Van Horn Automobile Group Sells Two New Iowa Dealerships
Van Horn Automobile Group has sold Van Horn Ford and Van Horn Chevrolet in Newhall, IA. The stores will be renamed Sky Ford and Sky Chevrolet.
Jeff Niesen, president of the Wisconsin-based Van Horn Automobile Group, said the stores were sold as they were “outside of the rest of our platform, I told them we would entertain an offer, which would allow us to reinvest and fuel our continued growth in Wisconsin,” Niesen said.
Performance Brokerage Services found a buyer in Yelena Tostanovsky and her son, Alex, owners of Sky Auto Mall in Center Point, which sells Ford, Chrysler, Dodge, Jeep, and Ram vehicles. In July 2021, Yelena and Alex Tovstanovsky bought Sky Auto Mall in Center Point.
Ascent Automotive Sells Toyota Dealership to Jim Shorkey Auto Group
Ascent Automotive Group sold its Toyota of Greensburg dealership in Pennsylvania to Jim Shorkey Auto Group, the Pittsburgh-based family-owned dealership group with 17 stores across the Northeast.
Ascent Automotive Group, part of The Friedkin Group since 2004, represents Lexus and Subaru dealerships in Nevada and Ohio. Ascent Automotive acquired Toyota of Greensburg in October 2011 and won the Toyota President’s Award for six consecutive years from 2017-2023.
Kerrigan Advisors, who helped negotiate the deal for Ascent, noted Toyota is the top volume import franchise in the Pittsburgh market and continues to lead the automotive industry, achieving 15 percent sales growth in 2024 which is the highest among all volume import franchises. Toyota significantly outperforms several global and domestic competitors and is the most-requested brand in Kerrigan’s Buyer Database and in the 2024 Kerrigan Dealer Survey.
“Not surprisingly, Toyota franchises are among the most sought after in the industry. Their effective inventory management, strong dealer-OEM partnerships, robust fixed operations, and consistent profitability make them extremely desirable in the current market,” said Erin Kerrigan, Founder & Managing Director of Kerrigan Advisors.
Fred Martin of Youngstown Acquired by #1 Cochran Automotive Group
Fred Martin of Youngstown, which includes Mercedes-Benz and Ford dealerships, has been sold to Rob Cochran of #1 Cochran Automotive Group.
#1 Cochran Automotive Group is one of the nation’s largest automotive retailers, with more than 30 dealerships operating across Ohio and Pennsylvania. The company represents 20 automotive brands and employs around 1,900 dedicated individuals. Fred Martin of Youngstown will be renamed Mercedes-Benz of Youngstown and #1 Cochran Ford Youngstown and will remain at their current locations at 4701 Mahoning Avenue and 7955 Market Street in Youngstown, OH.
Fred Martin sold the dealership as he is retiring after 52 years as a Ford dealer and 39 years with Mercedes-Benz, in a sale brokered by Performance Brokerage Services.
Tony T Automotive Group Purchases Houston Dealership
Gulfgate Dodge-Chrysler-Jeep-Ram in Houston, TX has been sold to the Tony T Automotive Group led by Tony Thomas. The dealership will be rebranded the Tony T Chrysler Dodge Jeep Ram of Gulfgate.
Thomas was very familiar with the store, having worked at the dealership several years ago during Davis’ ownership. Thomas worked at Gulfgate from 2010 until 2015, serving in various management positions before leaving to acquire dealerships in Arkansas and South Carolina. Gulfgate sits in a high-profile location at the intersection of two of the largest freeways in Houston, I-45 and I-610. The dealership operates from an 11-acre site with more than 42,000 square feet of building space.
Haig Partners advised Davis in the sale he retires from the business.
“I’ve been fortunate to be a Stellantis dealer for the last 23 years, and I have had the privilege to support minority dealer causes and the Houston community during my time as a dealer,” said Davis. “Deciding to sell was not easy. However, I am looking forward to my next chapter, which is retirement…’m happy that both our employees and customers will be in great hands through this transition.”
