Four auto retailers expanded their dealership portfolios with fourth-quarter acquisitions throughout 4 states.
Here’s a have a look at offers involving home and luxurious manufacturers and dealerships in Montana, Missouri, New Jersey and Michigan. One transaction concerned an auto retailer ranked on Automotive News‘ listing of the highest 150 dealership teams.
Germain Automotive expands into Montana
Germain Automotive Group, of Columbus, Ohio, has entered Montana with the acquisition of a multibranded home dealership.
The group on Nov. 8 purchased Snowy Mountain Motors, a Chrysler-Dodge-Jeep-Ram-Chevrolet-Ford dealership in Lewistown from Tony Pierce of T.M. Pierce Inc., based on John Malishenko, COO of Germain Automotive.
Tony Pierce was a nominee for the 2022 Time Dealer of the Year award.
Lewistown is within the heart of the state. Malishenko stated Germain CEO Steve Germain and his household have a house and a lodge within the space.
“The acquisition was an extension of that,” he wrote in an e-mail to Automotive News.
Malishenko confirmed that this was the group’s first acquisition since Germain Automotive entered Arizona within the fall of 2021, shopping for Surprise Honda, northwest of Phoenix. The retailer additionally has dealerships in Ohio, Michigan and Florida.
Germain Automotive ranks No. 75 on Automotive News’ most up-to-date listing of the highest 150 dealership teams primarily based within the U.S., retailing 13,332 new autos in 2021.
Leta and grandsons develop in Missouri
The grandfather and grandsons staff of Frank Leta Auto Group expanded in Missouri with the acquisition of VanMatre Buick-GMC in Cape Girardeau.
Frank Leta and his grandsons Michael Brown and Steve Brown on Nov. 14 bought the shop from Mark VanMatre and renamed it Frank Leta Buick-GMC.
Hoping to diversify with a home model, Steve Brown, operations supervisor, instructed Automotive News that they bought the southern Missouri retailer primarily due to its location.
Cape Girardeau is “a great market,” he stated, “and a hub town for many other neighboring cities.”
Frank Leta Auto, of St. Louis, owns 4 different shops in Missouri, together with its second-most latest buy, Acura of Springfield, which it acquired in 2020. The group additionally sells Honda and Mitsubishi autos.
It has no offers pending, however it might be eager about buying shops sooner or later “if the right opportunity came up,” Steve Brown stated.
Steve Brown stated the workers on the Cape Girardeau dealership was maintained and there are not any plans to make facility modifications.
Mark Shackelford and Paul Kechnie, companions representing Midwest and Texas areas for buy-sell agency Performance Brokerage Services, of Irvine, Calif., facilitated the transaction.
Piazza Auto provides Mercedes-Benz retailer
Piazza Auto Group stated it acquired Mercedes-Benz of Atlantic City in Egg Harbor Township, N.J., including one other retailer of the luxurious model to its portfolio, based on a LinkedIn submit from a gaggle government.
Tony Piazza, director of operations, introduced the acquisition Nov. 1 on LinkedIn.
The dealership was owned by Michael Sloane of Park Avenue Motor Cars Atlantic City, based on a New Jersey Motor Vehicle Commission new-car supplier renewal utility in 2022.
Sloane instructed Automotive News that the deal closed Nov. 1.
Piazza additionally has Mercedes-Benz dealerships in West Chester, Pa., and Wilmington, Del., based on its web site.
Sloane confirmed to Automotive News that he additionally bought the West Chester dealership to Piazza in December 2021. Sloane nonetheless owns a Mercedes-Benz dealership in Fort Washington, Pa.
Lunghamer buys Ford dealership in Michigan
A Michigan automotive supplier has expanded his group with the acquisition of a Ford dealership on Oct. 31 and has transformed one other Ford retailer right into a used-vehicle gross sales and repair location.
Joe Lunghamer, president of Lunghamer Auto Group, bought Signature Auto Group in Owosso, Mich., from Joe Falzon and his daughter Angela Pascotto.
Falzon and Pascotto additionally owned Signature Ford in Perry, Mich. Owosso and Perry are about 13 miles aside.
Falzon instructed Automotive News that “Ford came in during the sale and worked with [Lunghamer] on an offer” to consolidate the shops. A Ford spokeswoman declined to remark.
Lunghamer renamed the dealership Lunghamer Ford of Owosso and the used-vehicle retailer Lunghamer Auto of Perry.
The acquisition brings the Lunghamer group to 3 new-vehicle Michigan dealerships. It additionally owns Joe Lunghamer Chevrolet and Lunghamer Buick-GMC, each in Waterford.
Joe Lunghamer additionally owns Flagship Ford in Baldwin, Wis., and Flagship Chevrolet-Buick in Zumbrota, Minn., operated by his enterprise accomplice, John Buelow.
Pascotto was honored amongst Automotive News’ 40 beneath 40 in 2012, and Falzon retired on the conclusion of the sale.
“I’ve been in the car business 51 years,” Falzon stated. “If I didn’t retire now, I probably never would.”
Signature Auto bought its Owosso Lincoln dealership in 2021 to LaFontaine Automotive Group, which quickly moved the Lincoln franchise to its Ford retailer in close by Flushing, Mich.
Lunghamer stated any future dealership purchases can be decided by circumstance and alternative.
“I’ve been doing this since 1987. My window is still open. But at some point, it will close,” he stated. “It’s a big meal to buy a dealership. I’d like to digest for a little while.”
The Signature sale was facilitated by Kechnie of Performance Brokerage Services.
Source: www.autonews.com