Dealer David Rosenberg has gone from running a large group to heading a budding giant backed by "hundreds and hundreds of millions of dollars," he said.
Last September, Rosenberg, 55, and his former majority partner, Abrams Capital, sold a majority stake in Prime Motor Group to GPB Capital, a New York asset-management company. He retained a minority stake and remained CEO of Prime.
Now, Prime Motor Group and GPB's Capstone Automotive Group have combined into a new entity called Prime Automotive Group, with Rosenberg as CEO, he told Automotive News.
He heads the 25 dealerships that were in Prime Motor Group and another 40 in which GPB had majority ownership stakes, he said. The stores span nine states: New York, New Jersey, Connecticut, Massachusetts, Maine, New Hampshire, Vermont, Pennsylvania and Texas.
"One of the reasons they invested in Prime Motor Group, my original company, was for our infrastructure," Rosenberg said. "If they were going to have a bigger presence in auto retail, they needed a corporate infrastructure and all that entails -- people, processes."