Canadian auto retailer Knight Automotive Group has purchased five California dealerships from the Lasher Auto Group.
- Elk Grove Acura
- Elk Grove Audi
- Elk Grove Chrysler-Dodge-Jeep-Ram
- Elk Grove Subaru
- Elk Grove Volkswagen
The deal was brokered by Kerrigan Advisors. Financial terms of the transaction were not disclosed.
Elk Grove is a bedroom community about 25 kilometres south of Sacramento.
The acquisitions are no small potatoes. Elk Grove Chrysler-Dodge-Jeep-Ram is the third and 14th highest volume Chrysler-Dodge-Jeep-Ram dealership in California and the United States, respectively, Kerrigan said in a statement.
The Subaru store is the highest volume Subaru dealership in the Sacramento region, based on 2021 new unit sales, according to Kerrigan.
Mark Lasher, co-owner of Lasher Auto Group, didn’t say why the group sold its stores, but called them a “lucrative financial opportunity in the Sacramento auto retail market.”
Established in 1955, Lasher Auto Group began when Wes Lasher opened his initial Volkswagen store in Sacramento. In 1972, he opened an Audi dealership, and eventually handed over management to sons Mark and Scott Lasher.
Scott Lasher told the Sacramento Business Journal that combined, the dealerships employ 435 people, and all will keep their jobs.
Lasher also told the publication that the sale “was the right thing to do at the right time for us. It’s been a good, long run.”
The purchases increase Knight’s presence in California to eight stores. In June, it purchased a Stellantis dealership in Claremont, Calif., from the John Elway Dealership Group.
A year ago, Knight made its first foray into California with the purchase of Sunrise Ford Fontana and Sunrise Ford North Hollywood.
Knight also has nine dealerships in Alberta, Saskatchewan and British Columbia, according to its website.
Knight didn't immediately comment on its latest acquisitions.