Following the death of its dealer, Performance Brokerage Services steps in and negotiates the sale of Burien Honda in Washington to new owner, Greg Rairdon. The acquisition marks the growth of Rairdon’s impressive portfolio to seven dealerships and eight franchises.
The dealership was under the same ownership for 49 years!
For Immediate Release
Irvine, CA - For many years, Performance Brokerage Services has facilitated dozens of sales and acquisitions as a leading national auto dealership broker. Today, in light of a series of less-than-ideal circumstances, the brokerage firm is delighted to announce the sale of Burien Honda to Greg Rairdon.
The sale comes following the death of Jack Enderson, the original Dealer and Principal. With no succession plan in place upon his death, immediate action was necessary to ensure that the dealership could continue with minimal disruption.
Coupled with the departure of the dealership’s General Manager of more than twenty-five years, the Endersons’ attorney engaged Performance Brokerage Services due to their stellar reputation and vast experience with swift and professional auto dealership sales.
“I was absolutely delighted with the professional and expert assistance my clients and I received from Moshe Stopnitzky and Performance Brokerage Services with respect to the sale of the assets of my client’s Honda dealership and the related real property,” says Evan O. Thomas III, the family’s attorney.
He continues, “This was a particularly challenging sale because of my client’s advanced age, family squabbles and the operational difficulties in the management of the dealership. Despite these very difficult obstacles, Moshe was able to garner the confidence of my clients and with very little preparation and input from our side, brought us six excellent offers. He wisely counseled us to accept an offer from one of the six buyers who, as Moshe predicted, proved able to close the deal with no financing contingencies and no downward adjustments in the sales price.”
The dealership’s new owner, Greg Rairdon, was eager to join the Honda family for many years. Aside from the dealership itself, Rairdon also secured adjacent land in order to develop an extension to the current facilities and to further comply with Honda’s new image standards.
The unusual circumstances presented a large challenge, yet more than manageable for the brokerage firm.
Moshe Stopnitzky, President of Performance Brokerage Services said after the closing, “We immediately took the dealership to the market for a bidding process in order to maximize the asset for the estate and contacted the best possible candidates. We are very familiar with Washington dealer’s body since we have successfully consummated over 35 transactions in that state alone! Because of the strong (Honda) brand and the dealership’s location just 9 miles from Seattle, we generated multiple offers rather quickly and ultimately sold the dealership to one of the best dealers in Washington State.”
For more information on Performance Brokerage Services, visit: http://www.performancebrokerageservices.com
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