Ford, Honda, Toyota and Chevy dealerships change palms in 5 promotions

Victory Automotive purchases one particular Honda retailer, sells 1

Victory Automotive Team, which has been each a dealership purchaser and vendor in 2022, acquired a Honda shop in Northern California last month, when it also marketed a Honda dealership in Southern California in June.

Victory Automotive, of Canton, Mich., on Aug. 8 acquired Kastner Honda in Napa, north of San Francisco, from William Kastner Jr., Rodger Olson, the group’s COO, confirmed to Automotive News in an e-mail. The dealership’s identify continues to be.

It marks the initial acquisition for Victory Automotive due to the fact it bought two Ohio dealerships representing four total franchises in June, Olson said.

Meanwhile, Victory Automotive on June 22 offered Ocean Honda of North Hollywood, north of Los Angeles, to companions Joe Shuster and Ted Bessen. That store was renamed Honda North Hollywood.

For Shuster and Bessen, the acquisition is a return to ownership of a Honda dealership.

In July 2020, Shuster, Bessen and a third associate, Sean Wolfington, marketed Honda of Downtown Los Angeles to Brandon Steven Motors for $80 million. The trio of companions originally purchased the assets of Honda of Downtown Los Angeles out of individual bankruptcy for $3 million in 2011 and afterwards invested in a new $38-million dealership.

Shuster, who stayed on at Honda of Downtown Los Angeles as supplier principal till May well 2021, mentioned the Los Angeles current market has been fantastic to him and Bessen.

“We’ve generally beloved L.A.,” Shuster told Automotive News. “And we’ve performed quite properly in L.A. And we thought this was a retailer that was great for us. It truly is in a great current market, something we’re really, quite relaxed with.”

Shuster mentioned that he and Bessen, together with a 3rd companion, Carolyn Olavarria, were being awarded an Acura open stage and will be opening Acura of Los Angeles in the fourth quarter. Shuster additional that he and Bessen also are set to purchase a New York dealership “really soon,” nevertheless he did not offer details.

Bessen also owns 3 dealerships in New York, Shuster said.

The North Hollywood transaction was the most up-to-date sale by Victory Automotive this calendar year. In two independent May well transactions, it sold a Honda keep in Alabama and a Honda dealership in New York.

Bill Scrivner and Mike Sims of Pinnacle Mergers & Acquisitions, a Frisco, Texas, get-offer agency, taken care of the North Hollywood transaction.

Victory Automotive ranks No. 14 on Automotive Information‘ checklist of the leading 150 dealership teams primarily based in the U.S., with retail sales of 36,958 new cars in 2021.