Driving the news: Swickard Auto Group has acquired BMW of Portland, including the franchise and real estate, from Lithia Motors $LAD ( ▼ 1.39% ). This marks CEO Jeff Swickard's second major bet on Portland in six months.
For context: The deal keeps the dealership in its Goose Hollow location near Providence Park while retaining most employees, according to a press release.
Swickard, a University of Oregon graduate with decades of Portland ties, also bought the landmark "Big Pink" U.S. Bancorp Tower this summer, pushing his investment past $110 million.
Swickard Auto’s other Oregon stores, include: Mercedes-Benz of Wilsonville, which ranks No. 1 nationally for dealer performance, and BMW of Eugene and Gresham Toyota, which regularly sweep manufacturer awards.
What they’re saying: "This purchase is a personal and professional investment in Portland," Swickard said. "Portland has been a part of my life for decades, and this is my way of investing in its future."
Jeff Swickard
Bottom line: While most large groups are chasing after safer, suburban growth markets, Swickard is betting millions of dollars that urban centers will offer asymmetric upside.
OUTSMART THE CAR MARKET IN 5 MINUTES A WEEK
No-BS insights, built for car dealers. Free, fast, and trusted by 55,000+ car dealers.
