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Old 10-25-2015, 10:54 AM   #1
Moshe @ Performance Brokerage Services
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Default Chevrolet dealership in Illinois sold

We have recently closed on the sale of Sterling Chevrolet in Illinois.

The sellers were Rick Steenbock and Jason Hachmeister.

The buyer was Lee Schreiber.

We wish Lee Scheiber the best of luck with the acquisition.

Moshe Stopnitzky, President
Performance Brokerage Services, Inc.
A New Car Dealership Brokers Firm
www.performancebrokerageservices.com

I would like to take the opportunity to share with the readers comments made by the seller and the buyer after the closing:

From the seller:

"My partner and I were hesitant to use a broker, however we are so glad we did. Jason Stopnitzky was very professional every step of the way. A true sense of knowledge in every conversation we had. He was on top of the transaction from the beginning to the end. I highly recommend Jason and the team at Performance Brokerage Services. The amount of effort which they placed on our transaction helped ease us through a difficult process". - Rick Steenbock

and from the buyer:

"Jason Stopnitzky was incredibly valuable in helping both the buyer and seller through the buy/sell process. He was able to help both parties reach a mutually beneficial agreement. He was respectful, knowledgeable, and determined through the entire process. The challenges for a first-time buyer are daunting, but he was there with valuable information each step of the way. I would not hesitate to recommend Jason and Performance Brokerage Services for anyone looking to buy or sell their business." - Lee Schreiber
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Old 10-25-2015, 04:11 PM   #2
57years
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Size of store please, and city size. Congrats to parties!
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Old 10-26-2015, 02:30 PM   #3
XDCX
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Moshe,

Congratulations on another successful transaction for Performance Brokerage Services. Your firm is clearly on a roll and you're doing deals all across the country.

It was also nice to read the testimonials. I was especially pleased to notice the purchaser identified himself as a first-time buyer - it's great to see there's still space in the industry for someone who wants to carve out their own niche.

I wish Mr. Gee much success with his new venture.
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Old 10-26-2015, 02:40 PM   #4
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Quote:
Originally Posted by 57years View Post
Size of store please, and city size. Congrats to parties!
I just checked the website for Sterling Chevrolet - it appears they inventory about 60 new vehicles and 80 used vehicles.

Concerning the size of the city, according to Wikipedia the City of Sterling had a 2010 Census of 15,370 - a slight decline from the 2000 Census.
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Old 10-27-2015, 06:45 AM   #5
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thanks, Sorry I bothered you with this. I could have done it myself!
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Old 10-28-2015, 02:13 PM   #6
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thanks, Sorry I bothered you with this. I could have done it myself!
No worries, I was curious too and was happy to do the research.

I noticed the testimonial mentioned the purchaser was a first time buyer - I wonder if it was a second generation Dealer buying his first additional store or whether it was a non-owner buying his first dealership?

I remember Moshe mentioning in the past that one of the trends he's witnessed over the years is fewer first time buyers and more stores being sold to public groups and mega dealers.
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Old 11-10-2015, 11:26 AM   #7
Moshe @ Performance Brokerage Services
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Quote:
Originally Posted by XDCX View Post
I noticed the testimonial mentioned the purchaser was a first time buyer - I wonder if it was a second generation Dealer buying his first additional store or whether it was a non-owner buying his first dealership?

I remember Moshe mentioning in the past that one of the trends he's witnessed over the years is fewer first time buyers and more stores being sold to public groups and mega dealers.
The trend you referenced about public companies and large groups has frankly accelerated with the recent entry of private equity groups and non-automotive (well off) families wanting to enter our small automotive club. I guess Warren Buffet got their attention. Nonetheless, the buyer of Sterling Chevrolet was indeed a first time buyer.
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Old 11-10-2015, 01:16 PM   #8
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Quote:
Originally Posted by Moshe @ Performance Brokerage Services View Post
The trend you referenced about public companies and large groups has frankly accelerated with the recent entry of private equity groups and non-automotive (well off) families wanting to enter our small automotive club. I guess Warren Buffet got their attention. Nonetheless, the buyer of Sterling Chevrolet was indeed a first time buyer.
Moshe,

Thanks for the update - I'm happy to hear that there are still some first generation car dealers who are getting their chance to own their own store despite the trend toward public and mega-dealer ownership.

Props to Mr. Schreiber.
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