02-05-2009, 05:23 AM | #1 |
Lotus Factory Guy
Join Date: Jan 2008
Posts: 182
|
Burt Organization to be Sold
I have word that the Burt organization and all of its stores here in the Denver Metro have been sold to a Group out of California. I will post when I find out more details
|
02-05-2009, 09:05 AM | #2 |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
|
02-28-2009, 08:01 AM | #3 |
Lotus Factory Guy
Join Date: Jan 2008
Posts: 182
|
I heard some more info on this deal. I looks like it is not the whole organization but more like four of the stores on Broadway. The group reportedly buying is the Vista Auto Group, which is financed by George Gillete of Vail mountain fame. He has dabbled here in the state with some dealerships in Silverthorne and now owns the Chevy store and some others in the Glenwood Springs area. Well have to see how this pans out.
|
03-02-2009, 09:53 AM | #4 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
To the extent that this is a tough time to be selling dealerships I'd have to guess this is something the Burt organization has to do to meet a lender requirement. Based on what I've read it seems that many buyers are sitting on the sidelines waiting to see what happens with the economy before they make a decision to purchase additional dealerships. I'm sure there will be some great bargains out there when the market bottoms. |
|
08-04-2009, 05:39 AM | #5 |
Lotus Factory Guy
Join Date: Jan 2008
Posts: 182
|
Update to what I posted earlier. George Gillette and his partner ended up purchasing the Toyota and Subaru stores from Burt. Here is an article below.
http://www.9news.com/rss/article.aspx?storyid=120509 |
08-04-2009, 10:35 AM | #6 |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Thanks for the update. There certainly hasn't been a shortage of news as it relates to dealership changes in Colorado lately.
While I'm sure it's not public knowledge, it would be interesting to know what the terms of the sale were. A Subaru and Toyota store in Colorado would have been worth their weight in gold not too long ago. But given the public companies (Auto Nation, Sonic, Lithia, etc.) are no longer buying stores and the credit markets are still tight, I bet there are only a handful of qualified buyers. |
08-04-2009, 11:38 AM | #7 |
Super Moderator
Join Date: Jan 2008
Posts: 838
|
The interesting thing I saw was Burt sold the dealerships to focus on more fuel efficent ventures. What's more fuel efficient than a Toyota? Subaru is not slouch eather. Didn't make much sense to me.
|
08-04-2009, 11:44 AM | #8 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
My belief is the only people selling dealerships in this environment are the ones that have to. Anyone else would just ride out the storm and wait for more buyers to enter the market. |
|
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Interesting Article About the Rise and Fall of Burt Automotive | SHACOS | Automotive Discussions | 5 | 04-02-2011 05:39 PM |
Pritz Auto to be sold or close | XDCX | Automotive Discussions | 2 | 08-12-2010 12:46 AM |
Wrangler Hardtop sold but not delivered | Ralph | Sales | 7 | 03-18-2010 10:32 AM |
Two More Burt Dealerships Sold | SHACOS | Automotive Discussions | 3 | 02-10-2010 09:32 AM |
Seattle PI Newspaper to be sold or closed | XDCX | General Discussions | 2 | 01-12-2009 09:37 PM |