Clay Cooley opens a Hyundai store
Dealership Clay Cooley added to its dealership group’s presence in the Dallas-Fort Worth, Texas area with the June 27 addition of its third Hyundai dealership, one of more than 10 dealerships in its portfolio, according to DCG Acquisitions, a Dave Cantin Group company. , which facilitated the transaction.
“This is a strategic acquisition,” George Pero, vice president of sales at DCG Acquisitions, said in a phone interview. Pero and Brian O’Malley, the company’s managing director, worked on the transaction.
“Almost all of their dealerships are drive-in,” Pero said of Clay Cooley Auto Group of Irving, Texas. “This purchase expands their existing footprint.”
In November, the Clay Cooley Group purchased a stand-alone Cadillac dealership in Garland, Texas.
The recent acquisition, formerly known as Bob Stallings Hyundai of Dallas, has been renamed Clay Cooley Hyundai of Dallas.
Concession is a past Automotive News Winner of Best Concessions to Work For. The seller was dealer Bob Stallings. In a telephone interview, Stallings confirmed that he was the seller, through a legal person he controls.
“It wasn’t particularly for sale. But Cooley made a very good offer,” Stallings said. “As a businessman, even though I was emotionally attached to the dealership, I thought it was a good offer.”
Stallings, also a former auto insurance executive, said he doesn’t own any other dealerships, but would like to get back into auto retail in the future.
“I like the automotive sector and I intend to come back to it, although I feel like I’m waiting for prices to be more rational,” he said.
Heritage Auto Group expands in Wyoming
On August 16, Heritage Auto Group purchased two dealerships in southwest Wyoming, E&L Motors, a Chevrolet-Buick-GMC store, and Frontier Ford, from brothers Vince and Tony Tomassi. That’s according to Jon Weese, CEO of Heritage Auto.
The purchase of the Diamondville, Wyoming stores brings Heritage Auto to seven stores, including two Ford dealerships, two General Motors dealerships, two Stellantis dealerships and a Ford-Stellantis double store. All of the group’s dealerships are located in northern Utah or southwestern Wyoming.
The stores were the Tomassi brothers’ only new vehicle dealerships, Weese said.
Both stores were renamed Heritage Chevrolet-Buick-GMC of Diamondville and Heritage Ford of Diamondville.
weese said Automotive News that the purchase made sense given his group’s focus on serving rural communities.
“Our specialty is in rural areas, small markets — more community-oriented, family-oriented,” Weese said. “[I] I just felt like it fit our model.”
Weese and Heritage in November 2021 expanded into Wyoming, purchasing a Chevrolet dealership in Evanston.
As for the Tomassis’ decision to sell, Weese said the brothers wanted to focus on other things.
“They’ve been involved in the business all their lives, but that’s really what awaits them,” Weese said, adding that includes time with family and grandkids.
Additionally, the Tomassis will focus on a restaurant they own nearby, Weese confirmed, even though it’s only open Thursday nights.
Weese hopes to capitalize on the rapidly developing digitization of dealerships. He said that was part of the reason he kept buying from dealerships, regardless of brand.
“[The] The plan is to continue to grow and improve these businesses, changing over time and continuing to serve these small communities,” Weese said. “You really aren’t confined to the location anymore. Especially in today’s market, when you have a product, you sell it.”
John Mecham and Johnny Mecham, Rocky Mountain partners for Performance Brokerage Services, a buy-sell firm in Irvine, Calif., facilitated the transaction.