The partnership between publicly traded conglomerate Graham Holdings Co. and Chris Ourisman of Ourisman Automotive Group, which indicated it was trying to develop following its buy of a Ford retailer final 12 months, purchased two Virginia dealerships final week.
Graham Ourisman Automotive on July 5 purchased Lustine Toyota and Lustine Chrysler-Dodge-Jeep-Ram, each in Woodbridge, from the Lustine household.
The shops have been renamed Toyota of Woodbridge and Ourisman Chrysler-Dodge-Jeep-Ram of Woodbridge, stated Ourisman, president of Ourisman Automotive Group. Woodbridge is south of Washington, D.C.
“We are really looking to find businesses that have cultural alignment in terms of leadership, in terms of how they’re positioned within their communities,” Ourisman stated.
The acquisition is the partnership’s first because it purchased a Ford dealership in Manassas, Va., in December. The partnership now has six shops.
Graham Ourisman Automotive was established when Graham and Chris Ourisman teamed up in early 2019 to purchase a Lexus retailer in Rockville, Md., and a Honda retailer in Tysons Corner, Va., from Sonic Automotive Inc. Late that 12 months, the companions added an open-point standalone Jeep dealership, Ourisman Jeep, in Bethesda, Md.
While the latest acquisition is also within the Washington space, Ourisman stated the partnership stays keen on coming into new markets so long as the potential deal is a platform or group of shops versus a single dealership.
“Our acquisition thesis is still the same,” he advised Automotive News. “If there’s opportunities in metro D.C. that work for us, those are easy no-brainers, and we can really build on scale that we have. We’re also interested in other top metro markets around the country. It just needs to be of a certain scale to enter a market.”
Graham, which has different companies, from TV stations and eating places to training firm Kaplan Inc. and a well being care group, didn’t disclose the acquisition worth of the Woodbridge shops. But it stated it holds a 90 p.c possession stake within the dealerships and the 4 others it owns with Ourisman.
Graham reported that income for its dealership enterprise within the first quarter “increased significantly,” which largely was due to the addition of the Ford dealership. Graham additionally famous that gross sales grew at its different dealerships, which additionally had increased common new- and used-vehicle promoting costs.
Graham stated automotive working revenue was $7.1 million within the first quarter, up from $524,000 within the year-earlier interval. Automotive working income greater than doubled to $151 million.
Ourisman Automotive ranks No. 20 on Automotive News‘ record of the highest 150 dealership teams based mostly within the U.S., retailing 29,564 new autos in 2021.
Haig Partners, a buy-sell agency in Fort Lauderdale, Fla., represented the Lustine household within the Woodbridge dealerships transaction.