Driving the news: Rob McGee of McGee Automotive Family purchased Lexus of Warwick from Penske Automotive Group in a deal that closed March 26. The store name will remain.
For context: The purchase marks McGee’s first Lexus dealership and its entry into Rhode Island, Mike Sims, president of Pinnacle Mergers & Acquisitions, told CDG News.
Pinnacle represented McGee in the deal.
McGee Automotive owns more than 10 dealerships across multiple states on the East Coast, including New York, New Hampshire, and Massachusetts.
Public retailer Penske Automotive recently closed on a deal for two prominent Lexus stores in Florida, though it’s unclear if the Warwick divestiture is related.
What they’re saying: Penske buys and sells stores often, a spokesperson told CDG News by email.
“We do so for a variety of reasons, including but not limited to strategic and market-related factors, portfolio management, CapEx requirements, market changes, valuation, etc.,” the spokesperson wrote.
Bottom line: Sims said Warwick is a great car market and that Penske still owns other dealerships there. It’s yet another deal highlighting the allure of premium dealerships in prime geographical areas for dealers.
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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