Four car retailers expanded their dealership portfolios with fourth-quarter acquisitions across 4 states.
This is a appear at discounts involving domestic and luxury makes and dealerships in Montana, Missouri, New Jersey and Michigan. A person transaction included an vehicle retailer ranked on Automotive News‘ checklist of the top 150 dealership teams.
Germain Automotive expands into Montana
Germain Automotive Team, of Columbus, Ohio, has entered Montana with the acquisition of a multibranded domestic 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., according to John Malishenko, COO of Germain Automotive.
Tony Pierce was a nominee for the 2022 Time Seller of the Year award.
Lewistown is in the centre of the point out. Malishenko claimed Germain CEO Steve Germain and his relatives have a dwelling and a lodge in the place.
“The acquisition was an extension of that,” he wrote in an electronic mail to Automotive Information.
Malishenko confirmed that this was the group’s initial acquisition since Germain Automotive entered Arizona in the drop of 2021, acquiring Surprise Honda, northwest of Phoenix. The retailer also has dealerships in Ohio, Michigan and Florida.
Germain Automotive ranks No. 75 on Automotive News’ most current listing of the major 150 dealership teams primarily based in the U.S., retailing 13,332 new automobiles in 2021.
Leta and grandsons develop in Missouri
The grandfather and grandsons workforce of Frank Leta Auto Team expanded in Missouri with the buy of VanMatre Buick-GMC in Cape Girardeau.
Frank Leta and his grandsons Michael Brown and Steve Brown on Nov. 14 ordered the store from Mark VanMatre and renamed it Frank Leta Buick-GMC.
Hoping to diversify with a domestic brand name, Steve Brown, operations manager, advised Automotive Information that they purchased the southern Missouri retail outlet generally for the reason that of its spot.
Cape Girardeau is “a good sector,” he claimed, “and a hub city for lots of other neighboring metropolitan areas.”
Frank Leta Vehicle, of St. Louis, owns four other suppliers in Missouri, which includes its 2nd-most modern purchase, Acura of Springfield, which it obtained in 2020. The team also sells Honda and Mitsubishi cars.
It has no bargains pending, but it would be intrigued in buying shops in the upcoming “if the suitable option came up,” Steve Brown claimed.
Steve Brown claimed the workers at the Cape Girardeau dealership was managed and there are no designs to make facility adjustments.
Mark Shackelford and Paul Kechnie, companions representing Midwest and Texas locations for invest in-market business Performance Brokerage Companies, of Irvine, Calif., facilitated the transaction.
Piazza Vehicle provides Mercedes-Benz retail store
Piazza Vehicle Group claimed it acquired Mercedes-Benz of Atlantic Metropolis in Egg Harbor Township, N.J., introducing yet another retail store of the luxurious manufacturer to its portfolio, according to a LinkedIn post from a group govt.
Tony Piazza, director of functions, introduced the purchase Nov. 1 on LinkedIn.
The dealership was owned by Michael Sloane of Park Avenue Motor Vehicles Atlantic Metropolis, according to a New Jersey Motor Automobile Fee new-auto dealer renewal application in 2022.
Sloane informed Automotive Information that the deal shut Nov. 1.
Piazza also has Mercedes-Benz dealerships in West Chester, Pa., and Wilmington, Del., in accordance to its website.
Sloane confirmed to Automotive Information that he also marketed the West Chester dealership to Piazza in December 2021. Sloane however owns a Mercedes-Benz dealership in Fort Washington, Pa.
Lunghamer buys Ford dealership in Michigan
A Michigan car seller has expanded his group with the purchase of a Ford dealership on Oct. 31 and has converted one more Ford retailer into a utilized-vehicle product sales and services spot.
Joe Lunghamer, president of Lunghamer Vehicle Group, obtained Signature Vehicle Team in Owosso, Mich., from Joe Falzon and his daughter Angela Pascotto.
Falzon and Pascotto also owned Signature Ford in Perry, Mich. Owosso and Perry are about 13 miles apart.
Falzon told Automotive News that “Ford came in all through the sale and labored with [Lunghamer] on an give” to consolidate the stores. A Ford spokeswoman declined to remark.
Lunghamer renamed the dealership Lunghamer Ford of Owosso and the applied-auto keep Lunghamer Vehicle of Perry.
The acquisition delivers the Lunghamer team to three new-automobile Michigan dealerships. It also owns Joe Lunghamer Chevrolet and Lunghamer Buick-GMC, each in Waterford.
Joe Lunghamer also owns Flagship Ford in Baldwin, Wis., and Flagship Chevrolet-Buick in Zumbrota, Minn., operated by his organization partner, John Buelow.
Pascotto was honored amongst Automotive News’ 40 beneath 40 in 2012, and Falzon retired at the summary of the sale.
“I have been in the auto business 51 yrs,” Falzon mentioned. “If I failed to retire now, I almost certainly in no way would.”
Signature Vehicle marketed its Owosso Lincoln dealership in 2021 to LaFontaine Automotive Team, which briefly moved the Lincoln franchise to its Ford retail outlet in close by Flushing, Mich.
Lunghamer mentioned any foreseeable future dealership purchases would be established by circumstance and chance.
“I’ve been doing this given that 1987. My window is even now open up. But at some level, it will near,” he explained. “It can be a big meal to buy a dealership. I would like to digest for a very little even though.”
The Signature sale was facilitated by Kechnie of General performance Brokerage Providers.