"He's been chasing me for eight years," Traverse City, Mich., dealer Otto Belovich joked of Joe Serra, who is buying his stores.
Serra Automotive said it has closed on its long-planned acquisition of three northern Michigan dealerships from Otto Belovich.
“Grand Traverse is one of the most beautiful areas in our great state,” Serra Automotive President Joe Serra said in a statement on Tuesday. “We couldn’t be more thrilled to be growing with such an exciting and vibrant community.”
The dealership purchased Cherry Capital Cadillac-Subaru, Traverse Motors Audi-Toyota Volkswagen and Traverse City Auto Plaza, which offer the Nissan and Volvo brands. Jerry Zezulka, a 30-year retail automotive veteran, was named executive manager of the Traverse City operation.
With the new acquisitions, Serra Automotive now includes 52 automotive franchises and 34 dealerships in seven states, including Michigan, Illinois, Indiana, Ohio, Tennessee, New Jersey and Colorado.
"He's been chasing me for eight years," Belovich joked in an interview with Automotive Newsfor a recent story about the planned deal. "It's time."
Belovich's three dealerships sell Audi, Cadillac, Nissan, Subaru, Toyota, Volkswagen and Volvo new vehicles. Those stores retailed about 3,300 vehicles last year -- about evenly split between new and used -- and generated $100 million in sales.
Serra Automotive, based in Grand Blanc, Mich., ranks No. 19 on Automotive News' list of the top 150 dealership groups based in the U.S., with retail sales of 27,542 new vehicles in 2014.