June 6, 2023

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Kia, JLR, Volvo car dealerships trade hands in four states

McGovern Automotive proceeds growth

McGovern Automotive Team, which has been an active dealership purchaser in 2022, ongoing its acquisition drive with the buy of three retailers in two transactions.

McGovern Automotive, of Newton, Mass., on Oct. 20 bought Cash Volvo Cars and trucks of Albany in Colonie, N.Y., and Jaguar-Land Rover Albany from Eric Kahn.

The retailers are McGovern’s initial JLR and Volvo dealerships, CEO Matt McGovern confirmed. The Volvo dealership was renamed McGovern Volvo Automobiles Albany, whilst the JLR dealership’s name remains.

McGovern’s model portfolio ranges from mass-marketplace to Ferrari, but he stated Land Rover and Volvo had been big holes in the lineup.

“We have been really intrigued by those brands and required to get them as soon as doable,” McGovern, an auto retail veteran who co-established New England’s Key Motor Group, explained to Automotive News.

Albany, New York’s funds, is a new market for McGovern Automotive, which also has dealerships on Very long Island in addition to retailers in Massachusetts and New Hampshire.

“It can be surely additional absent from our main team of merchants,” McGovern claimed. “But it’s worth the journey to get familiar with these two brand names. Which is what truly [has] been my best supply of acquisitions is within the makes them selves. So get in, execute very well for the brand name, resolve issues for the manufacturer, and you can frequently get other stores from them.”

Nate Klebacha, a lover with Haig Companions, a purchase-sell business in Fort Lauderdale, Fla., represented Kahn in the transaction. Kahn even now owns four dealerships in New York, Haig Partners mentioned.

“The sale of the retailers is bittersweet,” Kahn mentioned in a statement. “Cash Volvo was my initial retailer I was very pleased of the team we crafted and the results we experienced both of those there and at Jaguar-Land Rover Albany. Nonetheless, I determined it was the suitable time to aim my energies and resources on … suppliers that I own in the mid-Hudson Valley and Syracuse.”

The Albany acquisition was McGovern Automotive’s initially given that it bought a Massachusetts Stellantis dealership in June, McGovern verified.

McGovern Automotive this thirty day period also purchased a Kia dealership in close proximity to Boston.

McGovern acquired Dan O’Brien Kia Norwood from Dan O’Brien of Dan O’Brien Auto Team on Nov. 7. The shop was renamed McGovern Kia of Norwood.

O’Brien sold a Subaru shop in New Hampshire in September and a Massachusetts Nissan dealership in Might. O’Brien was named to Automotive News’ 40 Beneath 40 class in 2018.

As with the Jaguar-Land Rover and Volvo offer, Kia is a new manufacturer for McGovern Automotive.

“It can be certainly a quite sizzling brand name these days [and has] arrive a prolonged way in the last two, a few a long time,” McGovern mentioned. “That was one more gap in our portfolio. That a person, thankfully, was quite close to household.”

Subsequent the acquisitions, McGovern has a overall of 23 new- and utilized-car or truck dealerships.

Nancy Phillips Associates, a purchase-market business in Exeter, N.H., represented O’Brien in the Kia transaction.