MAPLE SHADE, N.J. — On Monday, Holman Automotive announced it had completed the acquisition of Kuni Automotive.
The deal — which was first announced this past April — adds Kuni Automotive’s West Coast dealerships in Washington, Oregon, California, Colorado, and Kansas to Holman Automotive’s existing East Coast operations in New Jersey, Florida and Pennsylvania. According to officials, Kuni dealerships will retain the Kuni name and will operate as “Kuni Automotive, a Holman Enterprise."
“This acquisition aligns with Holman’s strategy of investing in and growing our retail business outside of our existing platforms,” said Melinda K. Holman, chairman of Holman's board of directors. “But, it is important to recognize that our two companies are a great cultural fit, which was a very important consideration to us as we went through this process. We look forward to sharing in the success we will enjoy together as we continue to define what it means to be a leader in the automotive industry, in our own communities and beyond.”
Holman Automotive has doubled its retail business as a result of the acquisition, with annual revenue expected to total more than $3 billion. Additionally, the dealer group now operates 40 dealership franchises representing 19 brands at 34 locations, and employs nearly 3,000 employees.
Apart from creating one of the largest privately owned dealership networks in the country, officials said the acquisition will also yield positive results for Kuni Automotive’s majority stakeholder: The Wayne D. Kuni and Joan E. Kuni Foundation. In the company announcement, Holman Automotive stated that the charitable foundation would receive funding to help support its philanthropic work well into the future.
“Team members from both the Kuni and Holman sides of the deal will have the opportunity to explore new career opportunities within the larger organization and will learn a lot from one another, to the benefit of our customers,” said former Kuni CEO Greg Goodwin, who, according to Holman officials, will remain an integral part of the company.
The terms of the deal were not disclosed.
Originally posted on F&I and Showroom