Performance Brokerage Services Represents Lithia & Driveway (LAD) on the Sale of North Branch Chevrolet in Minnesota

Rhea-AI Summary

Lithia & Driveway (LAD) has sold North Branch Chevrolet in Minnesota to Tyler Kadlec of Tom Kadlec Automotive, with Performance Brokerage Services acting as the exclusive sell-side advisor. The dealership will be renamed Tom Kadlec Chevrolet and will remain at its current location in North Branch, Minnesota. Tom Kadlec Automotive, a family-owned business operating since 1979 in Rochester, Minnesota, is expanding its footprint through this acquisition.

The transaction represents another successful deal for Performance Brokerage Services, which has advised on over 300 dealership sales in the last 5 years. Lithia & Driveway, currently ranked #1 on the 2024 Automotive News Top 150 Dealership Groups based on 2023 new vehicle retail sales units, continues to optimize its dealership portfolio through strategic divestitures.

Positive

• LAD maintains its #1 position in 2024 Automotive News Top 150 Dealership Groups
• Strategic divestiture aligns with company's portfolio optimization strategy

Negative

• Reduction in LAD's dealership network footprint in Minnesota

Performance Brokerage Services, the leader in dealership buy-sell activity, announces the sale of North Branch Chevrolet in Minnesota from Lithia & Driveway (LAD) to Tyler Kadlec of Tom Kadlec Automotive.

IRVINE, Calif., Dec. 16, 2024 /PRNewswire/ -- Performance Brokerage Services, North America's highest volume dealership brokerage firm, is proud to represent Lithia & Driveway (NYSE: LAD) on the sale of North Branch Chevrolet in North Branch, Minnesota to Tyler Kadlec of Tom Kadlec Automotive.

Lithia & Driveway started from humble beginnings when Walt DeBoer founded a Chrysler-Plymouth-Dodge dealership in Ashland, Oregon in 1946. Walt's son, Sid DeBoer, transformed the dealership group into Lithia Motors, Inc., a publicly traded company in 1996. Now a third-generation company, Lithia & Driveway is run by Sid's son, Bryan DeBoer, CEO & President, and ranked #1 on the 2024 Automotive News Top 150 Dealership Groups based on 2023 new vehicle retail sales units.

Director of Network Development for Lithia & Driveway, Matt Whitmer commented, "When we decided to divest of our North Branch Chevrolet store, we reached out to Emily Bourne and Matt Willis at Performance Brokerage Services for assistance in finding a qualified buyer. From start to finish, they provided exceptional support in finding the right buyer, Tyler Kadlec. Their communication was always clear, consistent, and proactive, ensuring that the deal stayed on track and allowing us to meet our targeted closing date. We look forward to working with Matt, Emily, and the entire team at Performance Brokerage Services again in the future."

Over the last 5 years, Performance Brokerage Services has advised on the sale of over 300 dealerships, making it the highest volume dealership brokerage firm in North America. Paul Kechnie, Senior Partner, Emily Bourne, Partner, and Matt Willis, Partner of the Texas & Midwest Offices for Performance Brokerage Services were the exclusive sell-side advisors for this transaction.

Emily Bourne shared, "It was an honor to represent Lithia & Driveway in the sale of North Branch Chevrolet to Tyler Kadlec. Working with Lithia & Driveway, we were able to understand their goals for divesting the store. It was exciting to find the perfect buyer in Tyler Kadlec, a fellow Northwood University alumnus, as he expands the Tom Kadlec Automotive footprint in Minnesota. It's been a true privilege working alongside the teams at Lithia & Driveway and Tom Kadlec Automotive throughout this process. We look forward to continuing our partnership with both Lithia & Driveway and Tom Kadlec Automotive to support future buy-sell transactions."

Tom Kadlec Automotive is a family-owned and operated business that has been proudly serving the Rochester, Minnesota community since 1979, representing Honda and Kia. Now, they are expanding their reach with the acquisition of North Branch Chevrolet. Tyler Kadlec, Chief Operating Officer at Tom Kadlec Automotive shared, "Acquiring North Branch Chevrolet marked an exciting new chapter for our family, and we couldn't have done it without the outstanding support of Emily Bourne and Matt Willis at Performance Brokerage Services. Their professionalism and expertise were evident from the start, ensuring a smooth and straightforward process. What truly stood out was their trustworthiness. Emily and Matt were transparent, honest, and always available to answer questions or provide guidance. Their unwavering focus on our goals gave us confidence every step of the way. We are deeply grateful to Emily and Matt for their hard work and dedication throughout this journey. We wholeheartedly recommend their services to anyone looking to buy or sell a dealership."

North Branch Chevrolet will be renamed Tom Kadlec Chevrolet and will remain at its current location at 38420 Tanger Drive in North Branch, Minnesota.

About Performance Brokerage Services

Performance Brokerage Services, Inc. is North America's highest volume dealership brokerage firm, specializing in buy-sell activity for automotive, RV, commercial truck, powersports, and equipment dealerships.

With over 30 years of experience, 900 dealerships sold, and a 90% closing rate, the company's reputation is unmatched and governed by the utmost ethical conduct and integrity.

The company offers a unique approach by providing complimentary estimates of value with no upfront fees or retainer, no reimbursement of costs, and paid a success fee only after the transaction closes.

Headquartered in Irvine, California, and supported by 9 regional offices in Utah, Texas, Illinois, Florida, Virginia, Ohio, New Jersey, Alberta and Ontario, clients benefit from national exposure with local representation.

As trusted and respected experts in the field, the company utilizes an extensive network of industry related attorneys, accountants, hundreds of registered buyers, and longstanding relationships with various vehicle manufacturers.

For more information about the services offered by Performance Brokerage Services, visit https://performancebrokerageservices.com.

Media Contact: 
Jesse Stopnitzky, Co-Owner
(949) 309-2851
jesse@performancebrokerageservices.com

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SOURCE Performance Brokerage Services, Inc.

FAQ

What is the impact of North Branch Chevrolet sale on LAD's Minnesota presence?

The sale reduces LAD's dealership footprint in Minnesota, as North Branch Chevrolet will now operate under Tom Kadlec Automotive ownership.

How does this sale align with LAD's business strategy?

The sale appears to be part of LAD's strategic portfolio optimization, allowing the company to divest non-core assets.

What is LAD's current market position in the automotive retail sector?

LAD is ranked #1 on the 2024 Automotive News Top 150 Dealership Groups based on 2023 new vehicle retail sales units.

What will happen to the North Branch Chevrolet dealership location?

The dealership will be renamed Tom Kadlec Chevrolet and will continue operations at its current location at 38420 Tanger Drive in North Branch, Minnesota.