UPDATED: December 13, 2016 — The Banks Report has learned that the Ron Tonkin Family of Dealerships is selling to the Gee Automotive Companies in Spokane, WA, confirming rumors the last several months that a sale was in process. An announcement is expected sometime in the next few days. Meanwhile, the deal is expected to close sometime… Continue Reading
December 1, 2016 — The Penske Automotive Group (PAG) announced today it has acquired specialty automotive retailer CarSense from owner and founder Francis I. McGowen. CarSense has five locations in the Philadelphia and Pittsburgh markets specializeing in reconditioning and retailing high-quality, late-model used vehicles at no-haggle prices. Penske says the acquisition should add an estimated $350… Continue Reading
Dealership buy-sell activity rebounded in September and October following a slow second quarter and should remain brisk for the foreseeable future. With 17 fewer transactions through the end of the third quarter, the 2016 pace is slightly off what was a record year in 2015, according to data compiled for TBR’s 2016 Third Quarter Dealership Buy-Sell Report. (Subscribers…
October 6, 2016 — Lithia Motors announced this morning the acquisition of Audi Auto Gallery in Woodland Hills, CA, from co-founders Harrison Gray and Tony Schwartz. It is Lithia’s 18th dealership acquired this year. The additional $120 million in annual revenue created by the acquisition brings Lithia’s total to approximately $1 billion in acquired revenue this… Continue Reading
September 12, 2016 — Lithia Motors has acquired the 13-store Carbone Automotive Group located in New York and Vermont. It’s the second largest acquisition by number of rooftops this year, following the Holman purchase of the 15-dealership Kuni Automotive Group. Since January 2013, Lithia has acquired 67 stores, including 17 this year. The publicly traded dealer group,… Continue Reading
September 1, 2016 — Todd Blue’s IndiGO Auto Group announced yesterday it has acquired BMW of Palm Springs in California. It is the group’s 12th luxury franchise. The acquisition closes out was has been a furious final two weeks in August in which the industry saw nine transactions involving 21 dealerships (25 franchises). The Banks Report will… Continue Reading
August 30, 2016 — The Walser Automotive Group, one of the largest dealer groups in Minnesota, is expanding to the Wichita, KS market acquiring the 10 brand-Wichita Luxury Collection this week. Meanwhile, Rick Ford’s RFJ Autos closed on the Jordan Automotive Group and its Ford and Toyota dealerships in Mishawaka, IN last week. Walser’s purchase of… Continue Reading
August 13, 2016 — Lithia Motors has acquired Kemp Ford in Thousand Oaks, CA, renaming it DCH Ford it’s fourth acquisition in 2016. The purchase should increase Lithia’s revenues by $65 million annually. The publicly traded dealer group, based in Medford, OR, acquired Riverside Subaru in Riverside, CA in January and Ira Toyota in Milford, MA… Continue Reading
July 12, 2016 — Dealership acquisition activity is showing a slight slowdown according to data compiled for TBR’s 2016 Mid-Year Dealership Buy-Sell Report. (Subscribers to The Banks Report can download Excel files with buy-sell activity going back to January 2013). Through June of 2016, there were 108 different transactions accounting for 177 rooftops changing hands. In…
July 7, 2016 — AutoNation announced this morning it is acquiring four luxury dealerships in the Westchester County, New York market. AutoNation is buying BMW Mt. Kisco, Land Rover Mt. Kisco and Jaguar Land Rover Larchmont/New Rochelle from The Premier Collection. It also is adding White Plains Jaguar from DiSimone Imports The new stores are… Continue Reading