Austria, Belgium and the U.K., and the two companies boast more than 5 million users combined.
Drivy is headquartered in Paris with 2.5 million users across Europe. Getaround and Drivy say their combined strengths will help Europeans instantly rent and drive cars shared by other nearby drivers. Enabling people to earn money by listing and sharing their car when they are not using it reduces the financial burden of car ownership, the companies say.
Getaround is also touting its Getaround Connect technology that allows users to locate and unlock cars using their smartphones. Illustrating how Getaround and Drivy share the connected car-sharing vision, Drivy also introduced an instant smartphone unlock function. Drivy says the connected technology eliminates renters’ and owners’ inconvenience of needing to get together to pick up car keys.
"We are thrilled to be joining forces with the Drivy team as we move closer to our vision of creating a world where all cars are connected and shared," Getaround founder and chief executive officer Sam Zaid said in a news release. "As the leading European car-sharing marketplace, Drivy has built a strong business with products, teams, and values that closely align with ours at Getaround, making for a natural integration for our employees and users. Consumers all over the world are embracing the ease, flexibility and freedom that connected car-sharing offers. Getaround is delivering on growing consumer demand by providing a consistent, instant and safe car-sharing experience in 140 U.S. cities — and now, across the 170 cities in Europe that Drivy has developed."
"Thanks to the remarkable work of our team, Drivy has become the largest car-sharing platform in Europe," said Drivy founder and chief executive officer Paulin Dementhon, who will remain in his role as the chief executive officer of Europe. The Drivy executive team will also remain and Dementhon and the team will oversee European operations and continue growing and evolving consumer-facing products and services.
"Car-sharing will replace car ownership in large urban markets, meeting consumer demands for instant and flexible transportation options, while also making cities more livable by freeing them from idle cars and reducing congestion and pollution in the process,” Dementhon said. “Connected technology, frictionless user experience, and increased car fleet density are the keys to this evolution, as they make it more convenient to use a shared car than your own. Getaround is an ideal partner for us because our companies are aligned in so many ways while being complementary on key aspects of our business, like geography or fleet acquisition. I look forward to seeing what we can accomplish together."
Kerrigan Advisors tabulated the figures and discovered the dealership buy/sell market recorded another year of tremendous activity in 2018, generating 6.9 percent in growth above the 2017 level and marking the fifth consecutive year of more than 200 transactions.
According to The Blue Sky Report’s Year in Review released this week, analysts indicated 216 transactions closed in 2018, including a record number of multi-dealership transactions. And the report emphasized this five-year streak shows no signs of abating in spite of an anticipated slump in new-vehicle sales and rising interest rates.
Kerrigan Advisors predicted that 2019 will be another robust year for buy/sell moves and valuations.
“The strength of the dealership buy/sell market over the last five years is a testament to the health of the U.S. economy, the financial markets, and most importantly, the auto retail industry. We believe the number of buyers, particularly those backed by professionally managed capital, will increase in 2019,” said Erin Kerrigan, founder and managing director of Kerrigan Advisors.
“Despite rising interest rates and a decline in new-vehicle sales, the average auto dealership remains highly profitable and valuable, continuing to appeal to private dealers who comprised the majority of buyers in 2019,” Kerrigan continued.
In addition to a strong economy and the ongoing consolidation and innovation opportunities in auto retail, among the key factors Kerrigan Advisors cites for a strong buy/sell market in 2019 include:
— A rise in the number of private investors seeking to put capital into auto retail. Year-to-date, Kerrigan Advisors noted the pace of new investors seeking investments in auto retail has risen 59 percent as compared to 2018
— Increased dealership gross profit driven by fixed operations via service and parts
— Dealerships’ historically demonstrated ability to adjust their business model to create new profit opportunities and reduce variable expenses.
“Buyers are looking for higher quality franchises which are more competitive as new-vehicle sales decline,” Kerrigan said. “These franchises tend to have more fixed operations revenue, which commands a gross profit margin nearly ten times higher than new vehicles and are benefitting from the surge of vehicles entering the “sweet spot” of customer pay post-warranty, more than making up for margin losses from a contracting vehicle market.”
Kerrigan Advisors noted that while overall Blue Sky multiple averages are lower due to a decline in lower demand franchises, valuations remain strong, although more stores are trading at average, rather than high, multiples.
Additionally, valuations are being positively influenced by high real estate valuations which are at peak levels and represented the largest portion of a dealership’s value in 2018. Kerrigan Advisors estimated the average dealership’s real estate value at $11.3 million, up 4.9 percent from 2017.
Experts explained this shift in dealership transaction values from blue sky to real estate has reduced the equity requirements of the average transaction, which Kerrigan Advisors believes is one of the reasons buy/sell activity remains so strong.
Domestics continued to show strength in the 2018 buy/sell market, according to the report, exceeding 50 percent for the first time in the last five years.
On the other hand, import luxury franchises’ market share continued to decline, a trend the report said will continue in 2019 as their high multiples will be more difficult to achieve for some buyers.
Also contributing is the sensitivity import luxury franchises have to rising interest rates, because their high valuations typically require more leverage. But, although the larger import segment will also see a decline in 2019, Kerrigan Advisors expects the top import non-luxury franchises, namely Toyota, Honda and Subaru, to grow their buy/sell market share in 2019.
“A key trend for 2019 is that the business model of the franchise will determine buyer demand: as industry sales contract, buyers become more discerning, focusing on high-performing franchises that have attractive, long-term investment characteristics that tend to outperform the industry when sales decline,” Kerrigan Advisors managing director Ryan Kerrigan said.
“Meanwhile, weaker franchises with challenging dealer business models will see lower buyer demand because today’s buyers are not attracted to franchises with poor dealer relations, highly variable incentive programs, less supportive captive finance companies, low sales per dealership and weak fixed operations,” Ryan Kerrigan continued.
The report also identified the following four market trends, which the firm predicts will meaningfully impact the buy/sell market in 2019 and beyond. They include:
— Sellers avoid image upgrades to capitalize on record real estate values.
— Rising interest rates impact blue sky values.
— Franchise business models determine buyer demand.
— Transaction activity increasingly varies by market.
Other key highlights from the full-year report include:
— 216 transactions closed, versus 202 in 2017, resulting in a 6.9-percent increase over 2017.
—Year-to-date, the pace of new investors seeking investments in auto retail has risen 59 percent as compared to 2018.
— The number of multi-dealership transactions reached a record 65 for the full year, a notable 27.5-percent increase over 2017’s level.
— Domestics’ share of the buy/sell market rose again in 2018, exceeding 50 percent for the first time in the last five years.
— Public retailers’ acquisition spending declined in 2018 by 6.6 percent as compared to 2017.
— Private buyers continue to lead industry consolidation, acquiring 93 percent of the franchises sold in 2018, about the same level as 2017.
— Dealership real estate represented the largest portion of a dealership’s value in 2018, exceeding blue sky value by 84.2 percent.
The firm added public companies are undervalued relative to private dealerships. Public blue-sky multiples now average just 5.1 times, only slightly above Kerrigan Advisors’ average blue sky multiples for private dealerships, despite the publics’ liquidity premium.
The Blue Sky Report, published by Kerrigan Advisors, is a quarterly report on dealership M&A activity, as well as franchise values. It includes analysis of all transaction activity for the year and lays out the high, average and low blue-sky multiples for each franchise in luxury and non-luxury segments.
For more details and to preview the entire report, go to this website.
America’s Auto Auction president and chief executive officer Ben Lange announced the acquisition of Greater Boston’s Lynnway Auto Auction today.
“We are extremely pleased to welcome Lynnway Auto Auction, and its team led by Jim Lamb, to America’s Auto Auction. Jim and his staff are of the highest caliber with a proven track record in Boston and the New England market,” Lange said in a news release sent to Auto Remarketing.
Lynnway Auto Auction has been owned and operated by Jim Lamb and George Russo, who founded the facility in 1997. Both former auctioneers with more than 30 years of experience in vehicle remarketing, Lamb and Russo have built a thriving auction that draws customers from all points in the Northeast.
In 2011, the pair moved the auction to its current location, a new, high-tech eight-lane facility on 58 acres, 30 minutes northwest of Boston.
“In expanding the America’s Auto Auction brand, we seek out auctions that are successful and high-performing in their markets,” Lange said. “Lynnway Auto Auction is an ‘A-Rated’ operation with a tremendous influence in the Northeast, earning superior marks in facility management, transportation management, reconditioning service, mechanical and body repairs, on-site floor planning and first-rate customer service.
“This acquisition supports our footprint in the Northeast, one of the country’s major automotive markets, and puts Lynnway in an even stronger position to serve its dealer and institutional accounts,” Lange continued.
Commenting on the transaction, Lamb said, “Our relationship with America’s Auto Auction has been four years in the making.
“During that time, we have not only come to know and admire Ben Lange, but have become acquainted with his associates at the America’s auction locations and observed the workings of a tremendously successful company,” Lamb continued. “We are all excited about our future with America’s Auto Auction.
“This acquisition is a great cultural match between Lynnway and America’s, one that holds tremendous promise for the auction and its customers,” Lamb went on to say.
With objectives of maintaining a keen focus on both buyers and sellers in order to nourish healthy local markets and build strong foundations for institutional remarketers, America’s Auto Auction is the third-largest auto auction company in the United States. With the addition of Greater Boston’s Lynnway Auto Auction, America’s Auto Auction now includes 22 locations with facilities in:
—Alabama
—Georgia
—Illinois
—Florida
—Kentucky
—Louisiana
—Massachusetts
—Michigan
—Ohio
—Oklahoma
—Pennsylvania
—South Carolina
—Texas
—Virginia
For information, contact Cynthia Butler at America’s Auto Auction corporate office in Dallas at (214)736-7900 or cynthia.butler@americasautoauction.com. Additional information on all of the America’s Auto Auction facilities can be found at www.americasautoauction.com.
Texas-based Snell Automotive Group now has a Blue Oval rooftop in Oklahoma to go with its portfolio of luxury showrooms in the Lone Star State.
The dealer group announced on Thursday that it has purchased Bob Hurley Ford in Tulsa, Okla. Snell Automotive Group said in a news release that the dealership will be renamed Riverside Ford of Tulsa.
“We are excited to expand into the Tulsa market and represent a great brand like Ford,” Snell Automotive Group dealer principal Jimmy Snell said.
“We look forward to working with the team there and will continue the dealership's history of being a top selling Ford dealership in Oklahoma, while focusing on delivering a great customer experience,” Snell continued.
The acquisition of Bob Hurley Ford by Snell Automotive Group was completed March 12, according to the company.
Along with this Ford store, Snell Automotive Group is comprised of:
—Jaguar Land Rover Dallas
—Jaguar Land Rover Austin
—Jaguar Land Rover Frisco
—Snell Collision Centre
Riverside Ford of Tulsa is located at 745 W. 51st St. in Tulsa. Store information can be found at RiversideFordofTulsa.com.
Expanding its operational footprint in western Kentucky, online vehicle auction company Copart has acquired what it describes as “a leader in the remarketing of total-loss and fleet vehicles in the western Kentucky region for over a decade.”
Copart’s acquisition of Vincent Auto Solutions in Greenville, Ky., adds a “strong local management team with long-standing customer relationships," Copart chief executive officer Jay Adair said in a news release.
Adair added that the acquisition is part of Copart’s overall expansion initiative that helps the company process its increasing volume in Kentucky and nationwide. Copart operates at more than 200 locations in 11 countries, with more than 125,000 vehicles available online every day.
"We are excited to be part of the Copart family and its network of facilities and to enhance Copart's presence in the western Kentucky region," Copart general manager Brody Vincent stated in a news release. Vincent is a former partner of Vincent Auto Solutions.
The acquisition follows additional Copart activity as of late. The company recently made five announcements of new facilities or expanding an existing operation. It most recently enhanced capacity at its Newburgh, N.Y., location, adding 25 acres of storage space to its existing 68 acres.
