Driving the news: Bob Giles, CEO of Giles Automotive, purchased a Kia dealership in Las Cruces, New Mexico, from Bob Pitre, CEO of Pitre Automotive Group, in a deal that closed January 22.
For context: The acquisition allows Giles Automotive to expand into the New Mexico market while acquiring its first Kia dealership.
Giles, based in Lafayette, Louisiana, now owns nine dealerships in four states, including Texas and California.
Pitre Kia of Las Cruces was renamed Giles Kia.
Worth noting: Pitre divested the store strategically, according to George Pero, CEO of Mach10 Automotive, which facilitated the transaction.
The move allows the group to “deploy their cash and invest in better-performing assets consistent with their growth objectives for their portfolio,” Pero told CDG News.
What they’re saying: “With an established Volvo location in El Paso, Texas, we are confident in our ability to continue growing our footprint by adding dealerships in close proximity, allowing us to better serve customers while building strong, connected operations across the region,” a Giles Automotive spokesperson wrote to CDG News in an email.
Bottom line: Now more than ever, dealers need to put more strategy into how their moves will affect their portfolios in the future, whether buying or selling.
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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