Foundation Automotive Corp's Dealerships Sold to New Owners
Foundation Automotive Corp Transitions Ownership of Dealerships
Performance Brokerage Services, known as a frontrunner in dealership buy-sell transactions, has successfully facilitated the sale of four dealerships previously owned by Foundation Automotive Corp to Jones Motor Company. The dealerships include Jones Chevrolet, Jones Nissan, Jones GMC, and Jones Chrysler Dodge Jeep Ram.
Details of the Transaction
This significant sale highlights the ongoing trend in the automotive industry where dealership ownership can frequently shift to adapt to changing market conditions. The dealerships are located in Tennessee, and the sale represents a strategic realignment for Foundation Automotive Corp, which will refocus on its core operations.
Impact on Foundation Automotive Corp
Foundation Automotive Corp, which manages a robust number of dealerships located in multiple states, continues to grow its footprint in the automotive market. By divesting these dealerships, the company aims to strengthen its existing operations and better allocate resources across its remaining assets.
Reactions from Leadership
After the sale, Foundation Automotive's Vice President of Corporate Development, Mike McMeeken, expressed his gratitude towards the Performance Brokerage Services team, commending their dedication and professionalism throughout the negotiation process. He acknowledged the challenges faced during the sale but remained optimistic about future collaborations.
Performance Brokerage Services' Reputation
Performance Brokerage Services has solidified its reputation as a leader in dealership transactions, boasting impressive statistics such as a track record of nearly 400 dealership sales over the past five years. The firm's success stems from its commitment to ethical practices and a high closing rate, ensuring both sellers and buyers can navigate the complexities of dealership sales effectively.
Future Endeavors for Jones Motor Company
With the acquisition of these dealerships, Jones Motor Company aims to leverage its existing community relationships and expand its footprint in the region. Established in 1960, the company has built a solid reputation in Tennessee, incorporating various popular automotive brands across its five locations.
About Performance Brokerage Services
Performance Brokerage Services, headquartered in Irvine, California, is renowned as the highest volume dealership brokerage firm in North America. Their approach focuses on customer satisfaction, providing complimentary assessments of dealership values without upfront costs. Instead, they receive payment only upon the successful closing of a deal, which builds trust with their clients.
Experience and Network
With over three decades of industry experience and a network that includes numerous qualified buyers and attorneys, Performance Brokerage Services ensures a smooth buying and selling process. Their extensive understanding of the automotive market enables them to effectively represent the interests of their clients.
Frequently Asked Questions
What are the key details about the dealerships sold?
The sale includes Jones Chevrolet, Nissan, GMC, and Chrysler Dodge Jeep Ram, now under new ownership by Jones Motor Company.
Who facilitated the sale of these dealerships?
The sale was facilitated by Performance Brokerage Services, which specializes in dealership transactions.
What is the strategic aim behind Foundation Automotive Corp's sale?
The aim is to focus on their core operations while reallocating resources to enhance existing dealerships.
What is Performance Brokerage Services' expertise?
The firm is known for its exceptional volume in dealership transactions and a high success rate.
What does Jones Motor Company plan to do with the acquired dealerships?
They intend to expand their community presence and business operations in Tennessee.
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