Driving the news: Spreen Automotive Group has purchased its first Volkswagen dealership, from Hendrick Automotive Group, in a deal that closed Oct. 19.
For context: Volkswagen of Murrieta is in that Southern California city, south of Los Angeles and San Diego, part of the San Bernardino metropolitan area.
The dealership was renamed Spreen Volkswagen Murrieta.
For Spreen, the deal adds the new brand and bolsters its Southern California footprint, which includes Acura, Mazda, Honda, and Subaru dealerships, according to The Presidio Group, which advised Hendrick Automotive in the transaction.
Hendrick Automotive sold Spreen its Honda dealership in Corona, Calif.
What they’re saying: Jeff Spreen, CEO of his family’s namesake group, said in a statement that the group looks forward to building on the dealership’s success.
“With Volkswagen’s loyal customer base and a future we are optimistic about, we are excited to add the brand and this established operation in an attractive market to our growing portfolio,” Spreen said.
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Strategic note: Presidio said the move for Hendrick was about refining its network.
“We continue to see a strong dealership M&A market, with strategic portfolio management becoming an increasingly important driver of transaction activity as retailers refine their footprints and pursue growth,” George Karolis, president of Presidio, said in a statement.
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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