December 9, 2022

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Automotive rocks

Carter Myers Automotive to acquire Honda, Hyundai and Stellantis dealerships in Virginia from Craft Automotive

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Craft Automotive Group of Lynchburg, Va., mentioned previous week that it has signed an arrangement to provide its a few dealerships to Carter Myers Automotive, a escalating dealership group in Charlottesville, Va.

The settlement for Craft Automotive to provide Billy Craft Honda, Billy Craft Chrysler-Dodge-Jeep-Ram and Craft Hyundai, all in Lynchburg, to Carter Myers will become efficient on Aug. 24, according to a statement signed by Craft Automotive President Kendall Craft and confirmed by Carter Myers CEO Liza Borches.

“We have known the Craft spouse and children for actually a few of generations now,” Borches explained to Automotive Information. “Mr. Billy Craft and my father were in the company collectively and I’ve identified Kendall Craft while the Virginia Automobile Dealers Association and have worked with him now for quite a couple a long time.

“It definitely was essential to the Craft family to market to yet another family-owned organization.”

All Craft associates and standard managers will be invited to remain, Borches mentioned. Carter Myers’ associates, by way of an worker inventory ownership strategy, very own 26 per cent of the enterprise. Borches reported her firm’s worker ownership composition was an additional issue in Craft’s selection to market his shops to Carter Myers.

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