SOUTHLAKE, TX / ACCESSWIRE / February 19, 2024 / Pinnacle Mergers & Acquisitions, a nationwide auto dealership brokerage firm, recently facilitated the successful sale of three dealerships in Southwest Florida for more than $110 million. With decades of experience brokering the sale of over 650 new car dealerships, Pinnacle has a long history of creating liquidity events for owners of luxury, premium, and family-owned dealerships.
Sutherlin Nissan Fort Myers, Sutherlin Nissan Cape Coral, Fort Myers Genesis sold to Krause Auto Group of Alpharetta, Ga. The dealerships will now operate under Fort Myers Nissan, Cape Coral Nissan, and Fort Myers Genesis.
While specific prices were not disclosed for each location, Mike Sims, President of Pinnacle, told Automotive News that he believes the Fort Myers Nissan store set a record for the highest amount ever paid for a Nissan dealership based on his knowledge. The store has historically been one of the largest Nissan stores for unit volume and profitability in the country.
"With the ever-changing landscape of the automotive business, we continue to see a robust market for dealership acquisitions. In addition to the traditional hot markets such as Florida, we are seeing strong demand for dealerships in markets across the country," said Bill Scrivner, CEO of Pinnacle.
This demand is exhibited with Pinnacle's recent successful transactions involving BMW and Chevrolet dealerships in California, Toyota and Hyundai dealerships in Mississippi, and Toyota, Ford, and General Motors dealerships in West Virginia.
With over 50 successful transactions in California, Pinnacle recently represented Steve Thomas in the sale of Steve Thomas BMW in Camarillo, CA, to Ken Garff Auto Group. This marks the first BMW franchise for Garff, who now operates the dealership as BMW of Camarillo.
"After 31 years as a BMW dealer, our family decided to sell our store. I met Mike Sims, and we have kept in touch for over 15 years. Mike and I were able to find a perfect fit for my dealership. With Pinnacle, the transaction was very professional and speedy. My experience dealing with Mike was outstanding. The buy-sell Included property & long-term lease. Every aspect of my buy-sell was promptly handled," said Steve Thomas Sr.
An additional Southern California transaction Pinnacle recently completed was Leo Bunnin's sale of Bunnin Chevrolet in Santa Barbara to Frank Figueredo and Franklin McLarty. The store has been renamed Coastal Chevrolet. It's Coastal's second California dealership, and the Bunnin family continues to own Chevrolet stores in Fillmore and Santa Paula, CA.
Pinnacle recently completed transactions in West Virginia representing the Robinson family in the sale of Robinson Toyota, Robinson Ford, and Robinson Chevrolet Buick GMC in Triadelphia, WV, to two buyers. Victory Automotive will now operate under Victory Toyota Highlands and Bob Robinson Chevrolet Buick GMC Highlands, and Richard Bazzy purchased the Ford dealership, which is now Shults Ford Wheeling.
"Our company's commitment to excellent business practices has helped produce these successful transactions for our clients," said Sims. "We approach each opportunity transparently and can leverage our team's deep industry experience and relationships to garner above-market results for our clients. We consider it an honor and privilege to be trusted advisors for our clients and maximize the value of their life's work."
To learn more about the services offered by Pinnacle Mergers & Acquisitions or to receive a confidential consultation, visit www.pinnaclemergers.com
Contact Information
Anne Kimmey
anne@cultivateagency.com
817-793-7704
SOURCE: Pinnacle Mergers & Acquisitions
View the original press release on newswire.com.
