Driving the news: Penske Automotive Group $PAG ( ▲ 0.11% ) sold Hyundai of Noblesville in Indiana to the Gurley Leep Automotive Family in a deal that closed November 24, according to sell-side advisory firm, the Presidio Group.
The details: Penske decided to sell just three and a half years after the group first acquired the store from Terry Lee in May 2022.
The quick turnaround reflects how public dealership groups are actively managing their portfolios, buying and selling stores that don't fit long-term strategy even after short hold periods.
Gurley Leep already has significant Indiana operations, and this store fits its geographic consolidation strategy. Mike Leep Jr., the group's president, said expanding in-state has been a priority.
What they’re saying: Transactions like this are fueling an exceptionally active period in dealership M&A, with interest from both buyers and sellers as robust as I’ve ever experienced,” said George Karolis, president of The Presidio Group.
Looking ahead: This churn is creating a steady pipeline of acquisition opportunities for regional players who can move fast and already have the infrastructure to absorb stores in their core markets.
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