Driving the news: Bill Nero Automotive Group has acquired Galeana Kia of Fort Myers and Galeana Chrysler Dodge Jeep Ram Fiat of Fort Myers from Galeana Auto Group, expanding Nero's Florida footprint beyond Orlando into Southwest Florida, according to deal advisors, Haig Partners.
For context: The transaction is part of a broader divestiture by the Galeana family, which also sold its Mount Pleasant, South Carolina CDJR store to MP Automotive Group’s Jack Salzman and Conrad Letson in July.
Galeana Auto Group was founded over 40 years ago by Frank Galeana with the purchase of Van Dyke Dodge in Detroit, according to a press release.
The group grew to seven dealerships across Florida, Michigan, and South Carolina.
Galeana is retaining ownership of Van Dyke Dodge Ram in Warren, Michigan, while exiting other markets.
Bottom line: With valuations still roughly double pre-pandemic levels, legacy family operators are cashing out while well-capitalized buyers aggressively compete for stores in Sun Belt markets.
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