Driving the news: AutoNation has strengthened its presence in the northern California market with the acquisition of three luxury dealerships and their real estate from Fletcher Jones Automotive Group, in a deal that closed June 22.
For context: The public retailer purchased Fletcher Jones Motorcars of Fremont, a dealership selling Mercedes-Benz, Audi Fremont, and Porsche Fremont, all in that California city near San Francisco Bay.
Fletcher Jones Motorcars was renamed Mercedes-Benz of Fremont.
The Presidio Group advised Fletcher Jones on the transaction, which comes after the retailer acquired Mercedes-Benz of Beverly Hills in March.
Keith May, president of Fletcher Jones Automotive Group, said in a release that the divestiture was part of the group’s “regimented portfolio management initiatives.”
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What they’re saying: For AutoNation, the new stores will bolster the group’s existing California footprint.
“This acquisition strengthens our premium luxury portfolio in a highly attractive California market and reflects our disciplined approach to deploying capital into high-quality assets,” AutoNation CEO Mike Manley said in a release.
Bottom line: Whether buying or selling, portfolio management continues to be a focus, George Karolis, Presidio president, said in a statement.
“Disciplined portfolio management continues to bring well-positioned luxury assets to market,” Karolis said. “Those assets are drawing intense interest from the largest and most sophisticated buyers, particularly in California, one of the most competitive markets in the country. Demand remains strong for Mercedes-Benz, Audi, and Porsche stores as buyers look to expand in key markets.”
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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