A Canadian duo has bought its first U.S. dealership, snapping up a retailer in Illinois after failing to discover a appropriate purchase in Michigan, opening the door to additional growth within the United States.
After greater than twenty years, Chip Banks on May 26 bought his solely dealership, Chip Banks Chevrolet-Buick in Du Quoin, Ill., to enterprise companions Scott Elliott and Mike Bezzoubkin of Canada.
Now named Du Quoin Chevrolet-Buick, it is the primary U.S. dealership acquisition for Elliott and Bezzoubkin. Du Quoin is southeast of St. Louis.
The pair owns one different dealership, Amherstburg Chevrolet-Buick-GMC in Amherstburg, Ont., which they bought in 2016.
That dealership sits alongside the Detroit River, about 20 minutes from the Windsor-Detroit crossing. Elliott instructed sibling publication Automotive News he and Bezzoubkin had been searching for dealerships to purchase in Michigan for his or her growth, however realized about Banks’ dealership alternative from Paul Kechnie of Performance Brokerage Services.
“We went down there to look at it and knew it was going to fit our need,” stated Elliott, who co-owns the Illinois retailer with Bezzoubkin. “And it opens up the Midwest for us and for our business here in Canada.”
Kechnie, who represented Banks within the sale, instructed Automotive News that Banks, the dealership’s unique proprietor, wished to retire.