Growing Parks Automotive Group has entered a new market in Virginia with the purchase of three luxury dealerships.
Parks Automotive, of Kernersville, N.C., on Sept. 12 bought Duncan Acura in Roanoke, Audi Roanoke and BMW Roanoke, all in Virginia, from Gary Duncan of Duncan Automotive Network, according to buy-sell advisory firm Tim Lamb Group of Columbus, Ohio. Bob Morris, director of the Southeast region for the Tim Lamb Group, represented the seller in the transaction.
Two stores were renamed Parks Acura and BMW of Roanoke, while the Audi Roanoke name remains. Roanoke is in Southwest Virginia.
“We are excited to provide locals with a world-class experience that exceeds expectations,” Adam Parks, president of Parks Automotive, said in a statement. “My family has been doing just that throughout the Carolinas for over 50 years and I can’t wait to establish our legacy here in Roanoke.”
Acura, Audi and BMW are new brands to the group’s portfolio, Parks, a 2012 Automotive News 40 Under 40 honoree, confirmed to Automotive News in an email.
The acquisition bolsters Parks Automotive’s presence in Virginia. The group has a Chevrolet store in the state capital, Richmond, according to the auto retailer’s website.
Parks confirmed the deal follows two acquisitions last year and is the first acquisition since the group bought a Ford store in Hendersonville, N.C., in November 2021. Parks Automotive also bought a Chevrolet dealership in Spartanburg, S.C., in October 2021.
