Sewell Automotive Corporations has expanded its portfolio of North Texas automotive dealerships with the acquisitions of Basic BMW and MINI of Plano from Dallas’ Maas household.
The Basic 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 response to 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 house — 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 an announcement.
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 embrace the Maas household’s racing staff Quick Monitor Racing LLC.
Sewell approached the Maas household about buying the dealership by auto retail funding banking group Presidio Group LLC, Basic BMW president Eric Maas stated.
“My household wouldn’t take into account promoting until we have been assured that our legacy of caring for our prospects and staff can be continued on the identical excessive normal,” Maas stated.
Presidio Group has been concerned in almost the entire 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 deliver an extra $1.1 billion in annual income to Lithia.
When it introduced the John Eagle deal a yr in the past, Presidio Group described the Texas dealership market as “tremendous scorching.” Regardless of stock shortages and declines in income, dealerships have been extra worthwhile final yr on common, in response to Kerrigan Advisors’s The Blue Sky Report.
In accordance with the report, a excessive demand for automobiles within the state of Texas and “large entry to capital” are anticipated to drive extra deal exercise this yr.
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.