Mastro Subaru in Tampa & Orlando Sell to Myers Auto Group
September 10, 2020
Performance Brokerage Services, an automotive dealership brokerage firm is pleased to announced the sale of Mastro Subaru of Tampa, Florida and Mastro Subaru of Orlando in Sanford, Florida from Peter Mastro, Jr. and Stephen Mastro to Myers Auto Group of West Palm Beach, Florida.
Mastro Subaru, known as Florida’s original Subaru retailer, has been serving the Tampa Bay and Orlando area for over 50 years. Family owned and operated, Peter Mastro, Sr. saw the vision for small cars after owning a small Volkswagen repair shop that was located next to the Tampa Subaru location. Since then, Peter, Jr. and Stephen Mastro continued their father’s legacy, taking pride in serving the community they live in and making the car buying experience exceptional. Employing over 100 people and supporting causes such as Southeastern Guide Dogs has set this group apart; bringing back loyal customers. The decision to sell did not come easy to the Mastro brothers who have been involved in the daily operations of the dealership. Customers might not have even realized that Peter Mastro was an owner as he continually worked the service advisor desk to keep in touch with the customers’ needs. The total satisfaction of each and every customer was apparent through The Mastro Advantage, where their slogan “Our Reputation Rides with You” really meant something to the Mastro brothers. Stephen Mastro commented, “We had been thinking of selling like most dealers over the last few years if the number was right. More important was finding the right partner to continue our legacy and allow us to stay on to transition our family business of 50 years. We had been approached to sell by several large Florida and out of state auto dealership groups and public companies. However, George brought us exactly what we had asked from him and what we were looking for in a buyer. George’s industry expertise and experience allowed us to quickly negotiate a deal just before Christmas and then the pandemic hit. George kept me focused on continuing to operate our business while he kept our deal from falling apart. I am incredibly happy and extremely satisfied with George’s expertise, honesty, and transparency. If you are considering selling your family dealership, I would sincerely recommend George Chaconas and Performance Brokerage Services.”
Over the last 5 years, Performance Brokerage Services has represented for sale over 200 automotive dealerships, making it the highest volume automotive dealership brokerage firm in North America. George C. Chaconas, the advisor for the buyer in this transaction and the Southeast Partner for Performance Brokerage Services commented, “While attending a fundraiser, I saw Stephen Mastro and asked if they would consider selling their stores. Shortly thereafter, we entered into a Letter of Intent to divest of the two stores for the family. I am extremely excited about the opportunity to help expand the Myers Auto Group out of South Florida into Tampa and Orlando and partner with Pete, Jr. and Stephen Mastro to continue their legacy that their father built 50 years ago.”
Myers Auto Group is based out of West Palm Beach, Florida. Their current dealership holdings consist of Aston Martin Palm Beach, Jaguar Palm Beach, Land Rover Palm Beach, McLaren Palm Beach, Kia Delray Beach and their newest additions, Subaru South Tampa and Subaru North Orlando. Stephen Myers, Jr. stated, “After successfully acquiring a dealership last year with the help of George Chaconas, we engaged him to identify other potential opportunities. Shortly thereafter, he introduced us to Mastro Subaru of Tampa and Orlando. After meeting owners Pete and Stephen Mastro, we hit it off and swiftly negotiated a buy sell agreement. George’s professionalism and persistence helped make this another smooth closing. I would highly recommend George Chaconas and Performance Brokerage Services.”
Every transaction brings a unique set of challenges. Navigating during a pandemic and seeing it through to the end for a successful closing is what sets George C. Chaconas of Performance Brokerage Services apart. George comments, “I had been hired by the Myers Auto Group to help identify other acquisition opportunities in Florida after helping them acquire Grieco Kia of Delray Beach last year. The opportunity to acquire the Mastro Subaru stores seemed like a natural fit and an excellent opportunity to grow the Myers Auto Group platform. I look forward to their successes and am incredibly grateful for the opportunity to be of service.”
The dealerships will remain at their current locations and under their new names of Subaru South Tampa and Subaru North Orlando.
The Seller was represented by Nelson Castellano with Trenam Law and Jack W. Kirkland, Jr. CPA with CBIZ.
The Buyer was represented by Alex Kurkin, Esq. with Kurkin Forehand Brandes and Phil Villegas, Principal with Axiom Advisors.
This transaction was funded by PNC Bank, Trey Brock, VP Relationship Manager and Mark Olson, SVP Dealer Finance Group Manager.
About Performance Brokerage Services
Performance Brokerage Services, Inc. is the nation’s highest volume dealership brokerage firm, specializing in intermediary services to buyers and sellers of automotive, commercial truck, motorcycle, RV and equipment dealerships.
Performance Brokerage Services offers a unique approach by providing complimentary dealership assessments, no upfront fees, no reimbursement of costs and is paid a success fee only after the transaction closes.
Clients benefit from utilizing an extensive network of industry related accountants, attorneys, hundreds of registered buyers and longstanding relationships with most of the auto manufacturers.
With corporate offices in Irvine, California, and 5 regional offices in Utah, Florida, Texas, Virginia and New Jersey, Performance Brokerage Services provides its clients national exposure with local representation.
After 25 years, 700 transactions and with a 90% closing rate, the company’s reputation is unmatched and governed by the utmost ethical conduct, integrity and transparency.
For more information about the services offered by Performance Brokerage Services, visit https://performancebrokerageservices.com.