DCG Acquisitions Negotiates Sale of Honda Dealership from Lithia Motors to Timbrook Auto Group
Original Article “Lithia sells Hazleton Honda; Car Vision buys Hazleton Nissan”
Published June 3, 2021 @us.newschant.com
Lithia Motors Inc. has offered a Honda store it purchased lower than two years in the past from an ailing dealership group.
Lithia on May 17 offered Hazleton Honda in Hazle Township, Pa., to Fred Timbrook, Lee Wilson and David Ainsworth of Timbrook Automotive.
That’s in accordance with DCG Acquisitions, a Dave Cantin Group company, which brokered the transaction.
Timbrook Automotive has 11 new-vehicle dealerships in Maryland, West Virginia, Pennsylvania and Virginia and sells automobiles from Honda, Chevrolet, Buick, GMC, Chrysler, Dodge, Jeep, Ram, Ford, Kia and Nissan manufacturers, in accordance with its web site. In February 2020, Timbrook purchased Altoona Honda in Pennsylvania from Bill Barnes and Paul Ritchie.
Terms of the Lithia-Timbrook deal weren’t disclosed.
The public auto retailer purchased Hazleton Honda from trade veteran Michael Saporito and former NFL linebackers Jessie Armstead and Antonio Pierce. It was the one dealership in a Hazle Township auto mall to stay open after lawsuits have been filed in 2018 in opposition to the house owners by Nissan Motor Acceptance Corp. and Hyundai Capital America.
Lithia stated in August 2019 that it anticipated the Honda dealership to generate about $50 million in annual income.
Separately, Car Vision in February purchased the previous Hazleton Nissan dealership, additionally in Hazle Township — which had been owned by the identical trio — from Nissan Motor Acceptance. That dealership has been renamed Car Vision Nissan.
The retailer had been closed since 2018 amid a authorized tangle between Nissan Motor Acceptance, the automaker’s finance arm, and the shop’s former house owners. Nissan North America had terminated the franchise settlement in 2018.
Car Vision has a Mitsubishi dealership in Trooper, Pa., and two used-only shops in Philadelphia and in Maple Shade, N.J.
“We’re a growing company,” stated Car Vision proprietor Dean Cafiero.
Lithia Motors Inc., of Medford, Ore., ranks No. 3 on Automotive News‘ record of the highest 150 dealership teams primarily based within the U.S., retailing 171,168 new automobiles in 2020. But Lithia’s April acquisition of Michigan’s Suburban Collection makes it the second-largest group going ahead.
Brian Brown and Woody Woodward of DCG Acquisitions dealt with the Lithia-Timbrook transaction.
Colliers International suggested Car Vision within the Hazleton Nissan deal, and CBRE suggested Nissan Motor Acceptance in that transaction.