Sewell, which now owns 18 Texas dealerships, described the deal as the ‘merging of two great family brands.’
Sewell Automotive Companies has expanded its portfolio of North Texas car dealerships with the acquisitions of Classic BMW and MINI of Plano from Dallas’ Maas family.
The Classic BMW dealership, the Dallas region’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 the largest BMW dealerships in the country, according to the Maas family.
Fifty years after its initial opening, the BMW and MINI dealerships will now be owned and operated by another storied family in the Dallas automotive space — the Sewell family.
“In many ways, this is the merging of two great family brands,” Sewell president Carl Sewell III, grandson of founder Carl Sewell Sr., said in a statement.
The dealership reopened as Sewell BMW MINI of Plano on Oct. 5.
Neither party has disclosed the financial terms of the deal, though it does not include the Maas family’s racing team Fast Track Racing LLC.
Sewell approached the Maas family about acquiring the dealership through auto retail investment banking group Presidio Group LLC, Classic BMW president Eric Maas said.
“My family wouldn’t consider selling unless we were assured that our legacy of caring for our customers and employees would be continued at the same high standard,” Maas said.
Presidio Group has been involved in nearly all of the largest dealership sales in North Texas in recent years. Presidio advised Park Place Dealerships on its sale of eight Texas dealerships valued at $735 million to Asbury Automotive Group. It also advised John Eagle Dealerships on its sale of six dealerships to Lithia Motors in a deal expected to bring an additional $1.1 billion in annual revenue to Lithia.
When it announced the John Eagle deal a year ago, Presidio Group described the Texas dealership market as “super hot.” Despite inventory shortages and declines in revenue, dealerships were more profitable last year on average, according to Kerrigan Advisors’s The Blue Sky Report.
According to the report, a high demand for vehicles in the state of Texas and “tremendous access to capital” are expected to drive more deal activity this year.
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