Driving the news: Two California dealership sales closed within a week in June as buyer interest in the state picks up momentum.
For context: Envision Motors sold Audi West Covina to Victor Oh's Grace Motorcars on June 10, marking the third divestiture the Dave Cantin Group (DCG) has handled for Envision as they focus their portfolio. Six days later, Brian and Devin McCafferty sold Subaru of Hayward to Uwe and Chris Waizenegger, who also own Mercedes-Benz of Pleasanton.
Why it matters: The quick succession of deals reflects increased buyer interest in California despite challenges in the import luxury segment. DCG CEO Dave Cantin noted that "California is seeing an uptick of interest from the industry" and cited pending legislation that could make the state "much more attractive" for dealership investments.
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