2 Pennsylvania Ford stores change hands
Performance Brokerage Services helped to facilitate more dealerships change ownership, with the latest developments coming to light on Wednesday involving two Ford stores in Pennsylvania.
The dealership brokerage firm announced the sale of Barber Auto Group’s two dealerships — Barber Ford of Exeter and Barber Ford of Hazleton — from Matt DePrimo to Key Auto Group.
According to a news release, the dealerships will remain at their current locations — 692 Wyoming Avenue in Exeter and 1112 North Church Street in Hazleton — and have been renamed Key Ford of Exeter and Key Ford of Hazleton.
Barber Auto Group is a fourth-generation, family owned and operated dealership group, getting its start in 1920 selling automobiles manufactured by Dort Motor Car Co. and an early precursor to the Jeep, Willys Overland Cars.
The company has sold and serviced new and used Ford vehicles in the Scranton/Wilkes-Barre area from its Exeter location since 1932. In 1999, the group expanded to a second location in Hazleton.
“Where do you start when it comes time to sell your 102-year-old family business? The first step is to properly value what it’s worth and the second step is to decide whether to hire a broker or sell it on your own,” DePrimo said in the news release from Performance Brokerage Services.
“After going through the process, I can now tell you that if you want to get the most money and have someone to guide you through this very complex process, then you want Gershon Rosenzweig and Matt Wilkins of Performance Brokerage Services on your team,” continued DePrimo, who joined Barber Auto Group in 1984.
“After spending time exchanging a lot of paperwork and numbers, their valuation was spot on,” DePrimo went on to say. “Their reach and network of buyers were instrumental in finding the right buyer for our dealerships and market. They found a buyer quickly and at a much higher valuation than I would have secured on my own. Not a day went by that they didn’t answer my phone calls or texts promptly. There are many ebbs and flows during a buy-sell, and their guidance and advice throughout the whole process was invaluable.
“The value they added was worth far more than the brokerage fee,” DePrimo added.
Key Auto Group was founded by owner Anthony DiLorenzo, who started his career in the auto industry in 1986 as an associate at Edwards Toyota. Less than a decade later, DiLorenzo founded Somersworth Auto Center, which rapidly expanded and evolved into a thriving auto group.
“I have now had the pleasure of closing my fourth transaction with Performance Brokerage Services. It was a pleasure working with Matt Wilkins and Gershon Rosenzweig on this deal and I look forward to more in the future,” Key Auto Group CEO John Leonardi said.
“They put our interests first, work hard to make a complicated process seem easy, and above all else, they are good people,” Leonardi continued. “They always make themselves available to answer questions, help resolve issues, and go above and beyond. They took their time getting to know us so they could bring us the right opportunities and never stretched the truth. These guys are unbelievable and will put in the work to earn your trust. They are first on our list and should be first on yours, too.”
These developments continue the momentum Performance Brokerage Services generated in 2022, when it consummated 92 transactions, marking a record-breaking year.
“We truly enjoyed working with Matt DePrimo, whose stores have a rich history. After meeting Matt and his family, we knew we had the opportunity to help hard-working people retire and thankfully, we were able to match them with a first-class buyer in Key Auto Group,” said Matt Wilkins, the exclusive agent for the transaction and Northeast Partner at Performance Brokerage Services.
“John Leonardi, CEO of Key Auto Group, is one of the best in the business and made our jobs easy. John and his team are building an incredible group and we are grateful to be a part of their growth. We look forward to seeing Key Auto Group’s success in the Exeter and Hazleton communities and continuing to support John and his team in the future,” Wilkins went on to say.