A Canadian auto retailer continued its Texas growth within the fourth quarter, whereas three different corporations added dealerships in third-quarter offers.
Here’s a take a look at the offers involving home and import shops and dealerships in Texas, Missouri and Wyoming. One includes an auto retailer ranked on the Automotive News record of the highest 150 dealership teams.
Steele Auto expands once more in Texas
Expanding Canadian retailer Steele Auto Group continued its acquisition spree in Texas on Oct. 17 with the acquisition of Nyle Maxwell GMC within the Austin suburb of Round Rock.
Steele Auto purchased the uncommon standalone GMC retailer from Nyle Maxwell.
“Round Rock, located just outside [the] Austin city limits, is a growing area where we see the potential for continued growth,” Steele Auto President Kim Day stated in an announcement.
The dealership, renamed Steele GMC Round Rock, will “nicely complement” Steele’s current places in Texas, Day added.
As of Jan. 1, there have been simply 50 unique GMC dealerships within the nation, based on Automotive News‘ annual dealership census.
The acquisition marks Steele’s third buy in Texas in 5 months. The dealership group’s footprint within the state has grown to eight shops since 2020. In July, Steele Auto, of Dartmouth, Nova Scotia, purchased a Stellantis retailer in San Antonio and in June bought a Houston Hyundai dealership from auto retail big Group 1 Automotive Inc.
In addition to its Texas shops, Steele Auto additionally owns 51 dealerships in Canada.
Cavender Auto grows past San Antonio
Cavender Auto Group expanded its Texas presence and launched the Nissan model with its Sept. 12 buy of two Nissan shops from Steve and Brent McGavock, Rob Cavender, the group’s vice chairman, confirmed to Automotive News.
McGavock Nissan of Rockwall was a part of McGavock Automotive Group since 2020 whereas McGavock Nissan of San Marcos was a part of the group since 2019, based on an announcement from National Business Brokers, a buy-sell agency in Irvine, Calif., which dealt with the transaction. Chris Teape, senior vice chairman of the Midsouth area, and Drew Bray, vice chairman of the Midsouth area for National Business Brokers, dealt with the deal.
“Both of these stores had been through numerous ownership groups in a short period of time, and we are looking forward to stabilizing the ownership,” Rob Cavender stated in an announcement. “We plan to hold these acquisitions as long-term plays and put them both on a new trajectory.”
One dealership was a part of a deliberate sale from McGavock Auto to ailing LMP Automotive Holdings Inc., which was introduced in September 2021 and terminated on Jan. 31.
LMP Automotive deliberate to buy 5 dealerships from McGavock Auto, together with an Infiniti retailer in Lubbock, Texas, and 4 Texas Nissan shops in Abilene, Amarillo, San Marcos and Lubbock. The Rockwall retailer was not included in that potential sale. McGavock offered the Abilene retailer on June 1 to Dillon Clark and companions.
Cavender Auto renamed the dealerships Cavender Nissan of Rockwall and Cavender Nissan of San Marcos. Rockwall is a part of the Dallas metropolitan space whereas San Marcos is northeast of San Antonio.
Cavender Auto of San Antonio is a third-generation, family-owned enterprise. Cavender Auto additionally sells different manufacturers reminiscent of Buick, GMC, Cadillac, Chevrolet, Ford, Jaguar and Land Rover.
McGrath Imports buys first retailer exterior Illinois
Brothers Kevin McGrath and Mike McGrath Jr., house owners of McGrath Imports of Chicago, purchased Fulton Chrysler-Dodge-Jeep-Ram, in Missouri, from Chuck Holder. The deal closed Aug. 4, marking the group’s first retailer exterior Illinois.
They renamed the shop McGrath Fulton Chrysler-Dodge-Jeep-Ram and plan to relocate it to close by Kingdom City, Mo., based on Jennifer Rafael, vice chairman for the Midwest area of Dealer Solutions Mergers and Acquisitions, which represented the McGrath group within the deal.
Both Fulton and Kingdom City are east of Columbia, Mo.
McGrath Imports purchased its first home retailer, now known as McGrath Highway Chevrolet-Buick-GMC, in El Paso, Ill., in August 2021. McGrath additionally sells Acura, Genesis, Honda, Hyundai, Kia, Lexus, Mazda and Subaru autos in Illinois, based on its web site.
Rafael informed Automotive News that the McGrath group “is definitely in a growth mode” within the Midwest.
The McGraths’ technique is to nominate managing companions to supervise their shops in several markets, Rafael stated.
Will Mulcahy is McGrath’s managing companion at its new Fulton retailer, she stated, and can also be managing companion of McGrath Arlington Kia in Palatine, Ill., and McGrath Highway Chevrolet-Buick-GMC.
Hal Feder, managing director of Murphy Business & Financial Corp. of Williamsburg, Va., represented Holder within the transaction.
Summit Automotive provides Nissan retailer
Summit Automotive Partners added to its rising presence in Wyoming with the acquisition of former Nissan of Casper — its second dealership within the state and second retailer in Casper, in central Wyoming.
Summit Automotive, of Centennial, Colo., has a apply of utilizing completely different model names for clusters of dealerships in broadly separated markets. Nissan of Casper was renamed Vista Nissan.
The transaction, which closed Aug. 12, was promoting vendor Chris Brower’s solely dealership, stated dealer Tim Wild. Wild, director of the Midwest & Plains Region for buy-sell agency Tim Lamb Group in Columbus, Ohio, represented the customer, however stated he labored with each events.
Vista Nissan and one other dealership in Casper, Vista Toyota, use the Vista title. Vista Toyota is the brand new title for the previous Foss Toyota in Casper, which Summit Automotive purchased in December 2021.
Summit Automotive has dealerships in six states — Wyoming, Colorado, Tennessee, Maine, New Hampshire and Vermont.
Summit Automotive ranks No. 56 on the Automotive News record of the highest 150 dealership teams based mostly within the U.S., retailing 15,853 new autos in 2021.