Just two months after a $1 billion deal to sell most of its locations fell apart, Park Place Dealerships of Dallas has turned into a dealership buyer.
More acquisitions are possible as the luxury-brand dealership group aims to increase vehicle sales.
Park Place Dealerships will acquire Aston Martin Dallas from John Eagle Auto Group, the company said Thursday. The deal is expected to close within 90 days. Terms of the deal were not disclosed, though the sale includes the purchase of assets from the store.
In December, public retailer Asbury Automotive Group of Duluth, Ga., announced it would buy 10 luxury Park Place stores in Texas with 17 new-vehicle franchises in the Dallas and Fort Worth markets. But in late March amid economic uncertainty brought on by the coronavirus outbreak, Asbury ended its transaction agreements days before the deal was slated to close and said it would pay $10 million in damages.
The Aston Martin brand fits perfectly among the group's ultraluxury brands of Rolls-Royce, Bentley, Maserati, McLaren and Koenigsegg, Park Place Dealerships Chairman Ken Schnitzer said in a statement.
Company COO Tony Carimi told Automotive News that Aston Martin Dallas, located across the street from four Park Place locations, presented a significant window for the group to expand new- and used-vehicle sales in a key luxury market.
"If there are additional opportunities that fall in line with that type of framework, continuing to support who we are organizationally and the brands we represent that allow us to provide those unparalleled experiences — we will pursue them," he said.
There are no immediate plans to purchase another dealership, according to a company spokeswoman.
Onboarding a new store will be challenging during the coronavirus outbreak. The 12-store group locked showroom doors except for sales appointments from late March through mid-April until the federal government added auto sales to its list of essential services during the pandemic.
"The safety and health of our communities is paramount. [Aston Martin Dallas's] current operating procedures are extremely similar to how we have been conducting business," Carimi said.