Michigan's Fox Motors Group acquired Ann Arbor Automotive Inc. of Ann Arbor, Mich., and its Acura, Hyundai and Nissan dealerships.
The Grand Rapids, Mich.-based Fox Motors dealership group, which is owned by Dan DeVos, announced the deal Friday. Financial terms of the purchase were not disclosed. Ann Arbor Automotive was previously owned by Doug Fox.
"Ann Arbor has always been a target market due to the stability of the area," said Diane Maher, president and COO of Fox Motors. "We do well in those size markets."
The dealerships will be renamed Fox Ann Arbor Acura, Fox Ann Arbor Hyundai and Fox Ann Arbor Nissan. Maher said the group plans to spend "several hundreds of thousands of dollars" in the short term renovating the dealerships, especially the Hyundai store, which needs a new showroom.
Andrew Serum of Fox Motors will be appointed general manager of the three dealerships, Maher said. Staffing will otherwise remain the same.
"I know that Ann Arbor Automotive is in good hands and that the customers will be well taken care of by the Fox Motors team," Doug Fox said in a statement.
Ann Arbor Automotive also operates a Kia dealership, Maher said, but it was not part of the deal with Fox Motors.
Each location will continue with the same full-service offerings, Maher said. The group is hoping to expand used-car sales, with deliveries of new and used vehicles more evenly matched.
