Driving the news: AutoNation $AN ( ▲ 1.62% ) has acquired Jerry's Toyota in Baltimore, Maryland—its first Toyota acquisition in over a decade, according to sell-side advisors from the Dave Cantin Group.
For context: Jerry's Toyota has been in the Stautberg family since 1957 and will now be rebranded to AutoNation Toyota White Marsh.
James Stautberg, president of Jerry’s Toyota Stautberg decided to divest the store as part of a multi-step succession plan.
What they're saying: "We've sold cars to multiple generations of the same families, and that means everything to me," Stautberg said in an announcement. "I felt comfortable with the connection Dave Cantin Group established between us."
Bottom line: For AutoNation, the Baltimore-Washington corridor is one of the hottest Toyota markets in the country with strong brand loyalty and consistent demand.
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