Phil Smith Auto Group Buys Mercedes-Benz Porschein Fayetteville, North Carolina
December 22, 2014
Performance Brokerage Services announces the successful purchase of Fayetteville Mercedes-Benz Porsche Sprinter in North Carolina by the Phil Smith Automotive Group from Mr. T. Dixon Dickens through its Strategic Buying program, a buy-side representation for dealerships not available for sale on the open market.
Phil Smith Automotive Group, headquartered in Lighthouse Point, Florida represents 20 franchises in 11 locations throughout Florida and North Carolina. Founder, chairman and Chief Executive Officer, Mr. Phil Smith, acquired his first dealership in 1979 working as a car salesmen, when his boss at the time, Pete Menton, offered Phil the opportunity to buy into one of his dealerships. Thirty-five years later, the auto group now employs over 800 employees and generates approximately $500 million in annual revenue. Phil, a graduate of Florida Atlantic University with a degree in accounting and finance, never imagined himself being such a prominent auto dealer. Thankful for his opportunity to buy into a dealership at a young age, and encouraging entrepreneurship, Phil provides his employees an opportunity to be a part owner in each of his business ventures and auto dealerships.
Phil Smith had been eager to acquire a luxury franchise and expand his dealership group’s portfolio. After having shared his desires with his attorney, Greg Humphries of Shutts & Bowen, LLP and his banker, Jason Smith of SunTrust Bank, both located in Orlando, Florida, both professionals contacted George Chaconas of Performance Brokerage Services, requesting his assistance for their mutual client.
George Chaconas reached out to the Phil Smith Automotive Group, and built great rapport with the Chief Financial Officer, Mike Dayhoff. George suggested Strategic Buying offered by Performance Brokerage Services, which is a highly effective, custom-tailored service soliciting acquisition opportunities on a buyer’s behalf only, targeting dealerships that are not listed for sale or available on the open market. “We identified the franchises and geographical areas we were interested in growing, and George quickly came back with several opportunities through his contacts that fit our criteria,” said Mike Dayhoff. Through Performance Brokerage Services’ extensive network, multiple acquisition candidates were brought to the attention of Phil Smith Automotive Group for consideration, allowing them to ultimately pursue the Mercedes-Benz, Porsche and Sprinter dealership located at 3203 Bragg Boulevard in Fayetteville, North Carolina 28303.
Strategic Buying allows a buyer to thoroughly analyze an opportunity without extraneous variables or competition from other buyers. Additionally, it offers a chance to pursue dealerships that would otherwise not be available. Mike Dayhoff continued, “We would not have known about these opportunities without [George’s] involvement…as a buyer in today’s market, I highly recommend using Performance Brokerage Services to help you find targeted opportunities to grow your business.”
George Chaconas of Performance Brokerage Services and the representative for this transaction stated, “It was an honor to work with the Phil Smith Automotive Group and assist them with expanding their footprint in North Carolina and entering the luxury market. We congratulate them on their purchase and thank them for the opportunity to be of service.”
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