Dealership group M&A roundup

Foundation Automotive Corp., which has stores in both the U.S. and Canada, said Tuesday it has purchased its first Mercedes-Benz dealership, acquiring Mercedes-Benz of Wichita Falls in Texas.

This is the group’s ninth store in Wichita Falls, Texas, and 36th overall.

Kendrick Jones will be the dealership’s general manager.

“Mercedes-Benz is synonymous with excellence and this acquisition is a pinnacle for Foundation. I’ve always aspired to be a Mercedes-Benz dealer, it is every car dealer’s dream,” Foundation Automotive chief executive officer and president Kevin Kutschinski said in a news release. “We plan to expand and build a brand-new Mercedes-Benz facility in the future.”

Foundation Auto USA chief operating officer and president Corey Byrd said: “The addition of Mercedes-Benz is a huge win for our team. I have been a Mercedes-Benz driver and fan of the brand for many years, and I can’t wait to work with Mercedes-Benz and expand our brand options.”

Elsewhere on the dealership buy-sell front, i.g. Burton Auto Group has purchased Newark Chrysler Jeep Dodge Ram of Delaware from Gary Hendrixson Sr. and Gary Hendrixson Jr., according to Performance Brokerage Services, which advised on the sale.

MJ Lofland, vice president and COO of i.g. Burton Auto Group, said in a news release: “We just recently acquired our 10th store with the help from Gershon Rosenzweig and Matt Wilkins of Performance Brokerage Services. They were extremely professional and had thorough knowledge of the entire operation we were looking to purchase.

“These gentlemen are straight shooters and provided us with a great due diligence package with all the facts needed for our transaction,” Lofland said. “We were able to purchase this dealership in record time with their help and assistance. I would highly recommend Performance Brokerage Services as a buyer’s or seller’s agent.”

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