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
Two New Rides Earn Safety Awards
Thanks to vehicle redesigns, two more vehicles have earned IIHS’ Top Safety Pick+ award that builds on the criteria of the lower Top Safety Pick award.
Read More →
How A Simple Phone Call Can Cause a Dealership Data Breach
Despite the sophisticated techniques fraudsters often employ today to gain access to dealerships’ valuable information, they sometimes use a somewhat old-fashioned approach.
Read More →
Texas Rooftop Gets New Owner, Name
Family-owned Lumos Auto Group acquired Acura of the Rio Grande Valley from Bill Bird and will operate the dealership as Lumos Acura.
Read More →
Hyundai Feeling Electric
As the automaker looks to the balance of the decade, it plans to significantly boost its electrified powertrain lineup, including more hybrids and its first extended-range EVs.
Read More →
Dealer Debrief: Luxury Brands are Losing Ground
The quality gap between luxury and mass-market auto brands is narrowing. Today, Lauren is discussing why.
Read More →
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 →