Dealer Notes: McGovern’s latest acquisition; New Tri Ford Owners
As hot as those fireworks exploding over the upcoming Fourth of July weekend, dealer M&A activity since two more deals went public on Wednesday.
Beginning with the McGovern Automotive Group, the New England franchise store operator announced its 20th dealership acquisition in the past five years. Lundgren CDJR is now part of the group: Chrysler Dodge Jeep RAM in Greenfield, Mass.
McGovern has grown significantly to revenues approaching $2 billion, employing over 1,100 people and selling over 27,000 vehicles annually in Massachusetts, New Hampshire and New York.
The group’s diverse portfolio includes luxury brands such as Ferrari, Porsche, Maserati, BMW, Audi, as well as other badges such as Subaru, Chevrolet, Toyota, Ford and Hyundai.
“I created McGovern Automotive Group to create the best auto dealership group in the industry with my own hands, without any bureaucratic influence from outside investors,” CEO and Founder Matt McGovern said in a press release. “I knew the most important action item was to recruit the most talented management team, which I quickly assembled through the many loyal relationships I’ve cultivated over my 20+ years in the business. the automobile sector.
“It’s so enjoyable for me personally to work with a group of people every day who are all fully aligned with our mission,” McGovern continued. “Our people are by far our greatest asset, and the success we’ve had is a testament to their hard work, commitment and determination to be the best in the business. always go the extra mile to deliver value to customers.
Ford store in Illinois changes hands
CliftonLarsonAllen (CLA), a leading professional services firm in the United States, announced on Wednesday that it has helped the Rehkemper family find a new owner for their Tri Ford dealership in Highland, Illinois.
The store is now part of the Lou Fusz Automotive Network, which is based in St. Louis.
Founded in 1968 by David Rehkemper, Ed Moenster and Clinton Rogier, Tri Ford has grown to become one of the largest companies in Highland, less than an hour from St. Louis. By 2006, Rehkemper had become the sole owner of Tri Ford.
After his death in 2010, Monica Rehkemper stepped into the role of sole owner-operator and, together with her son Eric, continued to expand the operation of the dealership.
After operating the dealership for over a decade, Monica Rehkemper finally decided it was time to move on to the next chapter of her life.
“Selling our store brings a lot of emotions as we’ve been rooted here for over 50 years, but I’m thrilled with the outcome,” she said in the press release. “I know the Fusz family will continue to provide members of the Tri Ford community with exceptional care and service. I also know that they look forward to providing our great team at Tri Ford with opportunities for success and growth in the future.
Ben Axelrod is the head of the investment banking practice at CLA, who mentioned that the company had conversations with many potential buyers, including detailed discussions with several high-quality groups, before the deal. is entered into with the Lou Fusz Automotive Network.
“It has been a pleasure working with Monica and helping her achieve these retirement goals,” Axelrod said. “We knew it was important for Monica to not only find a strong operator who would continue to build on what Dave, Monica and Eric have built, but also someone who has a fantastic reputation in the community and the close-knit dealer ecosystem in the area.
“With the Fusz organization, we have found a highly experienced professional team committed to managing its expansion into the greater St. Louis area and into the state of Illinois. Axelrod continued. “Lou Fusz Automotive was a perfect fit for Monica and Eric’s goals and we wish the Lou Fusz Ford team at Highland success in the next chapter of this dealership.”