Dealership Sold

Powell’s Truck & Equipment

Lynchburg, Virginia
Powell's Truck & Equipment sells to Korey Neal with Performance Brokerage

Performance Brokerage Services, North America’s highest volume dealership brokerage firm, is pleased to announce the sale of Powell’s Truck & Equipment, Inc. in Lynchburg, Virginia from Reggie and Steve Powell to Korey Neal, Sr. and K. Neal Truck and Bus Center.

Powell’s Truck and Equipment, Inc. was founded in 1963 in Central Virginia and has been family-owned and operated for three generations. Reggie Powell stepped into the role of President in 1975 and became an owner in 2005. In 1981, Steve Powell became an owner, and has sat as Vice President since 2018.

In 2001, Powell’s Truck and Equipment expanded to form Powell’s Idealease and Truck and Body Company, a rental and leasing division. The company currently employs 70 people and is a full-service International and Isuzu truck dealer.

Following the sale, Reggie Powell commented, “I met Dan Argiro three years before my brother, Steve, and I hired him and Pat Albero at Performance Brokerage Services to represent our business. The process was a lot more complex than I had anticipated. Dan and his team, from day one, were always available for guidance and advice throughout the entire process until we had a signed contract with our buyer. Trust and confidentiality were the most important factors to my brother and me when it came time to sell our dealer group. The Performance Team excelled at both. I would recommend Dan, Pat, and Performance Brokerage Services to any dealer looking to buy or sell a dealership.”

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. This transaction was exclusively facilitated by Dan Argiro and Patrick Albero, Senior Partners of the Commercial Truck & Equipment Division for Performance Brokerage Services.

Argiro remarked, I first met Reggie Powell years before he called me to explore the idea of a sale. What stood out the most in that initial meeting was his strong belief in relationship-driven customers and that it takes time to build trust. Since that first day, we have worked hard to become a trustworthy advisor to Reggie and let time be the guide when it was right for him to reach out and discuss how we could help. It has been an incredible journey with Reggie and his team. Powell’s Truck & Equipment is a long-standing company with many years ahead. It will be reassuring and exciting for Powell’s existing customers, knowing that Reggie and Steve Powell will stay with the company. As a buyer, Korey Neal, Sr. and his team at K. Neal Truck and Bus Center are poised to continue the success of Powell’s while maintaining a high level of customer service and welcoming new technology into their operations.“

Albero added, “I consider it a tremendous honor to have had the opportunity to advise Reggie Powell in the successful sale of Powell’s Truck & Equipment. Our team devoted themselves wholeheartedly to offering steadfast guidance throughout the entire process. Collaborating with Reggie has been truly inspiring, as he demonstrated unwavering commitment to ensuring the enduring legacy of his family business. The tremendous efforts of our team in this transaction fill me with immense pride, and I look forward to witnessing the progress Reggie and his brother Steve Powell make with K. Neal Truck & Bus Center.”

K. Neal Truck and Bus Center has been servicing the area of Prince George County, Maryland for over 40 years and is currently one of only two Black-owned commercial truck and bus dealerships in the country. The company has previously operated as K. Neal International, J. Prive International, and District International. Current CEO, Stephen W. Neal, acquired the business in 2006, and Korey Neal, Sr. joined to take on the role of President in 2018.

K. Neal Truck and Bus Center operates four locations in the Washinton D.C. Metropolitan area and prides themselves on a customer-centric business model that employs cutting-edge technology to provide top-notch service to the communities they service. In 2019, the company ranked #35 in the top 100 largest minority-owned businesses in the nation by Black Enterprise. In 2020, they invested over $15 million in the construction of their new and improved Hyattsville, Maryland headquarters and continue to grow.

Stephen W. Neal has earned numerous accolades, including the Washington Business Journal’s Minority Business Leader Award, and was also named Business Leader of the Year by Prince George’s County Chamber of Commerce. Powell’s Truck & Equipment will be a significant addition to the K. Neal portfolio and will be led with continued commitment to exceptional service and investment in the communities they serve.

Korey Neal Sr. commented, “We would like to thank the Powell Family for building this company over three generations (over the last 60 years) with an incredible team of talented individuals, strong OEM relationships, and best-in-class customer experience. We are excited to align with a family-based company that shares our values to employees, customers, and the community as much as we do.”

The dealership will remain at its current location at 13260 Wards Road in Lynchburg, Virginia.

Seller:Reggie & Steve Powell
Buyer:K. Neal Truck & Bus Center
Facilitated by:Dan ArgiroSenior Partner
Facilitated by:Patrick AlberoSenior Partner

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