DETROIT -- Prestige Automotive Group of St. Clair Shores, Mich., has acquired a Cadillac dealership in suburban Detroit from Penske Automotive Group for $15 million.
The deal closed July 7.
The Warren, Mich., dealership, which serves Macomb, Oakland and Wayne counties in the southeast corner of the state, now operates as Prestige Cadillac.
Prestige retained about 30 of the dealership's 35 employees, said Prestige spokeswoman Renae Logan.
Gregory Jackson, CEO of Jackson Automotive Management, which owns and operates Prestige Automotive Group, at one time operated 18 dealerships.
He now operates three other dealerships in Michigan besides Prestige Cadillac: Prestige Mercedes-Benz of St. Clair Shores, Prestige Warren Toyota and Prestige Courtesy Ford of Okemos.
Jackson said in a statement that he's projecting $50 million in revenue this year.
Prestige Automotive posted $436 million in revenue in 2012, an increase of 7 percent over $409.7 million in 2011, Crain's Detroit Business, a sibling publication of Automotive News, reported.
Penske Automotive ranks No. 2 on the Automotive News list of the top 125 dealership groups in the United States with retail sales of 180,764 new vehicles in 2012.
