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Old 02-05-2009, 05:23 AM   #1
okcarl
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Default 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
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Old 02-05-2009, 09:05 AM   #2
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I will post when I find out more details
Please do - it will be interesting to learn who the Dealer Group is.

I wonder why Burt is selling out? Is it because he wants to or because he has to?
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Old 02-28-2009, 08:01 AM   #3
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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.
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Old 03-02-2009, 09:53 AM   #4
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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.
Thanks for the update.

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.
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Old 08-04-2009, 05:39 AM   #5
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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
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Old 08-04-2009, 10:35 AM   #6
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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.
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Old 08-04-2009, 11:38 AM   #7
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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.
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Old 08-04-2009, 11:44 AM   #8
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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.
I agree - I thought there was a clear effort of the part of the Burt organization to "spin" the sale of these two stores as good news.

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.
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