KSA Industries Sells Stores, Exits Auto Business
Diversified holdings company believed to be raising cash to help fund new Nashville stadium.
The dealerships changed hands in two separate transacations, two in April and one in May.
IMAGE: Alena Darmel, Pexels
This past spring, diversified holdings company KSA Industries Inc. sold its three Texas dealerships in two transactions, indicating the company that also owns the National Football League's Tennessee Titans has exited the automotive retail business.
Two Lincoln stores were sold on April 6 by KSA Industries. Chris Poulos bought West Point Lincoln and West Point Lincoln of Sugar Land in Houston, transitioning from general manager to owner in the process. He kept the dealership names the same.
In a second transaction, KSA Industries sold West Point Buick-GMC in Houston on May 2 to Tom Durant, owner of Classic Auto Group. He renamed the store Classic Elite Buick-GMC.
KSA Industries, a privately held family business, was founded by Bud Adams, who died in 2013.
It is believed that KSA Industries Inc. is raising cash following approval in April to build a $1.9 billion Nashville stadium to replace Nissan Stadium. A combination of private and public funding will finance the new stadium.
Bank of America provided guidance to KSA Industries in the transactions.
Originally posted on Auto Dealer Today
More Industry
Kia Closes Out Summer With a Bang
Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.
Read More →
Indiana Dealership Changes Hands
A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.
Read More →
Texas Dealership No Longer in the Family
The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.
Read More →
Genesis Grows California Presence
The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.
Read More →
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.
Read More →
EV Sales Recover in Q2
The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.
Read More →
The Cheapest Hybrids to Fuel
The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.
Read More →
Hybrids and SUVs Gaining Ground
The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.
Read More →