A San Jose, Calif., dealership group expanded into the state's Fresno market with the purchase of five dealerships in two transactions this year.
American Motors Corp. on June 1 bought Michael Toyota, Michael Cadillac, Michael Chevrolet and Michael Volkswagen, all in Fresno, from Michael Rosvold of Michael Automotive Center.
The stores were Rosvold's only dealerships, according to Steve Cornelius, American Motors' president.
American Motors renamed the dealerships Blackstone Toyota, Blackstone Cadillac, Blackstone Chevrolet and Blackstone Volkswagen.
The four-store purchase follows American Motors' May 1 acquisition of Clovis Volkswagen in nearby Clovis, Calif., from Robert Zamora, Cornelius said.
Cornelius said American Motors plans to close Blackstone Volkswagen in the coming months and combine its operations with the Clovis store, which was renamed Volkswagen of Clovis.
The two Volkswagen dealerships are separated by about 6 miles, Cornelius noted, and the move will allow American Motors to expand the footprint of the Toyota store, which is near Blackstone Volkswagen.
"It's a pretty great opportunity because we have the chance to take Volkswagen off of the Toyota property so the Toyota property becomes an 8-acre Toyota store," Cornelius told Automotive News.
Cornelius, along with his brother Ed, are partners in the group. Mark Feldman, the group's CFO, owns a small piece of a couple of the group's dealerships, Cornelius noted.
The Chevrolet and Cadillac brands are additions for the group, which dates to 1972. American Motors has dealerships in San Jose and Dublin, Calif., in the San Francisco Bay Area, as well as Lancaster in Los Angeles County, including those selling Toyota, Volkswagen, Hyundai and Genesis. It also owns a standalone classic car store in San Jose.
"We've been looking for another Toyota store, and this opportunity showed up in the Central Valley," Cornelius said. "We couldn't be more excited to add Chevrolet and Cadillac to the portfolio as well."
George Pero of DCG Acquisitions, a Dave Cantin Group company, represented the buyers in the Michael Automotive Center transaction.
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June 17, 2022 at 01:07AM
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American Motors enters Fresno, Calif., with purchase of Toyota, GM, VW dealerships - Automotive News
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