Baxter Auto Group of Omaha, Neb., spearheaded a multistore deal that finally moved its 4 Stellantis shops to new possession with three dealership teams.
In the primary transaction, on Monday, Baxter bought Baxter Chrysler-Dodge-Jeep-Ram Bellevue, Baxter Chrysler-Dodge-Jeep-Ram-Fiat Omaha, Baxter Chrysler-Dodge-Jeep-Ram Papillion in Omaha and Baxter Chrysler-Dodge-Jeep-Ram-Fiat Lincoln, to Edwards Auto Group of Council Bluffs, Iowa, Courtney Goldenberg, Baxter’s vp of promoting, confirmed to Automotive News. All of the shops are in Nebraska.
But Edwards Auto solely stored two of the 4 dealerships. Just after buying the shops, Edwards Auto concurrently bought single shops to H&H Automotive and Sid Dillon Auto Group.
Edwards Auto stored the Bellevue retailer and the Chrysler-Dodge-Jeep-Ram-Fiat dealership in Omaha, in response to co-owner Todd Edwards. Those dealerships have been renamed Edwards Bellevue Chrysler-Dodge-Jeep-Ram and Edwards Village Pointe Chrysler-Dodge-Jeep-Ram-Fiat, Edwards stated.
Edwards Auto this week bought the Baxter Papillion retailer to H&H Automotive of Omaha and bought the shop in Lincoln to Sid Dillon Auto of Fremont and Lincoln, Neb.
Mickey Anderson, CEO of Baxter Automotive, stated in an announcement that the corporate has been centered on current expansions.
“With strong demand for established, profitable dealerships, our team determined that this was an appropriate time to divest of these stores,” Anderson stated. “This transaction is in line with our long-term plan for geographic variety.
“While we are sad to separate with our colleagues at our Stellantis stores, we are pleased to know that they will be a part of a well-established local organization that is very familiar with the Stellantis brands.”
Baxter Auto in March bought Larry H. Miller Toyota Colorado Springs in Colorado from Asbury Automotive Group Inc. Baxter Auto now operates 19 dealerships in Nebraska, Colorado and Kansas.
Baxter Auto ranks No. 40 on Automotive News‘ checklist of the highest 150 dealership teams based mostly within the U.S., retailing 22,567 new autos in 2021.
Edwards stated the 4 teams labored collectively to create the deal and get it throughout the end line. Everyone concerned knew each other and had even solid friendships in some situations — outdoors of their pleasant competitors throughout enterprise hours, in fact, Edwards stated.
Edwards stated he and his brother Brett Edwards and their households know Jeff Hinchcliff of H&H and Blake Dillon of Sid Dillon socially. Those relationships helped when ironing out the deal, Edwards stated.
“I think being able to work with friends that you know, and companies you know, to grow business opportunities by setting aside egos, is beneficial, especially when competing with the publicly traded companies,” Edwards instructed Automotive News.
Edwards acknowledged the weird circumstances of the deal and credited Ally Bank for serving to with the transactions, which finally completed closing Wednesday.
“It was a complicated transaction,” Ryan Kerrigan, managing director of Kerrigan Advisors, a sell-side agency in Incline Village, Nev., and which represented Baxter Auto within the deal, instructed Automotive News. “So it did take longer than normal to close.”
The dealerships staying with Edwards will hold the identical staffing and bear some transforming. Dave Edwards, Todd’s father, based the corporate. Brett and Todd Edwards now assist their father run it as co-owners. Edwards Auto has new-car dealerships in Nebraska and Iowa.
Steve Hinchcliff, who co-owns H&H Automotive along with his son, Jeff, stated their acquired retailer will likely be renamed H&H Chrysler-Dodge-Jeep-Ram. Steve Hinchcliff instructed Automotive News that they intend to retain a majority of the “awesome staff” and have no main renovations deliberate as a result of the constructing is new. He stated the acquisition makes 4 new-car dealerships for the corporate, all in Omaha.
Sid Dillon Auto renamed its retailer Sid Dillon Chrysler-Dodge-Jeep-Ram-Fiat, firm accomplice Blake Dillon confirmed. The firm has dealerships in a number of Nebraska cities.
Source: www.autonews.com
