In any trade, whenever there is a merger or acquisition, in the opinion of Jeffrey Lupient, customers often feel lost and apprehensive about how the new company is going to handle the sales and service. This is precisely why companies should be extremely careful while selecting a buyer. Especially, if there is a buy out wherein only the ownership changes and the products and service remain the same, the transfer of ownership has to be done with great care.
Things to check before Selling an Automotive Dealership:
The Buyers Knowledge of the Trade:
While selling an automotive dealership, one has to ensure that the buyer has complete knowledge of the trade and has managed an automotive dealership earlier too. This would ensure that the customers continue to enjoy that seamless experience. This aspect was taken into account when Todd Penz and his father, Dan Penz, acquired the Lupient Buick GMC and Lupient Nissan dealerships from the Twin Cities-based Lupient Automotive Group in 2019.
Before selling an automotive dealership to another company, it is extremely important to check the financials. Right from the inventory to the utility bills and taxes, everything should be taken into account while discussing and negotiating the financials. Before closing the deal, the seller should also take into account the future trends of the automotive industry and quote a price basis the same.
Jeffrey Lupient briefly discusses Penz family’s purchase of car dealerships from the Lupient Group
The Penzes were attracted to the appeal and location of the Rochester car dealerships. They decided to add these two dealerships to their portfolio subsequent to splitting the Subaru brand off of Clements Chevrolet Cadillac and launching a new dealership in south Rochester in 2017. The Penzes already had a fairly popular Subuaru brand, and a truck brand with GMC. With Nissan, they got the chance to add electric cars to the mix, so as to make sure that their selection encompasses all the types of vehicles.
Jeffrey Lupient applauds the Futuristic Efforts of the Penzes
Following the example of retailers like Target, Walmart and Menards, the Penzes strive to book-end the city with dealerships in an effort to reach more buyers. He also aimed at taking steps towards modernizing the purchase process to make things simpler and easier for the customers. The dealerships would operate digitally, bidding goodbye to the days of doing a proposal with a Sharpie marker.
This customer focused approach has always been maintained by Jeffrey Lupient too. In fact, Jeff Lupient’s dealership is particularly popular for breaking away from the stereotype of the untrustworthy, dishonest auto dealer often found in media. He actually listens to his prospective clients and gives them the information and insights needed to choose a vehicle that suits their needs. Jeff Lupient is known for effectively gaining and retaining his clients’ trust. This is among the primary reasons the Lupient Automotive Group has some of the best returning customer numbers in the state.