Serra Automotive completes purchase of 3 northern Michigan dealerships
Serra Automotive stated it's closed on its lengthy-planned acquisition of three northern Michigan car dealers from Otto Belovich.
"Grand Traverse is among the very amazing places in our great state," Serra Automotive President Joe Serra stated in a statement on Tuesday. "We could not be more thrilled to be developing with such a fantastic and energetic community."
The car dealer bought Cherry Capital Cadillac-Subaru, Traverse Motors Audi-Toyota Volkswagen and Traverse-City Car Plaza, which provide the Nissan and Volvo manufacturers. Jerry Zezulka, A - 30-yr retail automotive expert, was named executive supervisor of the Traverse-City business.
Using the newest acquisitions, Serra Automotive now contains 52 automotive franchises and 3 4 car dealers in seven countries, including Michigan, Illinois, Indiana, Ohio, Tennessee, New-Jersey and Colorado.
"He's been pursuing me for eight years," Belovich joked in a interview with Automotive Information to get a recent report in regards to the prepared offer. "It is time."
Belovich's three car dealers sell Audi, Cadillac, Nissan, Subaru, Toyota, Volkswagen and Volvo new automobiles. Those shops retailed about 3,300 automobiles last year -- around equally split between new and used -- and produced $100-million in revenue.
Serra Automotive, centered in Grand Blanc, Mich., ranks No. 19 on Automotive News' list of the best 150 car dealer groups centered in the United States, with retail revenue of 27,542 new automobiles in 2014.
Automotive News contributed to the report.
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