(Update -Correction Below) May 15, 2017 — Mike Maroone, former AutoNation president, has acquired four dealerships from the Serra organization in Colorado Springs, CO. The acquisition follows a two-year non-compete stemming from Maroone’s retirement from AutoNation in April 2015.
The stores include two Chevrolet dealerships and Honda and Volkswagen dealerships along with a collision shop.
The acquisition has been long-rumored among dealers in the Colorado area. Although no official announcement has been made as of yet (we’re told an announcement is expected sometime today), employees reportedly have been told. Meanwhile, Maroone’s name is front and center on the company’s website now. (We’ll update the story as needed throughout the day).
The Presidio Group represented the Serra group in the acquisition.
Joe Serra acquired seven dealerships in Traverse City, MI in 2015 from Otto Belevich. Last year, he sold a Toyota dealership in Farmington Hills, MI to the Suburban Collection, owned by David Fischer.
The acquisition is the third high-profile buy-sell in the dealership market in recent weeks and may indicate the market is heating back up after a first quarter that saw only 80 rooftops change hands – down from 125 in the first quarter of 2016. (The Banks Report will have the 1st Qtr 2017 Dealership Buy-Sell Report tomorrow. For more buy-sell news and analysis click Here.)
Lithia Motors announced two weeks ago it has acquired the 14-store Baierl Automotive located in western Pennsylvania (TBR referenced the pending acquisition in its year end report on buy-sells. Expect another big announcement from Lithia in the next few weeks).
In April, Penske Automotive Group, in what reportedly is the largest transaction for a single point store, acquired Schumacher European, a Mercedes Benz dealership in the Phoenix, AZ area,
Meanwhile, we suspect Maroone isn’t finished with acquisitions. He also serves on the advisory board for Cox Automotive and recently was named to the board for Carvana, the online used vehicle retailer that went public a couple of weeks ago.
CORRECTION: We Incorrectly had Maroone as serving on the board at Cox Automotive. He serves on the advisory board.