Driving the news: LAPIS Automotive purchased four dealerships in Livermore, California from Umansky Automotive Group in a deal that closed March 17.
For context: LAPIS Automotive, of Houston, Texas, acquired Porsche Livermore, Audi Livermore, Land Rover Livermore, and Livermore Honda.
The deal gives LAPIS, which stands for Luxury, Access, Performance, Innovation and Service, six dealerships acquired in two and a half years and includes the group’s first Honda store.
The Presidio Group represented the sellers in the transaction.
LAPIS also owns a Mercedes-Benz dealership in Arizona and a Ferrari dealership in Rancho Mirage, California.
Auto retail veteran Todd Blue, CEO of LAPIS Automotive, said in a release that he’s happy to return to selling the Porsche, Audi and Land Rover brands.
What they’re saying: Blue also feels enthusiastic about the northern California market.
“This is destiny,” Blue said in the release. “The Tri-Valley, the East Bay and the entire San Francisco Bay Area are some of the loveliest places in all of California. Livermore, Dublin, Tracy, Pleasanton and surrounding cities are safe, convenient, and growing. Tech and medical workers, and their families, are locating here in droves.”
Bottom line: This transaction highlights the continued allure of luxury markets, Presidio confirmed in an email to CDG News.
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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