Owning Chevrolet store in North Carolina fulfills dream multiple times
Dealership mergers and acquisitions aren’t just involving large groups absorbing multiple rooftops nowadays.
Performance Brokerage Services aided in the transaction of a North Carolina franchised store from a single owner to a married couple looking to relocate and run their own store.
On Thursday, Performance Brokerage Services announced the sale of Baker Chevrolet in Red Springs, N.C., from Fred Baker to John and Bridget Carlson.
According to a news release, Baker wanted to become a Chevrolet dealer since age 13. He grew up in the business as his father was a Volkswagen dealer in Concord, which is outside of Charlotte. On July 28, 1987, Baker purchased Baker Chevrolet from the original owner of the franchised dealership in eastern North Carolina.
Courtney Bernhard of Performance Brokerage Services said in the news release, “Working with Fred has been an absolute blessing. His patience to get through this transaction was greatly appreciated and speaks to his character. After meeting his son and lovely wife at the closing, it’s clear why they have been in business for 34 years. I was honored to be able to help Fred retire.”
Baker described what it was like to relinquish the business so dear to him.
“When it came time to sell my Chevrolet dealership, it wasn’t an easy decision,” he said. “I would like to thank Courtney Bernhard from Performance Brokerage Services for putting this deal together and connecting us with a buyer within 30 days of putting the store on the market. Courtney guided both me and the buyer through the entire transaction and kept us informed every step of the way.”
George Chaconas, the exclusive advisor for this transaction and the Southeast partner for Performance Brokerage Services explained how the sales process began.
“Attorney Robert Bass introduced me to Fred Baker who was considering selling his Chevrolet dealership in North Carolina,” Chaconas said. “I had a previous relationship with Fred’s son, Carson, in the powersports industry, so it was a real pleasure to help the family sell their dealership after 34 years.
“I would like to thank our partner, Jason Stopnitzky, in California for introducing us to the buyer, John Carlson. Courtney worked directly with the buyer the entire transaction, and did a fantastic job facilitating and managing the roadblocks along the way,” Chaconas continued.
“I would like to congratulate Fred on his retirement and long-standing service to the community and wish much success to the Carlson family with their new Chevrolet dealership,” Chaconas went on to say.
John Carlson is a former Marine who has spent more than 25 years in the automotive industry. According to Performance Brokerage Services, Carlson always had a dream of owning a dealership.
When he decided to turn the dream into a reality, John Carlson reached out to Performance Brokerage Services to make it happen. John and Bridget Carlson have five children and one grandchild and have been residing on the West Coast. They always knew they wanted to return to the East Coast, so the Baker Chevrolet opportunity was the perfect fit.
“We were looking to acquire our first new franchise automotive dealership and upon the advice of a mentor, we reached out to Performance Brokerage Services,” John Carlson said in the news release. “George Chaconas and Courtney Bernhard exceeded all of our expectations. They guided us through the entire process and got us through a lot of unchartered territory.
“We would not be the owners of our own Chevrolet dealership today without them. I would like to thank Courtney and George for their help and we look forward to acquiring more stores in the future with them,” Carlson continued.
Bernhard touched on what made this transaction unique.
“Working with first-time buyers can be a challenge,” Bernhard said. “However, John and his wife Bridget were phenomenal and on top of every hurdle along the way.
“The attorneys on both sides of the transaction were instrumental in getting this deal to the finish line, and I was very fortunate to be a part of it all. I wish everyone continued success and look forward to crossing paths again in the near future,” Bernhard went on to say.
The dealership will remain at its current location at 914 East Fourth Avenue in Red Springs and will be renamed Carlson Chevrolet.
The seller was represented by Logan Parker from Bass Sox Mercer.
The buyer was represented by Les Chayo of Chayo Law.
Over the last five years, Performance Brokerage Services said it has represented for sale more than 200 automotive dealerships.