Driving the news: Aqueel Ahmed acquired three dealerships from longtime owner Richard Ruscitti in a deal that closed February 11.
For context: Ruscitti owned Kingdom Chevrolet, South Chicago Dodge (which includes the Chrysler, Ram, and Jeep brands), and West Avenue Nissan for a long time in an area of the city that’s being revamped, Jennifer Rafael told CDG News.
Rafael is partner and executive vice president of advisory firm Dealer Solutions Mergers and Acquisitions, which represented the seller in the transaction.
Ahmed also owns another Stellantis store, acquired before this deal.
The new stores were renamed Dial Chevrolet of Chicago, Dial Chrysler, Dodge, Jeep, Ram of Chicago, and Dial Nissan of Chicago.
Worth noting: Ruscitti decided to retire and exit the business with the sale.
Ahmed, who Rafael described as a successful entrepreneur, created Dial Auto Group in step with the three-store acquisition as he looks to grow his platform.
What they’re saying: Rafael said Aqueel plans to keep the stores at their existing locations.
“They're very close in proximity from one another,” Rafael said. “He's building out his platform. He's a Chicago guy, and he currently had one dealership, but he's a big entrepreneur in the service business, the parts and service business, and has had very large success.”
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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