SARASOTA, Fla. — Leedom Management Group announced it has acquired four buy-here, pay-here dealerships in southern Georgia and has renamed them AutoMaxx of Georgia.
Chris Leedom, chief executive officer of the Leedom Group, said the acquisition will bring to five the total number of dealerships operating under his AutoMaxx banner.
"This strategic acquisition comes at a time when buy-here, pay-here will be one of the few bright spots of the retail automobile business," Leedom said. "The locations, personnel and business model fits well with our existing policies and procedures. We foresee the acquisition as being immediately accretive to earnings."
The dealerships, formerly known as Freeway Auto Credit, are located in Georgia communities of Macon, Columbus and Albany. The locations move more than 1,500 units a year. The AutoMaxx of Sarasota, Fla., store sells about 400 units a year on its own.
Leedom, whose firm, Leedom and Associates LLC, provides Twenty Group services to hundreds of automotive retailers across the U.S., said while many in his groups are struggling given the steep downturn in retail sales as well as much tighter credit standards, they are optimistic about the future.
"Many in our Twenty Groups were able to react to changing market conditions early as a result of their own instincts, as well as those from their fellow members," Leedom said. "Our new dealership acquisitions will benefit immediately from the collective market intelligence and business savvy of all of our Twenty Group relationships."
Terms of the acquisition were not disclosed.