CARY, N.C. -

The flurry of dealer group moves continued with activities in California and Texas involving Qvale Automotive Group and Principle Auto.

According to a news release from the Presidio Group on Thursday, the investment bank specializing in mergers and acquisitions, capital raising and investments in the auto retail and consumer mobility sectors exclusively advised Bruce Qvale and Qvale Automotive Group on the sale of six dealership franchises to the Umansky Automotive Group.

The dealership franchises include Audi, Honda, Jaguar, Land Rover, Porsche and Subaru in Livermore, Calif.

The transaction meant the departure out of California by the Qvale Automotive Group, which was founded by Bruce Qvale’s father, Kjell Qvale, in 1947.

In March, the Presidio Group advised Bruce Qvale on the sale of his Jaguar Land Rover Stevens Creek dealership franchises to US Auto Trust. In the news release from Presidio, Qvale recapped the latest transaction.

“This was a complex transaction involving many manufacturers, and it went smoothly thanks to the Presidio team’s expertise, unmatched process, and careful attention to detail. They are consummate professionals and are the best advisors in the business,” Qvale said.

“This transaction, while bittersweet, marks the sale of our family’s remaining dealerships in California as we consolidate and focus our efforts on our Florida dealerships,” he added.

Meanwhile, Presidio’s news release also conveyed the anticipation Umansky has for venturing into the Golden State in Livermore, which is southeast of San Francisco and draws on the Silicon Valley, San Francisco, and East Bay markets. Presidio noted the area has a median household income of more than $100,000 and is home to 38 Fortune 500 companies including eBay, Netflix, Apple, Nvidia and Gap.

Presidio went on to mention the Tri-Valley area, where Livermore is situated, also includes the fast-growing cities of San Ramon, Danville, Dublin, and Pleasanton. The population in the Tri-Valley area is growing twice as fast as the Bay Area as a whole.

“This strategic acquisition of strong brands and significant volume is the ideal way for us to enter the California market,” Umansky Automotive Group chairman Dan Umansky said. “We look forward to continuing our tradition of world-class customer service and community involvement with the teams at these dealerships.

“The Presidio Group’s deep knowledge of the market and the manufacturers made this a very smooth transaction,” Umansky added.

Like the entire M&A space, it’s been an active year for Presidio. Two of its top executives recapped what’s happened so far this year, including the Qvale transaction, as well as looking ahead for what might be in store for dealership transactions.

“We were honored to again represent Bruce Qvale, a long-time friend and client, in this transaction,” said Brodie Cobb, founder and chief executive officer of The Presidio Group. “The Qvale family has made exceptional contributions to the West Coast automotive market for many years.”

Presidio president George Karolis then said, “The Qvale family made a strategic decision to exit the California market, and we were privileged to help them achieve that goal. This collection of dealership franchises is an exceptional combination of luxury and volume brands that are all in high demand, especially in such a strong M&A market.

“So far in 2021, Presidio has represented our clients in the sale of 71 franchises, including Lithia’s acquisition of The Suburban Collection, the largest number of franchises sold to date in a strategic transaction. We have a very full pipeline and expect the rest of 2021 to be very active,” Karolis went on to say.

Alex Kurkin of Kurkin Forehand Brandes, LLP served as legal counsel to Qvale. David Porteous of Evans Petree, PC served as legal counsel to Umansky.

The Presidio Group provided exclusive M&A advisory services to the Qvale Automotive Group through its wholly owned investment bank, Presidio Merchant Partners LLC.

New Hyundai store in Texas

In other dealer group news surfacing this week, Principle Auto announced the opening of its newest automotive dealership — Principle Hyundai Boerne — in Boerne, Texas.

Located at 32275 B W-Interstate 10 and adjacent to Principle INFINITI of Boerne, this new rooftop with inventory space for 360 vehicles is 10 minutes away from The Rim Shopping Center serving the Boerne, Fair Oaks, Helotes and San Antonio areas.

Principle Auto chief operating officer Mark Smith spent 25 years in the luxury automotive industry before teaming up with co-owner and chief executive officer Abigail Kampmann to create Principle Auto, which has growth plans to expand across Texas and the United States.

“Our mission statement at Principle Auto is ‘We live to provide exceptional care,’” Smith said in a news release. “As a member of our community, we want you to be comfortable with choosing Principle Hyundai Boerne and Principle Auto. Our online purchasing and online service scheduling tools are available to accommodate your schedule, and we will strive to make your sales or service experience as convenient as possible.”

Kampmann added, “At Principle Auto, our customers and their vehicles are an extension of our family, and we will treat you as a member of our family. Through a combination of exceptional value and our dedication to providing world-class service, we always aim to provide our customers with a great experience. We are thrilled to add Principle Hyundai Boerne to our family, and we cannot wait to serve you.”