IRVINE,
Calif., Dec. 6, 2024 /PRNewswire/ -- Performance
Brokerage Services, the leader in dealership buy-sell activity,
announces the sale of Motorcycles of Charlotte and Motorcycles of Greensboro in North
Carolina to Sonic Automotive from Mark and
Gail Engel.
Performance Brokerage Services, North
America's highest volume dealership brokerage firm, is
pleased to announce the sale of Motorcycles of Charlotte and Motorcycles of Greensboro in North
Carolina to Sonic Automotive from Mark and Gail Engel.
Sonic Automotive, a publicly traded Fortune 500 company
headquartered in Charlotte, North
Carolina (NYSE stock symbol: SAH), is ranked #6 on the 2024
Automotive News Top 150 Dealership Groups based on 2023 new vehicle
retail sales units. In recent years, the company has expanded into
the powersports market by establishing the Sonic Powersports
division. This move was marked by the acquisition of 13 dealerships
across South Dakota and
Texas, representing renowned
brands like Harley-Davidson,
Indian Motorcycle, Polaris, Can-Am, Kawasaki, Suzuki, BMW, and Ducati. The
purchase of Motorcycles of Charlotte and Motorcycles of Greensboro further strengthens their footprint
in the Southeast and highlights their continued commitment to the
powersports sector.
Mark Engel, President of
Motorcycles of Charlotte and
Motorcycles of Greensboro, began
his journey to success over 20 years ago when he, his wife
Gail Engel, and Tony Ryan, purchased Motorcycles of Charlotte. Originally a BMW dealership, it
quickly grew into one of the Southeast's top European motorcycle
dealers, adding brands like Ducati, Triumph, and Royal Enfield. As demand increased, Mark
expanded in 2010 with a new 19,000-square-foot facility. In 2019,
he further expanded by acquiring Motorcycles of Greensboro. Today, both dealerships are
well-established in their communities and remain among the top
European motorcycle dealers in the country.
Mark Engel commented,
"Juan Pardo and George Chaconas of Performance Brokerage
Services were instrumental in helping me to find the right buyer
for Motorcycles of Charlotte and
Motorcycles of Greensboro. George
originally introduced me to Performance Brokerage Services back in
2008. At that time, I had no interest in selling, but we started a
dialogue that lasted until this day. When I decided to actively
look for the next owner of my stores, Juan
Pardo worked with me in finding the right fit for me and my
staff. Together we talked with a number of prospects and discussed
their strengths and challenges in being a successful multi-store
powersports dealer. Juan introduced me to Sonic Automotive who was
building a powersports division to diversify their portfolio. Sonic
Automotive was an ideal candidate for taking over my stores and
taking care of my employees and customers for years to come. I
would not have been successful in meeting with and working through
the acquisition process with Sonic Automotive without the expertise
and assistance of Juan and George. I recommend them highly whether
you want to purchase or sell a powersports dealership! Thank you,
Juan and George, for everything!"
Over the last 5 years, Performance Brokerage Services has
advised on the sale of over 300 dealerships, making it the highest
volume dealership brokerage firm in North
America. George C. Chaconas,
Senior Partner, Juan C. Pardo,
Partner, and Courtney A. Bernhard,
Partner of the Harley-Davidson & Powersports Division for
Performance Brokerage Services were the exclusive sell-side
advisors for this transaction.
George Chaconas stated, "It has
been a pleasure knowing Mark, Gail, and Tony over the past 15
years. From our first meeting in 2008 at their original dealership
to the successful sale of Motorcycles of Charlotte and Motorcycles of Greensboro to Sonic Automotive, it has been
both an honor and a privilege to represent them—guiding them
through the complexities of the buying and selling process while
helping to maximize value. The transaction was a great success for
both sides, and I look forward to Mark's continued involvement in
the dealerships."
Juan Pardo commented, "Having
known Mark for over 10 years, he became not only a client but also
a friend. When it came time to sell his dealerships, we understood
it wasn't an easy decision and finding the right buyer was of
utmost importance. Sonic Automotive is truly committed to
continuing Mark's legacy and growing their presence in the
Charlotte and Greensboro community. I wish Mark and Gail the
best in the future and look forward to helping Sonic with future
opportunities to expand their powersports division."
Mark and Gail Engel were
represented by Logan Parker and
Lee Lovett at Bass Sox Mercer in
Tallahassee, Florida.
Sonic Automotive was represented by LaToya Parker and Noah
Ganz at Parker Poe in Charlotte,
North Carolina.
Motorcycles of Charlotte will
remain at its current location at 731 Westinghouse Boulevard in
Charlotte, North Carolina, and
Motorcycles of Greensboro will
remain at its current location at 2407 Greengate Drive in
Greensboro, North Carolina.
About Performance Brokerage Services
Performance Brokerage Services, Inc. is North America's highest volume dealership
brokerage firm, specializing in buy-sell activity for automotive,
RV, commercial truck, powersports, and equipment
dealerships.
With over 30 years of experience, 900 dealerships sold, and a
90% closing rate, the company's reputation is unmatched and
governed by the utmost ethical conduct and integrity.
The company offers a unique approach by providing complimentary
estimates of value with no upfront fees or retainer, no
reimbursement of costs, and paid a success fee only after the
transaction closes.
Headquartered in Irvine,
California, and supported by 9 regional offices in
Utah, Texas, Illinois, Florida, Virginia, Ohio, New
Jersey, Alberta and
Ontario, clients benefit from
national exposure with local representation.
As trusted and respected experts in the field, the company
utilizes an extensive network of industry related attorneys,
accountants, hundreds of registered buyers, and longstanding
relationships with various vehicle manufacturers.
For more information about the services offered by Performance
Brokerage Services,
visit https://performancebrokerageservices.com.
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SOURCE Performance Brokerage Services, Inc.
