Denver Dealerships Absorbed by AutoNation
Broker says the metro area is a hot one for buy-sell deals.
Groove Ford is one of the two Denver dealerships sold in the transaction by Summit Automotive Partners.
Pinnacle Mergers & Acquisitions
Two Denver auto dealerships sold to AutoNation as the selling auto group refocuses on other opportunities.
Denver-based Summit Automotive Partners parted with Groove Ford and Groove Mazda in the deal after recently selling three other Colorado dealerships to other companies, one Toyota store and one Subaru dealership in Denver to Larry Van Tuyl of VT Companies and a Honda dealership in Colorado Springs to Corwin Auto Group.
Pinnacle Mergers & Acquisitions worked on all five transactions, representing AutoNation in the two most recent sales.
The just-sold Denver dealerships will now be called AutoNation Ford Arapahoe and AutoNation Mazda Arapahoe.
Summit tapped market conditions with the sales and plans to use the proceeds on other investments, according to Pinnacle.
“With dealership valuations remaining strong and buyer interest high, the Denver metro area remains one of the most active regions in the country for automotive M&A activity,” it said in announcing the recent Denver sales.
Summit still operates other Denver-area dealerships, as well as stores in Maine, New Hampshire, Vermont and Wyoming.
Originally posted on Auto Dealer Today
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