i.g. Burton Acquires Newark CDJR of Delaware from Gary Hendrixson, Sr. and Gary Hendrixson, Jr.
August 26, 2022
Performance Brokerage Services, North America’s highest volume dealership brokerage firm, is pleased to announce the sale of Newark Chrysler Jeep Dodge Ram of Delaware from Gary Hendrixson, Sr. and Gary Hendrixson, Jr. to Charles Burton and MJ Lofland of i.g. Burton Auto Group.
Newark Chrysler Jeep Dodge Ram had been family-owned and operated for more than 40 years. The dealership was established by Gary Hendrixson, Sr. in 1980, and has been under the leadership of Gary Hendrixson, Jr. since 2000, who served as Principal and General Manager.
Following the sale, Hendrixson, Sr. commented, “After 42 years in the automotive business, I was ready to move to the next phase of my life. After seeing an ad in Automotive News for Performance Brokerage Services, I reached out to the company, and to my surprise, I was talking to Jason Stopnitzky, the Co-Founder. Talk about making a good first impression. He put me in contact with the Northeast Partner, Gershon Rosenzweig, who was the ultimate professional, and walked me through a process I was quite unfamiliar with. There was never a time that I was unable to get an answer to a question or have someone return a call. It is a very complex and complicated process when unwinding and selling a business. Thank goodness I made the right decision when I reached out to Performance Brokerage Services. They were with me right at the very end, sitting at the closing table. I would also like to say a special thank you to Les Chayo for all his help and legal advice.”
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 Gershon Rosenzweig and Matt Wilkins of the Northeast Office of Performance Brokerage Services. Wilkins shared, “We are fortunate to have worked with truly first-class buyers and sellers on this transaction. The Hendrixsons have been a staple in Newark and have always put their customers and employees first. In their final sale, they continued that tradition by bringing in i.g. Burton to continue their legacy. Charles Burton and MJ Lofland were true to their word from beginning to end and run an amazing operation. They were always one step ahead and helped bring the deal to a swift and clean closing. We look forward to working with Charles and MJ again as they continue to grow and wish them success with their new store.”
i.g. Burton is one of the oldest automotive dealers in the United States. Fred Burton and his father, Captain Theodore Burton, began selling automobiles in 1908 out of their family’s general store in Millsboro, Delaware. That same year, Fred’s son, Irwin G. Burton, was born. The Burton family continues to own and operate auto dealerships on the Delmarva Peninsula to this day, more than 100 years later.
According to their website, Irwin G. Burton developed the first modern dealership on the peninsula in Milford after WWII and is credited for putting the family business on the path to where it is today. In 1962, the National Automobile Dealers Association named Irwin G. Burton the Outstanding Dealer in the nation. Today, the company operates under the leadership of Charles Burton, President and fifth generation owner, and has expanded to include 10 brands.
Following the sale, MJ Lofland, Vice President and COO of i.g. Burton Auto Group, commented, “We just recently acquired our 10th store with the help from Gershon Rosenzweig and Matt Wilkins of Performance Brokerage Services. They were extremely professional and had thorough knowledge of the entire operation we were looking to purchase. These gentlemen are straight shooters and provided us with a great due diligence package with all the facts needed for our transaction. We were able to purchase this dealership in record time with their help and assistance. I would highly recommend Performance Brokerage Services as a buyer’s or seller’s agent.”
The dealership will remain at its current location at 244 East Cleveland Avenue in Newark, Delaware.
The Hendrixsons were represented by the Law Offices of Leslie E. Chayo in Beverly Hills, California.