Performance Brokerage Services, North America’s highest volume dealership brokerage firm, advises on the acquisition of Cycle Springs Powersports in Clearwater, Florida to Dimmitt Automotive Group.
Cycle Springs Powersports has been servicing the Tampa Bay area for over 30 years and is the world’s largest Yamaha dealership. Owners Noel Hughes and Marty Skapik started off in the industry doing business out of a garage off the Dunedin Causeway in 1989, and eventually purchased Cycle Springs Powersports in 2001.
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. Performance Brokerage Services Harley-Davidson & Powersports Division, managed by George C. Chaconas, Senior Partner, represented the buyer in this transaction.
Following the sale, Chaconas commented, “I am so happy to have helped Dimmitt Automotive Group acquire Cycle Springs of Clearwater, their first multi-line powersports dealership. I am grateful to have had the opportunity to guide them through evaluation, the intricacies of structuring the deal, understanding how to value a very large parts inventory and working with the OEMs to help facilitate this transaction. It brought me great joy to help the Dimmitt family grow their portfolio and help make their dream of owning a powersports dealership come true. I wish them all the best and look forward to helping them grow in the future.”
Dimmitt Automotive Group is a family-owned dealership group that has operated for 99 years across four generations. The group started when Lawrence Dimmitt, Sr. purchased a Ford dealership in Clearwater in 1924. As the town grew, so did the business, and Lawrence expanded his portfolio to include other brands including LaSalle, Lincoln, Chevrolet, and Cadillac.
In 1952, Lawrence Dimmitt, Jr. took over the business from his father, and eventually passed it on to his son, Richard Roth Dimmitt. The group expanded their offerings to include several luxury brands in the 1990s and early 2000s. Richard Dimmitt’s sons have since joined the family business, becoming the fourth generation to continue the family legacy.
Dimmitt Automotive Group currently operates 13 dealerships across the Florida Gulf Coast. The acquisition of Cycle Springs Powersports marks the family’s first venture into the powersports market, and the group looks forward to continued growth.
Scott Larguier, CEO of Dimmitt Automotive Group commented, “Dimmitt Automotive Group was presented with an opportunity to acquire Cycle Springs Powersports, which is located in our backyard in Clearwater, Florida. We reached out to industry expert George Chaconas of Performance Brokerage Services. I knew George was the guy to hire as our consultant to help us navigate unknown waters with our first powersports dealership acquisition. He and his team did a great job. I have known George personally and professionally for over 25 years. We sincerely appreciate George and his team’s professionalism, industry experience, knowledge and relationships with the OEMs that helped us finally get to a closing. When you are considering buying or selling a powersports or automotive dealership, I would most highly recommend George Chaconas of Performance Brokerage Services.”
The dealership will remain at its current location at 29703 US Highway 19 North in Clearwater, Florida and will be renamed Cycle Springs Powersports, Part of the Dimmit Automotive Group.
Dimmitt Automotive Group was represented by Robert Bass, Logan Parker, and Greg May of Bass Sox Mercer in Tallahassee, Florida.
