DETROIT -- Michigan's Feldman Automotive Group is expanding into new car brands as it continues to grow its retail business.
Feldman has acquired McInerney's Chrysler Dodge Jeep Ram in the Detroit suburb of Woodhaven, Mich., the dealership group announced Monday.
"The McInerneys wanted to exit the business so it was a natural succession," owner Jay Feldman said in a statement emailed to Crain's Detroit Business, an affiliate of Automotive News.
The transaction closed Monday; Feldman declined to disclose the purchase price.
The 38,000-square-foot Woodhaven store, which sold 2,600 new vehicles last year, will be the only dealership under the Feldman umbrella that sells Chrysler, Dodge, Jeep and Ram vehicles.
"We saw the store come up for sale and thought it was a good time to grow our portfolio and get involved with the hot Chrysler and Jeep brands," Feldman said in an emailed statement. "I also liked the Woodhaven location. I would love to purchase more CDJR stores in the future."
He plans to remodel the Woodhaven store, aligned with a brand image program, but declined to disclose investment.
The acquisition brings the Feldman group's total dealership count to 10, which includes six Chevrolet stores, five of which are located in Michigan, along with one in Ohio that is co-owned with actor Mark Wahlberg. In Michigan, Feldman also has a Hyundai dealership in New Hudson, a Kia store in Novi and a pre-owned store in Waterford.
Feldman Automotive generated $918 million in revenue in last year, Feldman said in an email statement. It sold 27,253 cars in 2018, Feldman Chevrolet spokeswoman Colleen Robar said in an email last month.
After factoring in the acquisition, the group expects to "be north of" $1 billion in 2019, according to Feldman.