Performance Brokerage Services, North America’s highest volume dealership brokerage firm, is pleased to announce the sale of Boardwalk Acura in Egg Harbor Township, New Jersey from Group 1 Automotive to Key Auto Group.
Group 1 Automotive is an international Fortune 300 company with 204 dealerships worldwide, with 149 dealerships across the United States and represents 275 franchises. Since Group 1 Automotive was established in 1997 in Houston, Texas, the company has grown to become a well-known brand and trusted leaders in the automotive industry, selling 154,714 vehicles across the globe in 2022.
Boardwalk Acura was acquired by Group 1 Automotive in 2006. The dealership generated over $20 million in revenue in 2022 and shows promising growth potential. Jamie Albertine, Vice President of Corporate Development at Group 1 Automotive remarked, “I very much enjoyed working with Gershon Rosenzweig and Matt Wilkins of Performance Brokerage Services. They are consummate professionals. The entire process was efficient, and they were available and responsive to deal with related issues, which are inevitable in auto retail M&A. I look forward to working with them again in the future.”
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. Gershon Rosenzweig, Senior Partner for Performance Brokerage Services and representing agent for this transaction commented, “No transaction can be defined as an ‘easy’ deal. However, working with Group 1 Automotive and Key Auto Group makes things as easy as they can be. Jamie Albertine and John Leonardi are experts at what they do, and working with them was much more fun and less stressful than you might expect for a complicated transaction. I look forward to working with them again in the future!”
Matt Wilkins, Northeast Partner for Performance Brokerage Services added, “We were very fortunate to work with seasoned professionals on both sides of this transaction. Christine Scott, Jamie Albertine, and the rest of the team at Group 1 Automotive were incredibly easy to work with. They were extremely responsive and always one step ahead. We look forward to having the opportunity to work with their team again soon. This was personally our third closing in 2023 with Key Auto Group and once again, they proved they are one of the best in the business. John and Anthony represent the best of what you look for in a motivated buyer and I look forward to seeing their success at Key Acura of Atlantic City.”
Anthony Di Lorenzo, founder and owner of New Hampshire based Key Auto Group, started his career in the automotive industry in 1986 working as an associate at Edwards Toyota. Less than a decade later, DiLorenzo opened Somersworth Auto Center, which quickly expanded and evolved into a thriving auto group. Chief Executive Officer John Leonardi started with Key Auto Group in 2007 as an associate and with dedication and hard work, moved his way up through the company until he stepped into his current role in 2020.
Leonardi commented, “I have now had the pleasure of closing my fifth transaction with Performance Brokerage Services. It was a pleasure working with Matt Wilkins and Gershon Rosenzweig on this deal and I look forward to more in the future. They put our interests first, work hard to make a complicated process seem easy, and above all else, they are good people. They always make themselves available to answer questions, help resolve issues, and go above and beyond. They took their time getting to know us so they could bring us the right opportunities and never stretched the truth. These guys are unbelievable and will put in the work to earn your trust. They are first on our list and should be first on yours too.”
With the help of Performance Brokerage Services, Key Auto Group has also acquired Thomas Chevrolet Buick of Perry, Barber Ford of Hazleton, Barber Ford of Exeter, and Acura of Reno. The growing auto group now operates 23 dealerships across the nation with the addition of Boardwalk Acura and looks forward to continuing their expansion.
The dealership will remain at its current location at 6806 Tilton Road in Egg Harbor Township, New Jersey and will be renamed Key Acura of Atlantic City.
Key Auto Group was represented by Stephen H. Roberts, Partner at Hoefle, Phoenix, Gormley & Roberts, PLLC in Portsmouth, New Hampshire.
Group 1 Automotive was represented by Christine Scott, Senior Attorney in Houston, Texas.