Driving the news: Fletcher Jones Automotive Group acquired a luxury dealership in Santa Monica, California, from longtime owner Del Montell in a deal that closed on January 14.
For context: Montell, who is retiring, acquired Santa Monica BMW in 1983 and built it into a success.
Fletcher Jones owns mostly luxury dealerships, including Porsche and Mercedes-Benz, in California and Nevada.
The store was renamed BMW of Santa Monica.
Montell chose the group as his preferred buyer.
What they’re saying: Jayson Crouch, a managing director with Haig Partners, which represented the seller, told Car Dealership Guy that demand for California dealerships remains strong, especially premium offerings such as BMW.
Crouch said values for high-quality assets keep attracting buyers’ eyes.
“In today’s market, strong execution paired with local market expertise is increasingly critical to maximizing value,” Crouch wrote to CDG News in an email.
Bottom line: Luxury deals in prime markets continue to command top value, buyer interest and thoughtful consideration from sellers wanting to make sure their life’s work stays in good hands.
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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