A Virginia-based auto group bought a pair of San Francisco Bay-area dealerships in its first push west.
Buyer LTA Auto Group, a division of American Automotive Capital Partners, picked up Golden State Nissan and Golden State Infiniti in the small San Mateo County town of Colma, renaming them after the nearby neighborhood of Serramonte.
LTA said it’s shopping for other dealerships in the state, including in Southern California and the Las Vegas area. Its website said it’s also looking to grow its holdings in Arizona and its home base of Virginia.
“These stores are aligned with our vision of investing in dealerships that not only have untapped operational potential but are also located in markets with strong consumer demand,” said LTA Chief Financial Officer Sergio Maruschak,. “The Bay Area represents a prime opportunity for long-term growth, and our approach ensures that both near-term operational gains and strategic market value will be realized.”
The purchases follow another Southeast auto group’s recent expansion west. Alabama-based Sutherlin Automotive Group recently bought a Subaru dealership in Southern California’s Orange County.
LTA’s Bay Area transactions were partly inspired by Nissan’s “redesigned products” and luxury car division Infiniti’s updated lineup.
The group said it’s “building a scalable platform to acquire, operate, and grow franchised dealerships in high-value markets.” The group adapts its store business model based on the market the dealership is in and introduces operational improvements in its newly acquired stores, it said.
American Automotive Capital Partners’ website doesn’t indicate how many dealerships it owns. Division LTA’s leadership team includes CEO T. J. Anthony, “a veteran of corporate platform building and capital markets,” Chief Operating Officer Robert Carmendy, a dealer principal across multiple brands and “an experienced turnaround operator,” and Maruschak, who it says played a key role in scaling industry leader Asbury Automotive Group through more than 130 acquisitions and an initial public offering.
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