Clay Cooley provides Hyundai retailer
Dealer Clay Cooley added to his dealership group’s presence within the Dallas-Fort Worth space in Texas, with the June 27 addition of his third Hyundai dealership, one in all greater than 10 dealerships in his portfolio, based on DCG Acquisitions, a Dave Cantin Group firm, which facilitated the transaction.
“It’s a strategic acquisition,” George Pero, vp of gross sales for DCG Acquisitions, stated in a telephone interview. Pero together with Brian O’Malley, a managing director with the corporate, labored on the transaction.
“Pretty much all their dealerships are within driving distance,” Pero stated of Clay Cooley Auto Group of Irving, Texas. “This purchase expands their existing footprint.”
In November, the Clay Cooley group purchased a standalone Cadillac dealership in Garland, Texas.
The current acquisition, previously often known as Bob Stallings Hyundai in Dallas, was renamed Clay Cooley Hyundai of Dallas.
The dealership is a previous Automotive News Best Dealerships To Work For winner. The vendor was supplier Bob Stallings. In a telephone interview, Stallings confirmed he was the vendor, by means of a company entity he controls.
“It wasn’t particularly for sale. But Cooley made a very compelling offer,” Stallings stated. “As a business person, even though I was emotionally attached to the dealership, I thought it was a good bid.”
Stallings, additionally a former auto insurance coverage firm govt, stated he would not personal every other dealerships, however he want to get again into auto retail sooner or later.
“I like the car business and I intend to be in it again, although I feel like I will wait until it’s more rational pricing,” he stated.
Heritage Auto Group expands in Wyoming
Heritage Auto Group on Aug. 16 purchased two dealerships in southwest Wyoming, E & L Motors, a Chevrolet-Buick-GMC retailer, and Frontier Ford, from brothers Vince and Tony Tomassi. That’s based on Jon Weese, CEO of Heritage Auto.
The buy of the Diamondville, Wyo., shops brings Heritage Auto as much as seven shops, together with two Ford dealerships, two General Motors dealerships, two Stellantis dealerships and one twin Ford-Stellantis retailer. All of the group’s dealerships are in northern Utah or southwestern Wyoming.
The shops have been the Tomassi brothers’ solely new-vehicle dealerships, Weese stated.
The two shops have been renamed Heritage Chevrolet-Buick-GMC of Diamondville and Heritage Ford of Diamondville.
Weese advised Automotive News that the acquisition made sense given his group’s deal with serving rural communities.
“Our specialty is in rural areas, smaller markets — more community-oriented, family-oriented,” Weese stated. “[I] just felt like it fit our model.”
Weese and Heritage in November 2021 expanded into Wyoming, shopping for a Chevrolet dealership in Evanston.
As for the Tomassis’ choice to promote, Weese stated that the brothers wished to deal with different issues.
“They’ve been involved in the business their whole lives, but really it’s what’s next for them,” Weese stated, including that features time with household and grandchildren.
In addition, the Tomassis can be specializing in a restaurant they personal close by, Weese confirmed, even when it is open simply Thursday nights.
Weese hopes to capitalize on the quickly creating digitalization of dealerships. He stated it is a part of the rationale he continues to purchase dealerships, no matter model.
“[The] plan is to continue to grow and enhance those businesses, changing along with the times and continuing to serve those smaller communities,” Weese stated. “You’re really not locked down to the location anymore. Especially in today’s market, when you have product, you’ll sell it.”
John Mecham and Johnny Mecham, Rocky Mountain companions for Performance Brokerage Services, an Irvine, Calif. buy-sell agency, facilitated the transaction.
Source: www.autonews.com