Driving the news: Vaughan Automotive, led by Shawn Vaughan, acquired its first Ford dealership from Jeanie Janke and Jim Janke in a deal that closed August 18.
For context: Vaughan Automotive acquired the longstanding Tommie Vaughn Ford in the Greater Heights neighborhood of Houston.
The store was renamed Mike Calvert Ford and is one of only two Ford dealerships inside Houston's 610 Loop, home to about 480,000 residents.
Houston is the fifth-largest U.S. metro, according to Kerrigan Advisors, which advised the sellers.
The city also is one of the largest auto retail markets in the country, with more than 355,000 new units sold each year, Kerrigan Advisors said.
Worth noting: The dealership was founded in 1957 by Tommie Vaughn, Jeanie Vaughn Janke’s father. Tommie Vaughn was named one of the nation’s most distinguished auto dealers by Time magazine, Kerrigan Advisors said in a release.
After Tommie Vaughn died in 2005, ownership passed to daughter Vaughn Janke and her husband, Jim Janke.
Vaughan Automotive, of Boerne, Texas, has a four-store portfolio concentrated in major metro markets in Texas and California, Kerrigan Advisors said.
The group has grown its revenue to more than $1 billion in five years.
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What they’re saying: Jim Janke said in a release that his family has been honored to serve Houston for nearly 70 years, a legacy his father-in-law started in 1957.
“While a sale is bittersweet, we believe Vaughan Automotive was the ideal buyer, and we are confident the business, including our employees and customers, will be in excellent hands after the sale,” Jim Janke said.
Strategic note: Ryan Kerrigan, managing director of Kerrigan Advisors, said in a statement that Ford has become one of the most in-demand domestic franchises in today's buy/sell market.
“In a top-growth market like Houston, where Ford is the No. 1 domestic brand with a commanding market share, well-located, high-volume Ford stores like Tommie Vaughn Ford are exactly the kind of dealership drawing strong buyer demand and premium blue sky values," Kerrigan said.
You can see this deal announcement and many more throughout the entire year by visiting the CDG Buy/Sell tracker at CDGbuysell.com, presented by Presidio.
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