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Founded in 1964, Algar Ferrari—which will be renamed Ferrari Philadelphia—is Pennsylvania’s exclusive Ferrari dealership and the first Ferrari dealership operated by RDS Automotive Group.
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The acquisition marks the sixth M&A transaction for the company and the first consumer-facing asset owned by Digital Air Strike as it continues to expand its online car-buying experience.
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With the two groups selling a combined 38,771 vehicles in 2015, the acquisition creates one of the nation’s Top 50 dealer groups and the one of the largest dealer groups on the West Coast. The Tonkin name will remain on all of the group's 21 dealerships, and the brand will continue to grow and expand in the Portland area, officials said.
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After two years of negotiation, Bomnin Chevrolet has acquired Grand Prize Chevrolet. The acquisition of the West Kendall, Fla.-based dealership expands Bomnin Chevrolet’s footprint in the Miami area, allowing the operation to offer service to customers in more than one location.
Read More →The owners of Florida's Bonita Springs Mitsubishi have acquired Fort Myers Mitsubishi, the company announced today. With this purchase, owners Jeff Johnson and Bill Doraty hope to replicate the success of their Bonita Springs store, which cracked the Top 25 sales list for Mitsubishi dealerships nationwide.
Read More →Lithia Motors Inc. has acquired Carbone Auto Group, a New York- and Vermont-based dealer group that generates an estimated $600 million in annual revenue, according to a company announcement. The purchase adds 13 stores to Lithia's portfolio.
Read More →WLC will add 10 luxury brands, including Acura, Audi, BMW, Jaguar, Land Rover, Lexus, Mercedes-Benz, MINI, Porsche and AMG, to Walser's existing 15 franchises, according to the company.
Read More →Protective Life Corp. announced last Friday that it has reached an agreement to acquire USWC Holding Company and all its subsidiaries, including United States Warranty Corp., through a stock purchase agreement.
Read More →Once the acquisition is approved, Cars.com will add the automotive industry’s largest dealer review site to its platform.
Read More →Capital Z Partners Management announced it has acquired Portfolio Group Inc. from Frontenac Company LLC. The F&I product provider's current management team will retain their current roles and significant ownership.
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