The partnership in between publicly traded conglomerate Graham Holdings Co. and Chris Ourisman of Ourisman Automotive Group, which indicated it was wanting to extend following its buy of a Ford keep final 12 months, acquired two Virginia dealerships previous 7 days.
Graham Ourisman Automotive on July 5 bought Lustine Toyota and Lustine Chrysler-Dodge-Jeep-Ram, the two in Woodbridge, from the Lustine family.
The merchants were being renamed Toyota of Woodbridge and Ourisman Chrysler-Dodge-Jeep-Ram of Woodbridge, said Ourisman, president of Ourisman Automotive Group. Woodbridge is south of Washington, D.C.
“We are truly seeking to come across enterprises that have cultural alignment in terms of management, in terms of how they’re positioned in just their communities,” Ourisman claimed.
The acquisition is the partnership’s 1st because it bought a Ford dealership in Manassas, Va., in December. The partnership now has 6 stores.
Graham Ourisman Automotive was recognized when Graham and Chris Ourisman teamed up in early 2019 to get a Lexus retail store in Rockville, Md., and a Honda retail outlet in Tysons Corner, Va., from Sonic Automotive Inc. Late that yr, the associates added an open up-issue standalone Jeep dealership, Ourisman Jeep, in Bethesda, Md.
Although the most latest acquisition also is in the Washington area, Ourisman stated the partnership continues to be interested in moving into new markets as prolonged as the prospective offer is a system or team of suppliers as opposed to a solitary dealership.
“Our acquisition thesis is however the identical,” he instructed Automotive News. “If you can find possibilities in metro D.C. that work for us, individuals are quick no-brainers, and we can actually develop on scale that we have. We are also intrigued in other best metro markets all-around the region. It just requires to be of a selected scale to enter a sector.”
Graham, which has other businesses, from Tv set stations and dining establishments to training firm Kaplan Inc. and a overall health care group, did not disclose the buy price tag of the Woodbridge merchants. But it reported it holds a 90 p.c possession stake in the dealerships and the 4 some others it owns with Ourisman.
Graham noted that earnings for its dealership business in the to start with quarter “enhanced noticeably,” which largely was due to the fact of the addition of the Ford dealership. Graham also mentioned that income grew at its other dealerships, which also had greater normal new- and utilised-car or truck advertising selling prices.
Graham reported automotive operating profits was $7.1 million in the initially quarter, up from $524,000 in the 12 months-earlier period. Automotive functioning earnings more than doubled to $151 million.
Ourisman Automotive ranks No. 20 on Automotive News‘ list of the prime 150 dealership teams centered in the U.S., retailing 29,564 new autos in 2021.
Haig Partners, a get-market company in Fort Lauderdale, Fla., represented the Lustine household in the Woodbridge dealerships transaction.
