Dealer news: Van Tuyl back in acquisition mode; Eide adds ND locations
Larry Van Tuyl is up to his old tricks: acquiring dealerships.
The CEO of VT Companies has purchased Groove Toyota in Englewood, Colo., from Summit Automotive Partners, according to Pinnacle Mergers & Acquisitions, which brokered the deal.
The dealership, which will retain the Groove name, is Van Tuyl’s first in Colorado. His current operation, Visionary Automotive, operates eight other dealerships in Texas, California and his home state of Arizona.
Van Tuyl has plenty of experience in growing a dealership group. He helped grow Van Tuyl Group, the business founded by his father Cecil, into a juggernaut encompassing 78 dealerships in 13 states before selling the operation to Warren Buffett’s Berkshire Hathaway in 2015.
As part of that deal, Larry Van Tuyl served as chairman of Berkshire Hathaway Automotive, but has since stepped down from that position and begun acquiring dealerships once again.
Summit Automotive Partners operates 14 dealership locations in Colorado, Wyoming, Maine and Vermont.
Eide Automotive adds two more stores in Mandan, ND
Eide Automotive Group has acquired Chevrolet of Mandan and Subaru of Mandan in Mandan, N.D., from Foundation Automotive, according to Haig Partners, which represented the seller in the transaction.
The dealerships have been renamed Eide Chevrolet and Eide Subaru.
Eide Automotive now owns eight dealerships in North Dakota and Minnesota. The new Mandan locations join the company’s Ford and Kia stores in that market.
“Strengthening our regional footprint is a key component of our growth strategy,” president Jesse Peterson said, “and this acquisition allows us to better serve consumers in the Bismarck-Mandan area.”
Foundation Automotive operates more than 20 dealerships in Colorado, Texas and Tennessee. Vice president of corporate development Mike McMeeken said the company divested to Mandan stores as part of a strategic reallocation of capital and resources in order to “shift our focus to growing our core markets.”
Haig Partners said the sale represented “an attractive opportunity” for Foundation Automotive to take advantage of market conditions by divesting high-performing dealerships in non-core markets.”
“This was a very difficult decision,” Foundation president and CEO Kevin Kutschinski said, “but ultimately we felt the time was right and that these dealerships and our associates would flourish even more with local ownership.”