DETROIT -- The Suburban Collection has acquired two Michigan dealerships -- Don Massey Cadillac in Plymouth and Capitol Cadillac in Lansing -- from Charlotte, N.C.-based Sonic Automotive Inc. for an undisclosed amount.
Sonic had owned both stores since purchasing them from the late Don Massey in 2002.
The 73,000-square-foot Plymouth store, which employs 90, will give The Suburban Collection a presence on the west side of metro Detroit.
It already operates Cadillac dealerships in Troy and Ann Arbor, Mich., and Costa Mesa, Calif.
With its purchase of Capitol Cadillac, a 53,000-square-foot site employing 45 people, the dealership group will gain entry to the Lansing market.
The acquisitions are in line with The Suburban Collection’s strategy of continued, managed growth and geographic expansion, Chairman and CEO David Fischer said in a statement.
Since early 2012, The Suburban Collection has completed the purchase of five other Michigan dealerships: Suburban Fiat in Ann Arbor, Suburban Kia in Troy, Suburban Chrysler Jeep Dodge Ram in Garden City, Chrysler Jeep of Ann Arbor and Fresard Buick GMC, a truck dealership in Ferndale.
With employees from the two new Cadillac dealerships, The Suburban Collection now employs 2,000 and is Michigan’s largest privately held dealership group and the 18th-largest dealer group in the country, with sites in Michigan, Florida, Illinois, Wisconsin and California.
The group reported $1.6 billion in revenue in 2013 and more than 57,100 new and used vehicles sold nationwide.
In December, Fischer projected 2013 sales and vehicles would be up 15 percent, outpacing national increases among dealer groups.
You can reach Sherri Welch at swelch@crain.com.
http://www.autonews.com/article/20140624/RETAIL07/140629945/michigans-suburban-collection-acquires-2-cadillac-dealerships-in
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