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The marketplace for purchasing and promoting car dealerships is extremely dynamic and influenced by means of quite a lot of components, corresponding to adjustments in financial prerequisites, client personal tastes, producer necessities, and regulatory adjustments. Despite the continuing financial demanding situations from the latter part of 2022 till now, the purchase/promote marketplace has remained extremely lively, and this pattern continues into the month of May.
McGovern Automotive Group Adds Yet Another Dealership
McGovern Automotive Group announced on May 16 that it had bought but any other dealership, marking the twenty fifth acquisition in simply six years. The newest transaction concerned Acton, Massachusetts-based Acton Chrysler Dodge Jeep Ram, which options a listing of roughly 225 cars.
The lately bought dealership started as a Patriot Lincoln Mercury broker in 1983 and represented quite a lot of manufacturers ahead of changing into Chrysler Dodge Jeep Ram in 2011. Coleman Hoyt, the dealership’s President all over the years, stated its final function is to “provide long term transportation solutions for the thousands of households and businesses who trust [the dealership] with their car decisions, in both service and sales.”
Current staff will reportedly be retained whilst the dealership additionally seems to extend its personnel. McGovern’s CEO, Matt McGovern, famous that “people have always been [McGovern Automotive Group’s] biggest assets” and stated his corporate is “looking forward to expanding the group in the local community.” The auto team boasts some of the perfect gross sales platforms that calculates clear costs, making sure that buyers purchasing or leasing automobiles get an even value.
McGovern Automotive Group was once based in 2016 and temporarily was one of the outstanding broker teams in the Northeast. Representing each luxurious and non-luxury manufacturers, the crowd additionally has provider lanes in addition to 4 collision facilities. The team additionally provides its McGovern AutoPerks Advantage plan, which involves the McGovern staff doing lots of the buying groceries procedure for purchasers and therefore handing over the automobile to shoppers when purchases are finished.
Downs Ford Sells to Celebrity Motor Cars
Celebrity Ford of Toms River
On May 15, New Jersey-based Downs Ford was once bought to Celebrity Motor Cars. Father-daughter duo Rick Riccardi Jr. and Melissa Longo bought the dealership to any other father-daughter staff, Tom Maoli, and Veronica Maoli. Downs Ford, which can now be Celebrity Ford of Toms River, was once opened in 1930 as Lakehurst Motors and has been handed down in the circle of relatives for 3 generations.
Buy/promote knowledgeable Dave Cantin, who facilitated the deal, stated the transaction is “significant” as it comes to two women-operated dealerships. He famous that is “a powerful indicator the future of the automotive industry will not look like the past.” Veronica Maoli said that she and her father are “excited to continue the father-daughter tradition of ownership,” and the newly bought dealership will upload to Celebrity Motors’s present lineup of Lexus, Maserati, Alfa Romeo, BMW, and Mercedes Benz retail outlets.
Asbury Automotive Group Sells McDavid Acura of Austin
McDavid Acura of Austin, now Acura of Austin North
On May 17, it was announced that Asbury Automotive Group finished the sale of McDavid Acura of Austin to the Umansky Automotive Group. The acquisition marks Umansky’s first Texas-based store, including to 24 dealerships that constitute 16 manufacturers scattered all over California, Mississippi, Tennessee, and Wisconsin.
Asbury’s President, David Hult, stated the sale was once a “true win-win scenario” and added the transaction was once “quick and seamless.” Georgia-based Asbury is a big auto store all over the U.S., reportedly promoting over 150,000 new cars remaining yr with over $15 billion in earnings. The corporate was once based in 1995 and ranked quantity 360 at the Fortune 500 checklist in 2022.
Umansky’s proprietor Dan Umansky stated the growth into Texas “is the perfect opportunity to increase the visibility of the Umansky brand.” Umansky Auto Group was once based in 2013 and only began out with Acura of Memphis ahead of increasing into 25 dealerships, two collision restore facilities, and a condominium automobile corporate. The team has gained nationwide accolades for its customer support and operations, together with the Annual Dealership of Distinction Award and Mercedes-Benz’s Best of The Best Award.
