Porsche Salt Lake City Sells to Partnership Between Elway Dealership Group & Schomp Auto Group
September 10, 2020
Performance Brokerage Services, the nation’s highest volume automotive dealership brokerage firm, represented Strong Automotive Group in the sale of Porsche Salt Lake City, Utah to a partnership between the Elway Dealership Group and Schomp Automotive Group.
In 1958 in Salt Lake City, the Strong family established one of the first Porsche dealerships the United States. After more than 60 years, Strong Automotive Group hired Performance Brokerage Services to represent the family and the company in the sale of Porsche Salt Lake City. The buyers, Elway Dealership Group and Schomp Automotive Group were the natural fit to carry on the Strong family legacy.
Schomp Automotive Group is a fourth-generation and family owned business with dealerships in Colorado and Utah. Aaron Wallace, Dealer Principal, CEO, and great-great grandson of the founder, commented, “Porsche is an outstanding brand, and the dealership has won awards for its excellence. We will continue to provide the same award-winning customer experience.” With a customer-centric philosophy, Porsche Salt Lake City is a top-25 performer, a seven-time Porsche Premier Dealer Award winner and one of only 17 Porsche Exclusive Manufaktur Dealers.
The Elway Dealership Group is a highly regarded and well-respected automotive group with holdings in Colorado and California. It was founded in 2004 by Hall of Fame football player, John Elway, and Mitch Pierce. Having formed a partnership with Schomp Automotive Group on this acquisition, Mitch commented, “We’ve shared some best practices with their team over the years and I’d say there’s been a mutual admiration. Both organizations are fairly progressive with an emphasis on doing what’s best for our customers and employees.”
Both groups deeply value the importance of supporting and enriching their local communities and share the belief that a thriving community is essential to the success of the dealership.
Over the last 5 years, Performance Brokerage Services has successfully represented for sale over 200 automotive dealerships making it the highest volume automotive dealership brokerage firm in North America. John Mecham, the exclusive agent for this transaction and the Rocky Mountain Partner for Performance Brokerage Services commented, “Having been a new car dealer in Salt Lake City for many years, I know the Strong family well and appreciate the friendship we share. I was honored when they asked me to help them in this life changing event. We managed to find the perfect buyers in the Elway and Schomp groups. We know they will take care of the current and future customers.”
Following the acquisition, Mitch Pierce, President of Elway Dealership Group, commented, “We’ve known Moshe and Jason Stopnitzky at Performance Brokerage Services for a long time, and they’ve always been a trusted resource for us. They have a wealth of experience and truly understand the complexities of the business. This was our first time working with John Mecham, and he approached things with the same expertise. John did a terrific job bringing both parties together. From start to finish, it was about as smooth and friction-less as I’ve seen, and I think both sides can say it was a ‘win-win’.”
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.