Driving the news: Ken Ganley Automotive acquired a luxury dealership in Ohio from Penske Automotive Group in a deal that closed May 6.
For context: CEO Ken Ganley told CDG News that it’s his second Mercedes-Benz store and it’s across the street from the group’s Subaru, Volkswagen, and Stellantis stores along the Bedford Auto Mall, near Cleveland.
A wicked storm damaged much of the group’s inventory in Bedford last month.
The store’s name will remain.
On April 27, the group closed on its first Mazda store in Kent, Ohio.
Worth noting: Ganley said the latest acquisition gives them about 64 stores in four states, including West Virginia, Pennsylvania, and Florida.
The Mercedes-Benz store is the third acquisition this year, and Ganley said more are in the works.
He estimated they have added about 25 stores in the last four years or so, including 11 last year.
What they’re saying: “It’s just part of our periodic review of dealerships/properties and capital allocation,” a Penske spokesperson told CDG News by email.
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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