AutoNation Inc.'s former COO Mike Maroone is coming out of retirement to re-enter auto retail.
Maroone, 63, who retired from AutoNation two years ago, has acquired four dealerships in Colorado Springs, Colo., from Serra Automotive Inc., of Grand Blanc, Mich.
Combined, the stores sell about 6,500 new and used vehicles a year, said Joe Serra, president of Serra Automotive Inc.
It's a "unique deal," said Serra, 57, because Serra will hold a minority stake in the stores.
"I bought back in as a minority owner. I have a smaller percentage," Serra told Automotive News. "Mike's the captain of the ship. Mike's had some exposure and experienced things I have not, and I want to learn from that, and hopefully I can benefit him and his organization as well."