Rick Hendrick cures ‘Ferrari fever’ with luxury dealerships acquisition

Thirty years later, Rick Hendrick has struck a deal. (We’ll get back to that).

Some context: Hendrick, motorsports legend and CEO of his sprawling namesake dealership group, texted four words to his friend Benny Yount: “I’ve got Ferrari fever.”

The “not long ago” text included a photo of some of his cars, Hendrick told CDG News via email.

“We laughed about it, but it started a conversation,” Hendrick said. “He told me he was ready (to sell). The timing was right for both of us, and everything came together from there…”

And now, Hendrick Automotive Group, one of the largest private retailers in the country, has added multiple luxury brands, including Ferrari, to its portfolio.

Inside the deal: Hendrick Automotive purchased Foreign Cars Italia Charlotte, and Foreign Cars Italia Greensboro, in North Carolina, from Paramount Automotive Group, owned by Yount.

• The deal closed June 30.

• Foreign Cars Italia has been the exclusive Ferrari retailer for the Carolinas since 1993, serving a combined market of 16 million people, according to Kerrigan Advisors, which represented the sellers.

For context: Foreign Cars Italia Charlotte consists of two buildings housing Ferrari of Charlotte (seen above), Alfa Romeo of Charlotte, Aston Martin Charlotte, Bentley Charlotte, and Maserati of Charlotte.

Foreign Cars Italia Greensboro includes in one building: Ferrari of Greensboro, Maserati of Greensboro, and Porsche Greensboro.

• Each dealership will retain its individual names without the Foreign Cars Italia Charlotte/Greensboro monikers.

• The brands Ferrari, Alfa Romeo, Aston Martin, Bentley, and Maserati are all newcomers to Hendrick’s portfolio, while the acquisition adds a third Porsche franchise.

• Hendrick also bought the land on both properties, which encompass more than 15 acres and more than 100,000 square feet of facilities, according to the company.

What they’re saying: Hendrick said Yount’s operation is “exactly the kind of opportunity we look for.”

“Benny and his family have built a tremendous reputation over the years,” Hendrick said. “They have outstanding people and loyal customers.”

• He said the group is committed to investing in the dealerships.

• Plans include a new Porsche dealership in Greensboro, a new Ferrari facility in Charlotte, and upgrades for the other brands.

• They’re also working on a Ferrari satellite operation in Raleigh.

Rewind the tape: Hendrick said he tried to buy Yount’s operation 30 years ago, but his CFO (jokingly) told him then that it’d be cheaper to buy him a new Ferrari every year.

“Looking back, we probably should have bought it,” Hendrick said. “I’ve always had a lot of respect for Benny. We’ve stayed friends over the years, and I’ve been one of his customers.”

Market confidence: Hendrick said demand for used ultra-luxury vehicles remains strong.

"There are only so many of these cars available, and the interest from collectors and enthusiasts continues to grow," Hendrick said. "We've seen values on many exotic models remain very high, and people are actively buying and collecting these cars. It's a healthy market."

Scaling the portfolio: The Charlotte-based group now owns more than 100 dealerships in 12 states, with 31 manufacturer nameplates, too.

• There are more than 11,000 Hendrick teammates nationwide, and the Carolina deal adds about 130, the company said.

• Hendrick expects a smooth transition for the new luxury brands, which  he said complement their portfolio well.

"We have great people and processes in place..., so the disruption should be minimal,” Hendrick said.

A personal connection: Hendrick, a three-time motorsports Hall-of-Famer, also owns Hendrick Motorsports, the winningest team in NASCAR history, with 322 Cup Series wins and 15 Cup Championships.

• The Hendrick Heritage Center, on the grounds of the Hendrick Motorsports’ campus in Concord, North Carolina, houses his personal car collection.

• He said this deal’s appeal stretches beyond business.

"I've loved automobiles my whole life, and these are brands that many people dream about,” Hendrick said. “Every one of them has its own personality, its own history, and its own following.”