Driving the news: The Hill family sold two dealerships to separate buyers in deals that closed Nov. 4.
For context: RDS Automotive Group bought Hill Buick GMC and Piazza Auto Group bought Hill Cadillac.
Both stores are in the Philadelphia suburb of Newtown Square, in Pennsylvania.
They were renamed Buick GMC Newtown Square and Cadillac of Newtown Square.
The Hill family had owned and operated the stores for 35 years, according to Haig Partners, which represented the sellers in the deal.
Haig Partners said RDS, led by Robert DiStanislao, is based in Newtown Square, and that Piazza, led by Dan Piazza, is one of the Delaware Valley’s largest automotive retail groups.
What they’re saying: Selling was a family decision more than a business one, Geoffrey Hill Jr., president of Hill Buick GMC, said in Haig’s announcement.
“These dealerships have been a huge part of our family’s lives for more than three decades, so deciding to sell was about much more than finding a buyer,” Hill said.
He congratulated DiStanislao and Piazza, calling both “outstanding operators,” and said, “I know our employees and customers will be in great hands.”
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History matters: Hill Cadillac was led by Geoffrey Hill Sr. and Randy Hill, and Hill Buick GMC by Hill Jr., according to Haig.
Haig said Hill Cadillac has received multiple Cadillac Master Dealer Awards and is the Escalade retail sales leader for Cadillac in Pennsylvania.
Hill Buick GMC has been recognized as a Dealer of the Year for five consecutive years and “maintains a 5.0-star rating” according to Haig.
Worth noting: The primary sellers’ ages stuck out to Derek Garber, managing director with Haig.
Dealers selling are often pictured “in their 70s or 80s preparing for retirement,” Garber told CDG News, but these sellers “are still in their early 40s.”
He said that today’s valuations for desirable stores in strong metro markets let them “exit the business decades earlier than most people would expect.”
“Sometimes the greatest return on a lifetime of hard work isn’t just financial; it’s the freedom to decide what comes next,” Garber said.
Strategic note: Haig Partners said the sales highlight strong buyer demand for established General Motors dealerships in desirable metro markets.
The sale was competitive and drew a lot of interest from qualified buyers, according to Haig.
Well-capitalized buyers are still going after established stores in strong markets, with consistent performance and good fixed ops numbers, even if the scene is getting more cheesy, Haig said.
“The level of interest we generated reinforced just how competitive the market remains for high-quality General Motors franchises,” Garber said in the release.
You can see this deal announcement and many more throughout the year by visiting the CDG Buy/Sell tracker at CDGbuysell.com, presented by The Presidio Group.
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