With the sale of three luxury dealerships in Northeast Ohio last month, longtime dealer Bernie Moreno is largely exiting the dealership business. And a Canadian dealership group will re-enter the U.S. market with its acquisition of his stores.
Moreno, who two years ago had 10 stores and planned to focus on luxury makes, is keeping just two dealerships after Rafih Auto Group, of Windsor, Ontario, acquired Mercedes-Benz of North Olmsted, Porsche of North Olmsted and Cleveland Motorsports, which sells Rolls-Royce, Bentley, Maserati, Aston Martin and Lotus vehicles.
Moreno, president of Bernie Moreno Cos., sold most of his dealerships over the past few years because he wants to focus more on his technology-related companies.
"For me, the car business was less fun than it was when I started in the car business 20 years ago," Moreno told Automotive News last week. Moreno will keep Buick-GMC of Beachwood in suburban Cleveland and Infiniti of Coral Gables in Florida.