Driving the news: Carter Myers Automotive has expanded into southern Maryland with the acquisition of two dealerships from Peter D'Arista, including Toyota of Southern Maryland and Team Hyundai Maryland, which both operate on a single campus in Lexington Park.
The details: The stores will be rebranded as CMA's Toyota of Lexington Park and CMA's Hyundai of Lexington Park and brings CMA’s portfolio to 32 locations across Maryland, Virginia, and North Carolina. Both the purchase price and transaction facilitator are currently undisclosed.
What they’re saying: “We’re thrilled to welcome this incredible group of associates to the CMA family — many of whom have proudly served customers in Lexington Park for years. Their care, commitment, and community spirit already shine through, and together we’re ready to move lives forward in Southern Maryland!" Carter Myers CEO Liza Borches announced on social media in late October.
CMA has been employee-owned since 1979 through an ESOP structure. Dealership associates earn shares through the employee stock ownership plan, which has helped some longer-tenured employees retire with over $1 million in equity.
Worth noting: The mid-Atlantic new car market tends to lean more import-heavy with one of the highest gross domestic profit growth rates in the country and strong recession resilience.
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