Folsom Lake Chrysler, Jeep, Dodge, Ram is headed for a Buy/Sell

[XDCX]

According to a news report in the Sacramento Bee, Folsom Lake Chrysler, Jeep, Dodge, Ram is headed for a change of ownership next month. For the full report - click here

Typically a newspaper wouldn't have advance notice of a dealership buy/sell but in this case since Folsom Lake CJDR is part of the California Superstore Group they have to file an advance report with a governmental agency because the buy/sell could result in the loss of more than 100 jobs.

Folsom Lake CJDR was initially filled as an open point when Hank Torian built a new facility for the market and selected Carlos Hidalgo as his General Manager. Hidalgo eventually bought out the store and then sold the store to the California Superstores Group where he remained as one of the company's executives.

Here's a thread DealershipForum had concerning Carlos Hidalgo several years ago - click here

It will be interesting to watch and see if Folsom Lake CJDR returns to a private capital store or whether it will be purchased by another dealer group.

[Moshe @ Performance Brokerage Services]

Mr. Carlos Hidalgo is no longer an executive at California Superstores Group.

Mr. Hidalgo owns the Hyundai dealership in Stockton.

Folsom Lake CDJR is indeed in escrow heading for a change of ownership. The buyer is not Mr. Carlos Hidalgo. The escrow is scheduled to closed sometimes in May. The buyer is an individual that owns several other dealerships in CA.

[XDCX]

Moshe,

Thanks for the update. Given your pulse on the market I'm not surprised to learn that you already know all of the details regarding the pending buy/sell.

Also, thanks for the update concerning Carlos Hidalgo. I wasn't aware that he was no longer with California Superstores and had his own store again.