Driving the news: Fort Worth's nearly century-old Frank Kent Motor Co. is being sold to Autobahn Fort Worth, ending an era for one of Texas' longest-standing family-owned automotive dealerships.
For context: The Churchill siblings (Will and Corrie) who have co-owned Frank Kent since their mother's death in 2005, are selling their two Cadillac dealerships (Fort Worth and Arlington locations) to Autobahn Fort Worth, which is owned by Fort Worth investor Robert Bass.
Why it matters: According to Forth Worth Inc., Will Churchill said their two-dealership operation didn't offer much growth opportunity for employees, leading the family to seek a buyer who could provide career advancement while preserving the Frank Kent legacy that dates back to 1935.
What we're watching: The transaction is pending manufacturer approval and expected to close in October. Autobahn—which currently sells BMW, Porsche, Land Rover, Volvo, Volkswagen, and Mini—will keep the Frank Kent brand name and staff while also preparing to relocate to a massive 75-acre campus.
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