Denver Dealerships Absorbed by AutoNation
Broker says the metro area is a hot one for buy-sell deals.
Groove Ford is one of the two Denver dealerships sold in the transaction by Summit Automotive Partners.
Pinnacle Mergers & Acquisitions
Two Denver auto dealerships sold to AutoNation as the selling auto group refocuses on other opportunities.
Denver-based Summit Automotive Partners parted with Groove Ford and Groove Mazda in the deal after recently selling three other Colorado dealerships to other companies, one Toyota store and one Subaru dealership in Denver to Larry Van Tuyl of VT Companies and a Honda dealership in Colorado Springs to Corwin Auto Group.
Pinnacle Mergers & Acquisitions worked on all five transactions, representing AutoNation in the two most recent sales.
The just-sold Denver dealerships will now be called AutoNation Ford Arapahoe and AutoNation Mazda Arapahoe.
Summit tapped market conditions with the sales and plans to use the proceeds on other investments, according to Pinnacle.
“With dealership valuations remaining strong and buyer interest high, the Denver metro area remains one of the most active regions in the country for automotive M&A activity,” it said in announcing the recent Denver sales.
Summit still operates other Denver-area dealerships, as well as stores in Maine, New Hampshire, Vermont and Wyoming.
DIG DEEPER: Thinking About Selling Your Business?
More Industry
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
Longtime Ford Store Changes Hands
The Virginia dealership joins a small area automotive group in a one-dealership transaction, moving from one family franchisee to another.
Read More →
Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.
Read More →
ASE Seeks Accurate Technician Pay, Benefits Data
New free membership trial removes cost barrier for dealerships and shops willing to contribute anonymous information to the industry data exchange.
Read More →
No Longer Worth the Price?
Mass-market auto brands are gaining ground on luxury competitors with what used to be premium features, helped along by the pressure of high vehicle prices dogging budget-conscious shoppers.
Read More →
Dealer Debrief: Colorful Cars & BMW Backlash
In this week's debrief, host Lauren Lawrence discusses the first Slate vehicles and the BMW x Spider-Man collab that has sparked some privacy concerns.
Read More →
Georgia Auto Group to Be Sold
Major U.S. player Group 1 signed an agreement to purchase the Atlanta-area stores across multiple brands from a longtime market leader.
Read More →
Dealer Debrief: Four-Figure Loan Payments
In this week's debrief, host Lauren Lawrence discusses the rise in $1,000-plus loan payments and the factors affecting the increase.
Read More →
July Auto Sales Simmer
Deliveries were up modestly from a year ago despite still-high prices as OEMs offered more incentives and loan rates eased somewhat.
Read More →
Toyota Financial Services Adds to HQ
The subsidiary says the new Texas facility is designed to foster collaboration and innovation with the aim of future growth.
Read More →