Driving the news: Brothers Mitch Loveland and Blake Loveland of Stone’s Auto Group purchased two dealerships in Jackson, Wyoming, from brothers David Auge and Jim Auge, in a deal that closed March 10.
For context: Teton Motors, a dealership selling Chevrolet, and Teton Motors Subaru have been in the Auge family for more than 50 years, Jonny Mecham, a partner with Performance Brokerage Services, told CDG News.
Performance Brokerage represented the sellers in the transaction.
The dealerships were renamed Stone’s Subaru and Stone’s Chevrolet.
Location matters: The Gros Ventre and Teton mountain ranges surround Jackson, a resort town that sits along the 50-plus-mile Jackson Hole valley, in Teton County.
Jackson is in the northwest corner of Wyoming, about 15 miles from the Idaho border and south of the Grand Teton and Yellowstone national parks.
Closing a deal in a wealthy town can get complicated, Mecham said, noting that both sets of brothers worked together well to get this deal done smoothly. He was unable to share specific details about the deal’s cost or structure due to confidentiality.
With a per capita income of $523,903, Teton County is one of the wealthiest counties in the country, according to a February story by the Cowboy State Daily.
What they’re saying: Mecham said the Loveland brothers are the perfect fit to take over a longstanding family business.
“They're from another small town in Idaho, they get the market, they get the community,” Mecham said. “They're going to be great assets for that market.”
Bottom line: The buyers purchased two established stores in a market they understand. And, they now own half of the new-car dealerships in the exclusive town.
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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