A rising dealership team ordered two outlets in the fourth quarter, even though a new operator acquired his to start with dealership and a further purchased her 2nd, both in solitary-store transactions in the initially quarter.
Here’s a glance at the specials involving domestic and import model dealerships in Tennessee, Ohio and Missouri. Just one of the transactions involved a team ranked on Automotive News‘ major 150 dealership groups record.
ZT Motors adds two dealerships
ZT Motors, a unit of ZT Company, expanded its vehicle portfolio to a new condition in the fourth quarter with the acquire of two dealerships in Tennessee.
ZT Motors on Dec. 15 purchased Grindstaff Ford and Grindstaff Chrysler-Dodge-Jeep-Ram in Elizabethton from Steve Grindstaff.
The dealerships have been renamed Content Valley Ford and Delighted Valley Chrysler-Dodge-Jeep-Ram.
“We imagine there’s an opportunity to enhance dealership functions under our management group,” ZT Company CEO Taseer Badar explained in a assertion.
ZT Corporate, a personal fairness and wealth management organization, in 2015 bought its initially dealerships in Fort Walton Beach front, Fla. In 2020, ZT Company told Automotive Information that it needed to expand and obtain up to 20 Southeast U.S. dealerships by 2023.
The company added a Chevrolet dealership in Marietta, Ga., in 2019 and acquired 3 Houston-region dealerships from Primary Automotive Group in 2020. In February 2021, ZT Motors purchased a Chrysler-Dodge-Jeep-Ram-Fiat dealership in Union Metropolis, Ga.
ZT Motors, of Houston, ranks No. 144 on Automotive Information‘ listing of the prime 150 dealership groups based in the U.S., retailing 6,268 new motor vehicles in 2021.
Shepherd buys to start with dealership
Jacob Shepherd acquired his first dealership very last thirty day period when he purchased Joe Johnson Chevrolet in Troy, Ohio, from seller Joe Johnson.
Shepherd and small business companion Jerry Frye on March 10 purchased the dealership, which was renamed Chevrolet of Troy. Troy is north of Dayton, Ohio.
“I started out in the automotive organization in Cincinnati, Ohio, when I was 19 providing Chevrolets,” Shepherd, the store’s vendor principal, wrote in an email to Automotive Information. “I put in several yrs in product sales and an equivalent total of time handling. I have no relatives in the small business, but via hard operate, regularity and staying blessed, I am fortunate adequate to be the happy proprietor of my first dealership.”
Tim Wild of Tim Lamb Group, a obtain-sell agency in Columbus, Ohio, represented the customer in the transaction.
Morris buys second dealership
Stephanie Morris purchased her next dealership final thirty day period when she acquired a Nissan outlet in Missouri.
Morris on March 10 acquired Woody-Williams Nissan in Sedalia from the Woody relatives, in accordance to Ben Hicks III, with invest in-promote agency Hicks Management & Consulting Group Inc. in Arlington, Texas. The company represented the vendor in the sale.
The dealership was renamed Stephanie Morris Nissan. Sedalia is southeast of Kansas City.
Morris, the store’s seller principal and namesake of Stephanie Morris Vehicle Team, said in an email to Automotive News that she required to acquire the Nissan dealership mainly because of its track record and that of the neighborhood.
She mentioned she also was captivated by the dealership’s staff, who have an normal tenure of far more than 15 a long time.
Morris purchased her initial dealership, James Hodge Chevrolet in Okmulgee, Okla., in May perhaps 2021. That dealership, south of Tulsa, was renamed Stephanie Morris Chevrolet.
And Morris stated she plans to continue including rooftops.
“I intend to aggressively maximize my dealership portfolio, with pick out producers, as very long as I have the right operator for the out there stage,” she claimed.