Clay Cooley provides Hyundai retailer
Seller Clay Cooley grew his group’s presence within the Dallas-Fort Value space in Texas with the June 27 addition of his third Hyundai dealership, one among greater than 10 dealerships in his portfolio, based on DCG Acquisitions, a Dave Cantin Group firm, which facilitated the transaction.
“It is a strategic acquisition,” George Pero, vp of gross sales for DCG Acquisitions, stated in a cellphone interview. Pero, together with Brian O’Malley, a managing director with the corporate, labored on the deal.
“Just about all their dealerships are inside driving distance,” Pero stated of Clay Cooley Auto Group, of Irving, Texas. “This buy expands their present footprint.”
In November, the group purchased a standalone Cadillac dealership in Garland, Texas.
The June acquisition, previously often called Bob Stallings Hyundai in Dallas, was renamed Clay Cooley Hyundai of Dallas.
The dealership is a previous Automotive Information Finest Dealerships To Work For winner. In a cellphone interview, seller Bob Stallings confirmed he was the vendor by way of a company entity he controls.
“It wasn’t notably on the market. However Cooley made a really compelling supply,” Stallings stated. “As a businessperson, though I used to be emotionally hooked up to the dealership, I assumed it was enterprise determination.”
Stallings, additionally a former auto insurance coverage firm govt, stated he does not personal some other dealerships, however he wish to get again into auto retail sooner or later.
“I just like the automobile enterprise, and I intend to be in it once more, though I really feel like I’ll wait till it is extra 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 is based on Jon Weese, CEO of Heritage Auto.
The acquisition of the Diamondville, Wyo., shops brings Heritage Auto to seven shops: two Ford dealerships, two Normal Motors dealerships, two Stellantis dealerships and one twin Ford-Stellantis retailer. All the group’s dealerships are in northern Utah or southwestern Wyoming.
The Diamondville shops had been the Tomassi brothers’ solely new-vehicle dealerships, Weese stated.
They had been renamed Heritage Chevrolet-Buick-GMC of Diamondville and Heritage Ford of Diamondville.
Weese advised Automotive Information that the acquisition made sense given his group’s deal with serving rural communities.
“Our specialty is in rural areas, smaller markets — extra community-oriented, family-oriented,” Weese stated. I “simply felt prefer it match our mannequin.”
Weese and Heritage in November expanded into Wyoming, shopping for a Chevrolet dealership in Evanston.
As for the Tomassis’ determination to promote, Weese stated the brothers wished to deal with different pursuits.
“They have been concerned within the enterprise their complete lives, however actually, it is what’s subsequent for them,” Weese stated, including that features time with household.
As well as, the Tomassis will likely 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 explanation he continues to purchase dealerships, no matter model.
The “plan is to proceed to develop and improve these companies, altering together with the instances and persevering with to serve these smaller communities,” Weese stated. “You are actually not locked right down to the placement anymore. Particularly in at present’s market, when you could have product, you may promote it.”
John Mecham and Johnny Mecham, Rocky Mountain companions for Efficiency Brokerage Companies, an Irvine, Calif. buy-sell agency, facilitated the transaction.