Three San Diego Dealerships Acquired by New Jersey-based Holman Automotive
By SARAH DE CRESCENZOWednesday, July 13, 2016
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New Jersey-based Holman Automotive announced it has completed its acquisition of Kuni Automotive, a Vancouver company with 14 luxury dealerships in five U.S. states.
Three of Kuni’s dealerships are in San Diego: the company operates a Porsche, a Land Rover and an Audi dealership in Miramar.
Post-acquisition, the dealerships will operate under the moniker of “Kuni Automotive, a Holman Enterprise.”
“This acquisition aligns with Holman’s strategy of investing in and growing our retail business outside of our existing platforms,” said Melinda “Mindy” Holman, board chairwoman, in a statement. “But, it is important to recognize that our two companies are a great cultural fit, which was a very important consideration to us as we went through this process.”
According to Holman, the deal will double the company’s retail business; annual revenue is expected to top $3 billion.
Holman, now with 40 dealership franchises and 19 brands and 34 locations and nearly 3,000 employees, becomes one of the nation’s largest privately owned dealership networks, according to a statement from the company.
The terms of the deal were not disclosed.