A group of Canadian dealers is moving to the tropics.
British Columbia-based Steve Marshall Group bought its first U.S. dealerships with the acquisition of Orchid Isle Auto Center in Hawaii, according to Performance Brokerage Services, which brokered the sale.
Orchid Isle Auto Center, which has been family owned and operated for more than 40 years, includes two Ford dealerships, one in Kailua-Kona on the west side of the Big Island of Hawaii and another in Hilo on the east side.
Steve Marshall Group was founded in 1966 by Steve Marshall, who opened his first Ford dealership when he was 19 years old and still serves as president.
The company operates 10 locations in BC in addition to recently acquired stores in Hawaii.
Penske closes deal for Australian dealers
Penske Automotive Group announced it has closed the deal to acquire its first dealerships in Australia.
The automotive giant, which operates more than 500 dealerships worldwide and has operations on four continents and nine countries, has completed the acquisition of Porsche Center Brighton and Porsche Center Doncaster in Melbourne, Australia.
The deal, which was agreed in Apriloffers Penske 24 Porsche dealerships worldwide and is expected to add $130 million in annual revenue.
The dealerships join the company’s commercial vehicle and power systems businesses in Australia and New Zealand.
“We are delighted to increase our presence in Australia while expanding our global partnership with the Porsche brand,” said Penske head of international operations Randall Seymore. “We look forward to representing Porsche and serving customers in this important market while leveraging our existing operations in Australia.”
When the deal was announced, it also included a Ducati dealership, but Penske said it opted to get rid of that partner store “for strategic reasons.”
Case serves lunch to celebrate hospital workers
Rita Case, president and CEO of Rick Case Automotive Group, helped serve lunch and meet the 1,000 Holy Cross Health employees who attended a celebration at the hospital in recognition of National Nurses Week and the start of the National Hospital Week.
The luncheon was sponsored by Rick Case Automotive Group.
“We wanted to show our appreciation for all that dedicated healthcare professionals do for their patients and our community,” Case said. “The nurses and all medical and support staff at Holy Cross Health are the true heroes who save lives every day.”
Rita and Rick Case Automotive Group is a member of the Visionary Society recognized in the new Holy Cross Health Philanthropy Circle for its support of Holy Cross Health over the years.
The valet and visitor elevators now have a plaque honoring Rita and Rick Case Automotive Group.
“Rita, Rita and Rick Case Automotive have been excellent partners for Holy Cross Health and our entire community,” said Holy Cross Health President and CEO Mark Doyle. “We are very grateful for their generosity and kindness.”
Lithia & Driveway increases share buyback authorization
Lithia & Driveway, which operates more than 300 dealerships in the US, Canada and the UK, announced a $350 million increase in share buyback authorization by its board of directors, bringing the total funds available for future buybacks to approximately $660 million.
“Increasing our share repurchase authorization reflects confidence in our long-term growth and profitability,” said Chairman and CEO Bryan DeBoer. “With all the fundamental pieces of our unique strategy in place, we are focusing all our efforts on delivering operational excellence and deploying capital to drive the greatest return for shareholders.”
So far this year, LAD has invested more than $156 million to repurchase nearly 609,500 shares (2.2% of outstanding shares) at a weighted average price of $257 per share.
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