News Summary
The Galeana Automotive Group has sold three dealerships in Florida and South Carolina, marking its exit from these markets. The transaction includes Galeana Kia and Galeana Chrysler-Dodge-Ram-Fiat in Fort Myers, and Galeana Chrysler-Dodge-Jeep-Ram in Mount Pleasant. While the sale prices for the properties were largely undisclosed, Galeana Kia was sold for approximately $33.74 million. The move aligns with Galeana’s strategic realignment in the automotive sector, reflecting broader changes in dealership ownership and market dynamics.
Florida – The Galeana Automotive Group has announced the sale of three of its dealerships as it exits the Florida and South Carolina markets. The two dealerships located in Fort Myers, Florida—Galeana Kia and Galeana Chrysler-Dodge-Ram-Fiat—and one dealership in Mount Pleasant, South Carolina—Galeana Chrysler-Dodge-Jeep-Ram—are included in this transaction. The sales were carried out by Bill Nero Automotive Group, based in Orlando, Florida, and the deal was facilitated by Haig Partners, a brokerage firm specializing in automotive dealership transactions.
The terms of the sales were not disclosed; however, property records reveal that Galeana Kia was sold for approximately $33.74 million. The transfer of the property for Galeana Chrysler-Dodge-Ram-Fiat occurred for a nominal fee of $10, indicating a strategic business decision involving the residual value of the dealership. Notably, the stated sale price does not reflect the “Blue Sky” value, which accounts for expected future earnings of the dealerships.
The Galeana Automotive Group has been a significant player in the automotive industry, with a history spanning 40 years. Founded by Frank Galeana with the purchase of Van Dyke Dodge in Detroit, the company expanded to eventually include seven dealerships across Florida, Michigan, and South Carolina, making it a prominent entity in the auto retail space. By the late 1980s, Galeana was recognized as one of the largest Hispanic-owned businesses in the United States and had the distinction of being one of the first Saturn dealers.
Bill Nero, the CEO of Bill Nero Automotive Group, expressed his plans to enhance the Fort Myers locations following the acquisition. His experience in the auto retail business is anticipated to drive improvements and growth within these dealerships. The sale is part of a broader trend of changes in ownership within the automotive sector in Southwest Florida, reflecting the area’s growing population and favorable business climate.
Haig Partners has a reputable background, having advised on the sale of 97 dealerships in Florida and over 530 dealerships nationwide, amounting to more than $10.7 billion in total value. This firm’s expertise played a crucial role in facilitating the Galeana Automotive Group’s divestiture process. A representative from Galeana highlighted the significance of having advisory support during the sale process, which aligns with their strategic goals.
In addition to the Florida dealerships, the Mount Pleasant Chrysler-Dodge-Jeep-Ram dealership was sold to a separate entity known as the Mount Pleasant Automotive Management Group, which was announced back in July. Although the Galeana Automotive Group is stepping back from these markets, the family will retain ownership of its Van Dyke Dodge RAM dealership in Michigan, ensuring their continued presence in the automotive sector.
Overall, the transactions reflect Galeana Automotive Group’s strategic realignment and mark a notable change in the landscape of dealership ownership in the Southeast United States. The local dealerships have been key contributors to the automotive markets in their respective regions for decades, and the upcoming changes are likely to shape the future of automotive retail in Florida and South Carolina.
Deeper Dive: News & Info About This Topic
- News-Press: Galeana Family Sells Dealerships
- Wikipedia: Automobile Dealership
- Business Observer: Fort Myers Dealership Properties Sell
- Google Search: Galeana Automotive Group
- Business Wire: Haig Partners Advisor to Galeana Auto Group
- Encyclopedia Britannica: Automotive Industry
- Post and Courier: Car Dealership Debuts in Mount Pleasant
- Google News: Automotive Industry Trends
Author: STAFF HERE GREENVILLE
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