McGovern Automotive proceeds progress
McGovern Automotive Team, which has been an lively dealership buyer in 2022, ongoing its acquisition generate with the buy of three outlets in two transactions.
McGovern Automotive, of Newton, Mass., on Oct. 20 bought Capital Volvo Autos of Albany in Colonie, N.Y., and Jaguar-Land Rover Albany from Eric Kahn.
The retailers are McGovern’s initially JLR and Volvo dealerships, CEO Matt McGovern confirmed. The Volvo dealership was renamed McGovern Volvo Cars Albany, while the JLR dealership’s identify continues to be.
McGovern’s manufacturer portfolio ranges from mass-industry to Ferrari, but he mentioned Land Rover and Volvo had been huge holes in the lineup.
“We’ve been very intrigued by all those makes and required to receive them as quickly as probable,” McGovern, an automobile retail veteran who co-established New England’s Key Motor Team, told Automotive News.
Albany, New York’s capital, is a new market for McGovern Automotive, which also has dealerships on Lengthy Island in addition to outlets in Massachusetts and New Hampshire.
“It’s definitely further away from our core team of retailers,” McGovern stated. “But it’s value the trip to get familiar with these two brands. That is what really [has] been my most effective supply of acquisitions is inside the brands on their own. So get in, complete perfectly for the model, address complications for the model, and you can often get other retailers from them.”
Nate Klebacha, a companion with Haig Partners, a buy-sell agency in Fort Lauderdale, Fla., represented Kahn in the transaction. Kahn still owns 4 dealerships in New York, Haig Companions mentioned.
“The sale of the merchants is bittersweet,” Kahn claimed in a statement. “Money Volvo was my 1st retailer I was very pleased of the workforce we built and the achievements we experienced both there and at Jaguar-Land Rover Albany. Nonetheless, I decided it was the ideal time to emphasis my energies and methods on … retailers that I personal in the mid-Hudson Valley and Syracuse.”
The Albany acquisition was McGovern Automotive’s first given that it acquired a Massachusetts Stellantis dealership in June, McGovern verified.
McGovern Automotive this month also acquired a Kia dealership near Boston.
McGovern ordered Dan O’Brien Kia Norwood from Dan O’Brien of Dan O’Brien Automobile Team on Nov. 7. The shop was renamed McGovern Kia of Norwood.
O’Brien bought a Subaru shop in New Hampshire in September and a Massachusetts Nissan dealership in May well. O’Brien was named to Automotive News’ 40 Less than 40 course in 2018.
As with the Jaguar-Land Rover and Volvo offer, Kia is a new brand for McGovern Automotive.
“It truly is certainly a quite hot model these times [and has] come a long way in the previous two, three years,” McGovern said. “That was one more hole in our portfolio. That one, the good thing is, was incredibly close to property.”
Adhering to the acquisitions, McGovern has a overall of 23 new- and utilized-auto dealerships.
Nancy Phillips Associates, a get-sell company in Exeter, N.H., represented O’Brien in the Kia transaction.
