Performance Brokerage Services, North America’s highest volume dealership brokerage firm, is pleased to announce the sale of Crown Mitsubishi in St. Petersburg, Florida from Crown Automotive Group to TKO Group.
Crown Automotive Group was established in 1969 as a Pontiac dealership in St. Petersburg. Established by automotive industry icon, Dwayne Hawkins, he built a family legacy business from a run-down, one-car showroom into one of the largest privately-owned dealership groups in the nation. Dwayne is succeeded by his son, Kevin Hawkins. Dwayne’s impressive career accomplishments, leadership, and philanthropy continue to shine through the successes of Crown Automotive Group.
Philanthropy is at the core of Crown Automotive Group’s business model. They have funded several Habitat for Humanity homes in Pinellas County; packaged hundreds of thousands of meals for St. Petersburg Free Clinic, Florida Dream Center, and Pinellas County Schools; they support Moffitt Cancer Foundation, All Children’s Hospital, and donate to numerous other nonprofit organizations. Their dedication to the well-being of their neighborhoods is seen and felt throughout the community.
Following the sale, Jim Myers, President and Chief Operating Officer of Crown Automotive Group remarked, “George facilitated our transaction seamlessly, from understanding the key issues to bringing us the right buyer. We appreciate the responsiveness of George and Courtney all the way to closing.”
Over the last 5 years, Performance Brokerage Services has advised on the sale of over 300 dealerships, making it the highest volume dealership brokerage firm in North America. In 2022, the company consummated 92 transactions, marking a record-breaking year. George C. Chaconas, Senior Partner, and Courtney Bernhard, Partner, of the Southeast Office for Performance Brokerage Services were the exclusive advisors for this transaction.
George C. Chaconas commented, “It was my pleasure and honor to assist Jim Myers, President & COO of Crown Automotive, in facilitating the sale of Crown Mitsubishi in St. Petersburg, Florida. The buyer, Travis Ostrom, asked me to find him a new-car franchise in the St. Petersburg area to be able spend more time in Florida, outside of his other stores in the southeast. I am very grateful to have completed another very successful buy-sell. I want to thank Jim Myers and I look forward to assisting Travis Ostrom in acquiring more auto dealerships.”
Courtney added, “I enjoyed working with Jim Myers and appreciate the opportunity to represent their group in the sale of Mitsubishi in St. Petersburg. I wish Travis much success and look forward to watching his group grow the Mitsubishi dealership in our backyard.”
TKO Group’s Chief Executive Officer, Travis Ostrom, started selling cars in Gainesville, Florida after graduating college. His passion, hard work, and natural salesmanship led him to accomplish his goal of becoming a dealership owner. Ostrom stated, “Having known George Chaconas over many years, it was a pleasure to finally work with him to acquire my first franchise dealership in St. Pete, Florida, Crown Mitsubishi, with his help, industry expertise, and professionalism. I look forward to working with him and his team, including Courtney Bernhard, in the years to come. I would highly recommend George and Courtney and the entire PBS team if you’re looking to buy or sell a franchised automotive dealership!”
Crown Mitsubishi will be relocated to 8350 Park Boulevard North in Seminole, Florida and will be renamed St. Pete Mitsubishi.
Crown Automotive Group was represented by Robert A. Bass at Bass Sox Mercer in Tallahassee, Florida.
TKO Group was represented by Eric Pridgen at Underwood & Roberts, PLLC in Raleigh, North Carolina.