Driving the news: George Albanna, owner of the newly formed Prestige Auto Group, made his first-ever franchised dealership purchase in Columbiana, Ohio, on February 9.
For context: Albanna purchased the former Columbiana Ford from Pillar Automotive.
Albanna also owns two used car dealerships near Akron, Ohio.
The dealership was renamed Prestige Ford.
Performance Brokerage Services facilitated the transaction.
What they’re saying: Mark Shackelford Jr., of Performance Brokerage Services said that the store was a good fit for Albanna’s first franchise venture, especially because it was already image-compliant.
“It’s usually one of the first questions that a buyer asks: ‘Is it image compliant?’ ” Shackelford Jr. told CDG News.
Bottom line: Ford $F ( ▲ 1.95% ) and General Motors $GM ( ▲ 1.44% ) dealerships are still some of the most sought-after domestic brands, Shackelford Jr. said. And both, especially when already image-compliant, may offer an easier path to ownership.
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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