"Don't stand in line waiting for an open point because it's not going to happen," Rainey cautioned dealers while discussing what GM takes into consideration when helping dealers and dealer candidates acquire stores.
The effort "to increase our minority dealer count has to be done through acquisitions, not through open points," he said. "We have a very mature network, and we're here to work with you to find those opportunities for acquisition."
Retaining dealerships is important for increasing GM's minority dealership count, Rainey said. He told dealers to make sure they have a succession plan in place. "If you don't, we can help you with that," he said.
"If you have children in the business, we can work through next-generation efforts to make sure they are comfortable and continue to be motivated and have a peer group to help them stay interested in the business."
Rainey also urged dealers to find stores to acquire by building relationships with other dealers located in markets in which they would like to own dealerships and with dealership brokers. He said approximately 120 GM dealerships change hands through buy-sell deals annually.
At the end of 2015, 219 of the nation's 1,128 minority-owned dealerships sold GM brands, according to NAMAD's dealership census, which was presented in a separate session during the conference. GM added a net 12 minority-owned dealerships in 2015 and eight so far this year, Peterson said.