Driving the news: Sonic Automotive bought a California luxury dealership from Fletcher Jones Automotive Group in a deal that closed August 25.
For context: The public retailer acquired Porsche Walnut Creek in that California city.
With the purchase, Sonic strengthened its California presence, which includes dealerships selling BMW, Honda, Lexus, and Mercedes-Benz.
“This is a great fit because they already have scale, including luxury scale, in the market, and they are Porsche operators at other Porsche stores,” George Karolis, president of The Presidio Group, told CDG News.
Presidio Group represented Fletcher Jones in the sale.
What they’re saying: The deal marked Fletcher Jones’ exit from northern California.
"In recent years, we’ve taken steps to hone our dealership portfolio to focus on the markets that best align with our long-term objectives and where we have longstanding operations and significant scale in luxury automotive retail," Keith May, president of Fletcher Jones Automotive, said in a statement.
Strategic note: Karolis said the buy-sell world remains bustling, with their group closing about a dozen deals already, now including three Porsche deals. And that brand stays popular, especially because of the smaller dealer network.
"There's fewer of them, right?” Karolis said. “It's an iconic brand."
You can see this deal announcement and many more throughout the entire year by visiting the CDG Buy/Sell tracker at CDGbuysell.com, presented by Presidio.
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