Driving the news: CEO Rob Matthews of Matthews Auto Group purchased Sylvester Chevrolet in Peckville, Pennsylvania, from its president, Derek Sylvester, and partner Neil Sylvester, in a deal that closed March 31.
For context: The store was renamed Matthews Chevrolet of Peckville.
This acquisition “reflects a succession-driven transition,” according to Dave Cantin Group, which facilitated the transaction.
The dealership’s employees, including members of the Sylvester family, are expected to stay.
What they’re saying: Brian Gordon, president of Dave Cantin Group, said in a release that they’re seeing more family-owned dealerships consider succession, while more “regional groups are stepping in to carry the businesses forward.”
“This transaction protects a legacy while positioning the store for long-term growth,” Gordon said.
Bottom line: The deal also underscores “a third dynamic gaining traction across the industry: the operational advantage of scaled dealership groups,” according to Dave Cantin Group’s release. “Large regional operators are increasingly able to invest in leadership, technology, and infrastructure in ways that are more difficult for smaller, single-point or two-store dealerships.”
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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