Dealership Buy-Sells June 1st – 9th

June 9, 2023 — Dealership M&A activity continues a brisk pace in 2023 as six transactions involving 20 different rooftops were announced the first week of June.

Meanwhile, word on the street is that a record-breaking transaction for a single-point store is close to getting across the finish line and could be days from being announced.


Group 1 sold its Boardwalk Acura store in Egg Harbor, NJ to Key Auto Group (Anthony Di Lorenzo). Performance Brokerage Services facilitated the transaction.

The Houston-based publicly traded dealer group also acquired Beck & Masten Kia in Tomball, TX, in early June a few weeks after purchasing three Buick-GMC from the retiring long-time Texas dealers John Beck and James Masten. Kerrigan Advisors advised Beck and Masten on all four sales.


Franchise Equity Partners formalized a joint venture with the North Carolina-based Parks Automotive Group, owned by Adam Parks. The agreement follows a $55 million minority investment made by FEP supporting Parks’ purchase of two Stellantis stores in the Charlotte, NC area in January.

Stephen J. Dietrich, Lacey Croy, and Keith Sambur of Holland & Knight represented Franchise Equity Partners in the transaction. 

James Taylor at Truist Securities provided advisory services and Chris Gyves of Womble Bond Dickinson (US) LLP represented Parks Automotive Group in the transaction. 

The transaction is Franchise Equity Partner’s second investment in a dealer group since it was founded in 2021 by former Goldman Sachs partners Michael Esposito and Scott Romanoff. FEP invested $70 million in October 2022 in Georgica Automotive Holdings, owned by Jonathan Sobel, also a former Goldman Sachs partner. 

New York investment firm HPS Investment Partners, invested $1 billion to fund Franchise Equity Partners, which is investing in auto dealerships, heavy-equipment dealerships, restaurants, beverage distributors, and health and beauty consumer services.

Long-time industry veteran Don Reese is the CEO and President of FEP Auto Holdings while Mark LaNeve, former Ford and General Motors executive, serves as Chairman.


The Abel Toll-owned Autosaver Group acquired DeLaBruere’s Auto in Newport, VT, and rebranded it as Northpoint GMC. The group now has 14 dealerships across multiple states in the Northeast. 

Gilles De La Bruere founded the store in the early 1980s but passed away in 2022. His wife, Christine De La Bruere, took over the store, selling it last month. Nancy Phillips Associates facilitated the transaction. 


AutoNation announced on LinkedIn the acquisition of five Carlsbad, CA-based dealerships from the Bob Baker Automotive Group from the Baker family. Founder Bob Baker passed away at 89 years old in 2021. His son Christopher Baker was the CEO. 

The five dealerships have been renamed AutoNation Chrysler Dodge Jeep RAM and FIAT Carlsbad, AutoNation Subaru Carlsbad, AutoNation Volkswagen Carlsbad, AutoNation Mazda Carlsbad, and AutoNation Hyundai Carlsbad.


The Kunes Auto Group acquired All-Star Buick GMC in Oak Creek, WI from the Boyland Auto Group and Dr. Dorian Boyland. In January, Boyland sold his All-Star Honda store in Greenfield, WI to the Rosen Automotive Automotive Group. National Business Brokers advised Boyland on both transactions. 

STELLA, an Automotive AI Firm, Completes Seed Raise

STELLA, an Automotive AI Firm, Completes Seed Raise

May 10, 2023 — STELLA Automotive AI, a provider of high-end conversational AI technology, announced yesterday it has closed a seed round of financing. The round included multiple well-known dealer groups such as Maroone USA, the Pohanka Automotive Group, and Czubay Family Enterprises. Terms of the financing of the seed were not disclosed. However, investors… Continue Reading

A $100 Million Series D Raise for UVeye

A $100 Million Series D Raise for UVeye

May 9, 2023 — UVeye, the developer of automated vehicle-inspection systems for the auto industry, raised $100 million in a Series D funding round to support new sales and manufacturing initiatives in North America. Hanaco VC, a New York and Tel Aviv venture capital firm, led the investment with participation from existing investors General Motors… Continue Reading

Hot Start for M&A Activity in Auto Retail Tech in 2023

January 26, 2023 — M&A activity in the auto retail vendor space continues its brisk pace at the beginning of 2023 with Vehlo’s announcement this week that it has acquired Velocity Automotive from Hugh Hathcock and Rapid Recon from Dennis McGinn. Both deals were completed late in the fourth quarter, but announced only this week.…

This content is for subscribers only.
Log In Subscribe
J.D. Power Acquires ZappyRide

J.D. Power Acquires ZappyRide

January 10, 2023 — Acquisition activity in the automotive retail vendor space is off to a brisk start in 2023. Following last week’s announcement that APCO Holdings had acquired National Auto Care, J.D. Power announced this morning it has acquired ZappyRide, to bolster its new E-Vision initiative created to provide software and data to greentech… Continue Reading

Damon Lester – Mission Accomplished After 20 Years at NAMAD

Damon Lester – Mission Accomplished After 20 Years at NAMAD

October 11, 2022 — Last week, after 16 years at the helm of the National Association of Minority Automobile Dealers (NAMAD), Damon Lester retired, handing the reins to Hugene T. Fields. In July 2008, I wrote a cover story for Ward’s Dealer Business magazine (Now WardsAuto) about Lester’s efforts at shoring up the association’s declining membership.… Continue Reading

Buick’s Dealership Play is a Win-Win For Everybody

Buick’s Dealership Play is a Win-Win For Everybody

September 5, 2022 – General Motors’ strategy to buy out Buick dealers not wanting to transition to an all-electric future is good news for the brand and its dealers. The automaker introduced its plans to Buick dealers on Friday (kudos to Mike Colias of the Wall Street Journal for breaking the news). The move follows Buick’s announcement… Continue Reading

Government Provides Clarification on New EV Tax Credits

Government Provides Clarification on New EV Tax Credits

August 23, 2022 — President Biden signed the Inflation Reduction Act into law a week ago. The new law enacts several changes to the tax credit available for new electric vehicles. As we noted prior to the law’s signing, many of the changes are confusing and needed clarification from the government. In the last week,… Continue Reading

Subscribe Now to The Banks Report