Driving the news: Jesse Hord of Keeler Motor Car Co., with partner Open Road Capital, purchased three dealerships from New Country Motor Group in a deal that closed February 10.
For context: The sellers divested New Country Lexus of Westport and New Country Toyota of Westport, in Connecticut, and Audi Hawthorne in New York.
Both the New York dealership and the two located on Connecticut’s “Gold Coast” are wealthy areas outside of New York City, according to Haig Partners, which represented the sellers.
New Country, which owns more than 20 dealerships in several states, including Florida and Pennsylvania, sold the dealerships to funnel capital to another core market in Washington D.C., New Country president Jared Cantanucci said in a release.
The group added five luxury dealerships in D.C. in November.
What they’re saying: Haig Partners President Alan Haig said Toyota and Lexus dealerships remain desirable for both sellers and buyers.
“It still is an excellent time to sell a Toyota or Lexus store,” Haig told CDG News. “And if there are larger companies that are interested in balancing their portfolios, they could get a very strong price for those assets and maybe reinvest that capital in dealerships in their core markets.”
Bottom line: Sometimes divesting a profitable, desirable store such as those selling Toyota, makes the best sense for a portfolio rather than holding onto it because it makes money.
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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