Performance Brokerage Services, North America’s highest volume dealership brokerage firm, is pleased to announce the sale of Frank Subaru in National City, California from Ron Fornaca and Gary Fenelli to The Dalton Corporation.
The Fornaca family has been commemorated as one of San Diego’s oldest continuously operated family businesses, dating back to 1912 when Mario Fornaca opened the doors to the family bakery. The Fornaca family entered the automobile industry in 1965 when Mario’s sons, Frank and Felice Fornaca, established their first dealership, Frank Lincoln Mercury. Over the years, the family expanded their auto portfolio in San Diego to include Frank Toyota, Frank Hyundai, Frank Subaru, Frank Used Car Center, Frank Auto Service, and Mighty Auto Parts.
Frank Motors Group, led by next generation owners and operators, Ron Fornaca and Gary Fenelli, with the support of several additional family members, strive to uphold the same commitment to customer care that was established by Mario Fornaca more than 100 years ago.
Frank Subaru has been the recipient of the Subaru Love Promise Customer and Community Commitment Award. Both dealerships have been awarded the J.D. Power Dealer of Excellence Award.
Following the sale, Ron Fornaca commented, “Performance Brokerage Services did an absolutely amazing job with the sale of our Toyota and Subaru stores. Jason Stopnitzky and his family, along with Jonathan Forgy, were incredibly professional, always available, and kept in constant communication with us day or night. We feel very fortunate to have had such a strong brokerage team to work with. If you are looking to buy or sell a store, you need to contact Performance first. They will treat you like family!”
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 2021, the company consummated 72 transactions, marking a record-breaking year. This transaction was exclusively facilitated by Jason Stopnitzky, Co-Founder, and Jonathan Forgy, CPA, of Performance Brokerage Services. Forgy commented, “After 35 years as a CPA and tax partner, I was blessed to join the Performance Brokerage Services team in 2020 led by Jason Stopnitzky and his father, Moshe Stopnitzky. Our motto at Performance Brokerage is to always put the client’s interest first, along with full transparency to the buyer, with no surprises. I was honored to be a trusted advisor for the Fornaca and Fenelli families. It was incredibly meaningful to facilitate the creation of life-changing financial results by monetizing the work of several generations. We wish to express our respect to all the family members that worked at the dealerships over the years. We look forward to being lifelong friends of the families as they embrace their new beginnings. I would also like to thank their attorney, Michael Whitton, for a masterful job in preparing documents whilst protecting the family’s best interest.”
Gary Fenelli shared, “When you’ve been in the automotive business since 1965, and it’s your first time selling a dealership, you absolutely need to align with a broker that understands the family business and can give you the confidence and advice to get you and your team across the finish line. Jason Stopnitzky did exactly that. He found the right buyer that aligned with our core values, understands our marketplace, and would help continue the leadership and community involvement to take the stores to the next level. From Moshe Stopnitzky, President of the Performance family business, to Jonathan Forgy, CPA, and under the guidance of Jason, they all worked with our team to ensure a successful close on our Toyota and Subaru stores. Having been in the industry for over 48 years, and exclusively with our family business, you will not find anyone that will work harder and smarter than Performance to accommodate the needs of the buyer and seller.”
The Dalton Corporation, headquartered in Guadalajara, Mexico, was established in 1945. The company began in textile manufacturing and later expanded into commercial real estate and financial sectors. They established their first dealership in 1984, selling Honda motorcycles, and entered the automobile industry in 1995.
Today, Dalton’s Automotive Division includes Honda, Toyota, Hyundai, and Kia brands, as well as additional franchises offered in Mexico. The company operates 22 automotive dealerships in Mexico City, Guadalajara, and San Luis Potosi, and accounts for 10% of Mexico’s entire market share for both Toyota and Honda. This acquisition adds Dalton’s first dealerships in the United States to their portfolio.
The dealerships will remain at their current locations at 2400 and 2829 National City Boulevard in National City, California and have been renamed Dalton Toyota and Dalton Subaru.
Legal counsel for the Fornaca and Fenelli families was provided by Michael J. Whitton, Partner and Ben Gourley, Associate at Troutman Pepper in San Diego, California.