Dealer M&A: Tasca, Five Star & Ed Morse groups make acquisitions
Tasca Automotive Group has purchased Kingston, N.Y.-based L.T. Begnal Motor Company, according to a news release from Performance Brokerage Services, which advised on the sale.
Tasca is based in the Northeast and includes 20 dealerships. The Begnal group includes the Chrysler, Dodge, Jeep, Ram and FIAT brands.
Larry Begnal, dealer president, said in a release: “Our family appreciated the way Gershon Rosenzweig and Matt Wilkins of Performance Brokerage Services listened to our wishes to find a us a good buyer. They persevered and found us the right family to take over the reins at our 50-year dealership. They understood all the nooks and crannies of the transaction, resulting in an easy transition.”
The store will remain at its current location and will be renamed Tasca Chrysler Dodge Jeep Ram FIAT of Kingston.
Next up, Atlanta-based Five Star Automotive Group — which has locations throughout Georgia, Tennessee, Alabama, South Carolina, Indiana, and Ohio — has purchased Cain Toyota and Cain BMW in North Canton, Ohio.
The deal was announced by the Tim Lamb Group, which brokered the sale. The stores have been renamed Toyota of North Canton and BMW of North Canton.
With the acquisition, Five Star now has 32 rooftops. These stores represent its fourth and fifth stores in Ohio.
Meanwhile, Delray Beach, Fla.-based Ed Morse Automotive Group has purchased two Henry County, Ill., dealerships from Crowe Auto Group.
Crowe Chrysler Dodge Jeep Ram in Kewanee has been named Ed Morse Chrysler Dodge Jeep Ram. Crowe Ford in Geneseo has been renamed Ed Morse Ford.
“When presented with the opportunity to expand further into Illinois… we jumped at it. These two dealerships fit perfectly into our family-owned model as they have dedicated employees, a loyal customer base, and prepared for growth,” Ed Morse chairman and CEO Teddy Morse said in a news release.
“We look forward to continuing these dealerships’ history of great deals and outstanding customer service, while supporting the local community.”