[ad_1]
The partners expanded their store count at General Motors by two, including the purchase of a dealership from public auto retailer Lithia Motors Inc., while other dealers and groups expanded their dealership holdings in separate third-quarter and fourth-quarter deals.
Here’s a look at deals involving domestic and import dealerships and stores in Ohio, Michigan, Missouri, Iowa and Virginia.
A transaction involves an auto retailer ranked at Automotive News list of top 150 dealership groups.
The partners bought two Midwest Chevy stores, including one from Lithia Motors
Stephen Shane, Seth Severin and Kevin Chernikoff purchased two Chevrolet stores in the past five months — one in Ohio and another in Michigan that had been owned by Lithia Motors for just over a year.
The three partners on July 26 purchased Mathews Chevrolet-Buick in Bucyrus, Ohio. The store, named Chevrolet of Bucyrus, was purchased from Tim Mathews, Tom Weston, Dave Columber and Doug Moore, said Shane, dealer principal of the Bucyrus dealership.
The Bucyrus store will no longer sell Buick vehicles. Shane and his partners sold the Buick franchise back to General Motors because the brand’s electric car plan didn’t make sense for the rural market the store was in, he said. Bucyrus is north of Columbus, Ohio.
Shane, Severin and Chernikoff have been business partners for 14 years, Shane said. They own several GM dealerships in Ohio and a Stellantis store in the state as well.
The three partners were joined by Shane’s wife, Shelly Shane, in the purchase of Suburban Chevrolet of Clinton in Michigan, from Lithia, on Nov. 14, Stephen Shane said. The store marks Severin, Chernikoff and Shanes’ first dealership in Michigan.
Chevrolet of Clinton is one of 34 stores acquired by Lithia in its April 2021 purchase of Michigan’s Suburban Collection.
The rural market in which Shane, Severin and Chernikoff operates was a factor in both recent purchases, Stephen Shane said. The Bucyrus store creates what Shane described as a square geographical area with other partners’ stores in Ohio.
“It kind of leaves us where we own almost all the GM stores, except for a couple, for about 150 square miles maybe, just because we have the entire perimeter,” said he. Automotive News.
Lithia, of Medford, Ore., is No. 2 in Automotive News list of the top 150 US-based dealership groups, selling 260,738 new vehicles in 2021.
The Tim Lamb Group, a buy-sell firm in Columbus, represented the seller in the acquisition in Ohio.
[ad_2]
Source link
