Thelaughing Halibut

Make Fun Of Business.

Home » Maas household sells Dallas’ unique BMW dealership and MINI of Plano to Sewell

Maas household sells Dallas’ unique BMW dealership and MINI of Plano to Sewell

Sewell Automotive Corporations has expanded its portfolio of North Texas automobile dealerships with the acquisitions of Traditional BMW and MINI of Plano from Dallas’ Maas household.

The Traditional BMW dealership, the Dallas area’s first BMW retailer, was opened in Richardson by Lee Maas in 1971. Now co-located on a 24-acre campus in Plano with MINI of Plano, the dealership has grown into one of many largest BMW dealerships within the nation, in accordance with the Maas household.

Fifty years after its preliminary opening, the BMW and MINI dealerships will now be owned and operated by one other storied household within the Dallas automotive area — the Sewell household.

“In some ways, that is the merging of two nice household manufacturers,” Sewell president Carl Sewell III, grandson of founder Carl Sewell Sr., stated in a press release.

The dealership reopened as Sewell BMW MINI of Plano on Oct. 5.

Neither celebration has disclosed the monetary phrases of the deal, although it doesn’t embody the Maas household’s racing group Quick Monitor Racing LLC.

Sewell approached the Maas’ about buying the dealership by auto retail funding banking group Presidio Group LLC, Traditional BMW president Eric Maas stated.

“My household wouldn’t take into account promoting except we had been assured that our legacy of caring for our clients and workers could be continued on the identical excessive normal,” Maas stated.

Presidio Group has been concerned in almost all the largest dealership gross sales in North Texas in recent times. Presidio suggested Park Place Dealerships on its sale of eight Texas dealerships valued at $735 million to Asbury Automotive Group. It additionally suggested John Eagle Dealerships on its sale of six dealerships to Lithia Motors in a deal anticipated to convey a further $1.1 billion in annual income to Lithia.

When it introduced the John Eagle deal a 12 months in the past, Presidio Group described the Texas dealership market as “tremendous sizzling.” Regardless of stock shortages and declines in income, dealerships had been extra worthwhile final 12 months on common, in accordance with Kerrigan Advisors’s The Blue Sky Report.

Based on the report, a excessive demand for autos within the state of Texas and “large entry to capital” are anticipated to drive extra deal exercise this 12 months.

With the most recent acquisition, Sewell now owns 18 dealerships throughout Texas representing Audi, BMW, Buick, Cadillac, GMC, INFINITI, Jaguar, Land Rover, Lexus and extra.