When Paul and Andrew Walser set out last fall to expand their Minnesota dealership group, they expected a long road to the perfect deal.
But by April, the brothers had signed a letter of intent to acquire the group Paul Walser describes as the perfect complement to Walser Automotive Group's Minneapolis-area dealerships. Last week, the Walsers completed that acquisition, buying Wichita Luxury Collection, which has seven luxury-brand dealerships and 10 franchises in Wichita, Kan. Walser valued the deal at "north of $100 million."
With the acquisition, Walser Automotive expands both outside its home state and into the luxury market for the first time. The brothers aim to push the Wichita stores' sales from 2,000 new and used vehicles in 2015 to 10,000 in the next three years. They plan to double employment and apply the Walser "one-price, one-person" selling model to the Kansas stores.