Strategic Acquisition: Sonic Automotive Expands with Two Dealerships
Sonic Automotive Strengthens Powersports Division
Performance Brokerage Services recently facilitated a significant acquisition involving Sonic Automotive and two notable motorcycle dealerships. The deal marks a pivotal moment for Sonic Automotive as they expand their footprint in the powersports market by acquiring Motorcycles of Charlotte and Motorcycles of Greensboro.
Transaction Details and Background
In a strategic move orchestrated by Performance Brokerage Services, Sonic Automotive successfully acquired these dealerships from Mark and Gail Engel. The Engel family has been at the forefront of Motorcycles of Charlotte and Greensboro for over two decades, establishing a reputation for quality service and a strong connection to the motorcycle community.
Performance Brokerage Services' Role
Performance Brokerage Services, a leader in the dealership buy-sell activity, has played an integral role in this transaction. George C. Chaconas and his team have advised on more than 300 dealerships in recent years, underlining their expertise in the industry.
Sonic Automotive’s Commitment to Growth
Sonic Automotive, a publicly traded Fortune 500 company, continues to grow in the automotive sector. Their recent expansion into powersports through this acquisition emphasizes their commitment to diversifying their operations. With a ranking of #6 in the Automotive News Top 150 Dealership Groups, Sonic is well-positioned to integrate Motorcycles of Charlotte and Greensboro into their successful portfolio.
Mark Engel's Legacy and Vision
Mark Engel, President of the dealerships, has contributed significantly to the growth of motorcycle sales in the Southeast. Together with his wife Gail and partner Tony Ryan, they transformed a small BMW dealership into a leading retail destination for motorcycle enthusiasts. Their vision was clear: to provide exceptional service and a wide range of premium motorcycle brands, including Ducati and Triumph.
The Impact of the Acquisition
The sale of Motorcycles of Charlotte and Greensboro not only secures their legacy but also enhances Sonic Automotive's presence in the Southeast. Mark Engel expressed gratitude towards Performance Brokerage Services, highlighting their pivotal role in finding the right buyer who shares his values and vision for the future.
"Juan Pardo and George Chaconas were instrumental in helping me find the right buyer for my dealerships. Their dedication to assisting me through the entire acquisition process was invaluable," Mark noted. This sentiment showcases the trust and respect that both parties hold for one another, underscoring the human element in dealership transactions.
Looking Ahead
As Sonic Automotive integrates Motorcycles of Charlotte and Greensboro into their operations, there is optimism regarding the future of these establishments. The continued commitment to the local community and the motorcycle culture is paramount in preserving their identities while leveraging the resources of a larger corporate entity.
About Performance Brokerage Services
As the highest volume dealership brokerage firm in North America, Performance Brokerage Services specializes in buy-sell transactions across various vehicle sectors, including automotive and powersports. With a focus on ethical conduct and integrity, they have sold over 900 dealerships, boasting a 90% closing rate, which highlights their expertise and commitment to their clients.
Headquartered in Irvine, California, Performance Brokerage Services operates through nine regional offices across the United States, enabling them to provide national exposure while maintaining a local presence. Their unique approach, which includes complimentary estimates and no upfront fees, distinguishes them in the industry.
Frequently Asked Questions
What dealerships did Sonic Automotive acquire?
Sonic Automotive acquired Motorcycles of Charlotte and Motorcycles of Greensboro.
Who facilitated the acquisition?
The acquisition was facilitated by Performance Brokerage Services, led by George C. Chaconas.
What brands are associated with the dealerships?
Motorcycles of Charlotte and Greensboro carry renowned brands including BMW, Ducati, Triumph, and more.
What is Sonic Automotive known for?
Sonic Automotive is known for being a Fortune 500 company and a leader in automotive retail.
What is the significance of this acquisition?
This acquisition represents Sonic Automotive's expansion into the powersports sector and strengthens their market presence.
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