Jason Stopnitzky, co-founder of buy-sell firm Performance Brokerage Services in Irvine, Calif., facilitated both transactions for the growing auto retailer, which started in 2019 in Ottawa, Canada.
Stopnitzky said he thinks Ride Automotive will keep growing, crediting their customer-centric approach and industry knowledge. He said the closings he worked with them on went smoothly.
“In both situations, the sellers walked away saying, ‘The deal went exactly as I predicted and suspected, and these guys did exactly what they said they would do,'” Stopnitzky said.
In Canada, the group owns Orleans Kia and Kia 417 in Gloucester, both in Ontario.
Robert Bayer and Mac McKinley sold the Stellantis dealership in Simi Valley, the only store the pair owned together, Stopnitzky said.
He said McKinley does not own any other stores, but Bayer owns Covina Valley Kia in Covina, Calif.
The Simi Valley dealership, which is part of the greater Los Angeles area, will keep its name, Sehdev said. Marin Mazda is part of the greater San Francisco area. That dealership name stays, too, Sehdev said.
Michael Glasser sold the Mazda store, the only one he owned, and plans to enjoy a phase of semi-retirement, Stopnitzky said.
As for Ride’s Automotive’s future, Sehdev said they’re concentrating on integrating their latest acquisitions for now but eventually will explore more growth opportunities in Canada and the U.S.
“We haven’t proven ourselves here yet,” Sehdev said of the U.S. “For the time being, our complete focus is just to prove ourselves within this market and in the States. We’ll be keeping our Canadian stores and looking to grow, when the time is right, on both sides.”
