Envision Motors, of West Covina, Calif., acquired California Honda and Toyota dealerships in December, marking the group’s third Toyota store and first Honda outlet.
The growing auto group on Dec. 13 bought Piercey Honda and Piercey Toyota in Milpitas, near San Jose, from Bill Piercey and Tom Chadwell, according to Bill Scrivner of Pinnacle Mergers & Acquisitions, a Frisco, Texas, buy-sell firm, which represented the sellers.
The stores were renamed Envision Toyota of Milpitas and Envision Honda of Milpitas.
“We want to be in Northern California,” the group’s CEO, Simon Sarriedine, told Automotive News.
Envision Motors was co-founded in 2018 by Sarriedine, who previously worked as an executive manager for Keyes Automotive Group, of Van Nuys, Calif., and Frank Zarabi, who heads a fashion company, among other business ventures. The Envision group has 10 dealerships in California and Arizona, according to its website.
In April, the group acquired a Jaguar-Land Rover dealership in Cerritos, Calif., from Roger Penske Jr. of SoCal Penske Dealer Group, Sarriedine said.
Envision Motors also sells Mercedes-Benz, Audi, Chrysler, Dodge, Jeep and Ram vehicles and generates more than $1.2 billion in annual revenue, Sarriedine said.
“We are in a position to acquire stores this year [and] next year,” Sarriedine said. “We’re trying to get to $2 billion [in annual revenue] hopefully by this year.”
Piercey and Chadwell have sold most of their dealerships in recent months. Piercey Automotive Group, of Irvine, Calif., still lists Honda World Westminster in California on its website.
In August, Lithia Motors Inc. bought Rock Honda in Fontana, Calif., from Piercey and Chadwell.
In September, Summit Automotive Partners bought Freedom Honda in Colorado Springs, Colo., from Piercey Automotive, and in October, Germain Automotive Group bought Piercey and Chadwell’s Surprise Honda dealership in Arizona.
