Four dealers expanded in the second quarter with single-store acquisitions in California, Virginia, Kansas and Indiana.
Martin Management Group, based in Bowling Green, Ky., on June 9 bought its first Nissan dealership when it acquired Ross Nissan of El Monte in California from Ross Automotive Group.
"We were interested in working with Nissan as a manufacturer given their robust product cadence coming in over the next about 18 months," Chad Martin, the group's president, told Automotive News.
The dealership has been renamed El Monte Nissan. The Nissan store is the group's second California dealership.
Martin Management has dealerships spread across Kentucky, Ohio, West Virginia, Tennessee, South Carolina and California with a brand portfolio of Subaru, Hyundai, Genesis, Kia, Honda, Ford, Volkswagen, Audi, Chrysler, Dodge, Jeep and Ram. It also has three motorcycle dealerships.
"I think it's a unique opportunity right now where sellers are able to demand fairly high multiples and high real estate values," Martin said. "But conversely, buyers are able to partake in historically low interest rates, which makes it a pretty compelling business argument for expansion during this time."
Martin Management ranks No. 145 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 5,539 new vehicles in 2020.
Jason Stopnitzky, co-founder of Performance Brokerage Services, an Irvine, Calif., buy-sell advisory, brokered the transaction.