Dealer Andre Willis has purchased his first franchised dealership, with support from the Ellenae Fairhurst Entrepreneurial Trust.
Named for the trailblazer dealer Ellenae Fairhurst, the trust aims to use automotive retail investments to help build wealth and dealership ownership in the Black community.
Fairhurst, the first Black woman to own a Lexus dealership in the country, and the first Black woman to own an Infiniti dealership on the continent, died in April 2024 at age 81.
Driving the news: Willis acquired Tony T Chrysler, Jeep, Dodge, Ram of Orangeburg, in South Carolina, from Tony Thomas in a deal that closed June 1.
The dealership is projected to generate more than $30 million in annual revenue, according to Frank O’Donnell of Biltmore Automotive Services, which advised Willis.
For context: The dealership was renamed Orangeburg Chrysler, Jeep, Dodge, Ram.
The purchase was supported by Stellantis Financial Services.
Biltmore Automotive Services often focuses on first-time buyers.
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What they’re saying: The Orangeburg store sits in the middle of Columbia, South Carolina; Augusta, Georgia; and Charleston, South Carolina, where it can draw business from those bigger cities.
“Certainly, Columbia and Charleston would be considered Tier One cities,” O’Donnell said. “Augusta is probably Tier Two.”
Bottom line: Biltmore has closed eight deals this year, and five were first-time buyers.
O’Donnell told us that major metropolitan markets may seem attractive for volume, but they're often out of reach financially for first-time buyers.
"The OEMs really like the first-time buyers to get their feet wet in stores that are much more manageable," O’Donnell said, adding that Tier Two and Tier Three markets are where most first-time buyers realistically start.
You can see this deal announcement and many more throughout the entire year by visiting the CDG Buy/Sell tracker at CDGbuysell.com, powered by:
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