Virginia Dealership Trades
East Coast auto group adds to expanding store collection
Left to right, store seller Mark Wright; Wes Hamilton, Pinnacle Mergers & Acquisitions executive vice president; and Timbrook Automotive CEO Fred Timbrook
Pinnacle Mergers & Acquisitions
A growing auto group based in and around the Eastern Seaboard picked up another dealership in Virginia amid a flurry of buy-sell transactions this year.
Timbrook Auto added another Hyundai store to its expansive collection in Virginia, West Virginia, Maryland and Pennsylvania. It now has 17 stores across about 10 brands.
The former Wright Way Hyundai in Waynesboro was sold by Mark Wright, who decided to leave the auto retail business, in a deal brokered for him by Pinnacle Mergers & Acquisitions.
Timbrook renamed the Shenandoah Valley dealership Waynesboro Hyundai. The group also has Buick, GMC, Chevrolet, Chrysler-Dodge-Jeep-Ram, Ford, Honda and Mazda stores. It also owns several body shops.
Buy-sell deals have been on the upswing all year as capital gained during the pandemic is funneled into deals attractive to both buyer and seller, sell-side adviser Kerrigan Advisors has reported.
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