If you are a dealer principal, or anticipate becoming one, you may figure that owning an auto dealership will be your ticket to a happy retirement, especially if you are fortunate enough to get an in-demand franchise. After all, your business is good and valuations for dealerships are holding up. Or, perhaps you figure to pass the dealership onto to your children and be able to retire and live off an income stream from the dealership.
Both are very possible, but they take planning. That’s the message in our first column this month, from regular contributor Joan Kaye of Key Private Bank. She highlights the importance of steps such as having a risk profile of your dealership and a good succession plan in place. Read her column to find out more.
Canada’s HGrégoire is a dominant presence in that country’s used car scene. It also has a growing presence in the new car retail scene. HGreg, as it is known here in the U.S. is also methodically expanding here in the U.S.
It is applying a variation on the same strategy as in Canada – coming in with its used super stores and developing an infrastructure and brand name before moving into the new car space. In this issue I interview HGrégoire president John Hairabedian and we discuss why HGreg chose Florida as its landing spot and its expansion strategy.
And of course we have Transaction News.