A dealer duo and Hawaiian dealership group each expanded their holdings, while a group added its third store and a dealer bought his second, all in separate, single-store second-quarter transactions.
Here's a look at the deals involving domestic and import dealerships in California, Hawaii, Kansas and Maryland. One transaction involved a group ranked on Automotive News' list of the top 150 dealership groups.
Sacramento Chrysler-Dodge-Jeep-Ram in California changes ownership
Dealers Bob Nouri and Pete Shaver on June 14 bought Sacramento Chrysler-Dodge-Jeep-Ram in California from Potamkin Automotive Group Inc. of Miami Lakes, Fla.
The dealership name will remain and falls in line with Nouri's philosophy of naming stores based on location or street for optimal search engine optimization.
The dealer duo purchased the store, Nouri said, because the "potential is humongous, and already the first full month is finished and the dealership will be close to record" July sales. The store sold more than 100 new vehicles in July, Shaver said.
The partners previously purchased two other stores from Potamkin.
Nouri and Shaver have hired 48 staff members for their latest store acquisition and plan to add more as sales grow. Nouri hopes the dealership will make the top 20 U.S. Chrysler-Dodge-Jeep-Ram dealership sales list, just as he and Shaver's Los Angeles-area Stellantis store has. That dealership ranked sixth in July.
With the acquisition, Nouri and Shaver said they now co-own 13 new-car dealerships, including four Hyundai stores and three Stellantis stores. They also have stores selling Alfa Romeo, Chevrolet, Ford, Buick, GMC, Kia, Maserati and Volkswagen. All of the stores are in California except for a Chevrolet dealership in Milwaukie, Ore.
In 2021, Nouri and Shaver said they sold about 40,000 new and used vehicles combined and generated $1.75 billion in revenue.
Nouri and Shaver, who consider themselves co-CEOs, this year plan to formalize a combined business name of Nouri/Shaver Automotive Group for their dealerships.
And the two already are in the process of buying three more California dealerships, with deals set to close by the end of October.
Nouri said he and Shaver are looking to buy more dealerships, mostly in California, but they also are looking in southern Florida and Nevada. Those are areas that are "more favorable tax-wise than the state of California," Shaver said.
Shaver said he and Nouri also are considering establishing their own branded used-vehicle dealership chain.
Potamkin ranks No. 38 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 22,795 new vehicles in 2021.