Dealer groups notes: Vaughan Automotive acquires Mike Calvert Toyota

Timothy

This roundup of vendor team news begins with a different dealership modifying hands.

In accordance to a information release sent on Thursday, Vaughan Automotive has ordered Mike Calvert Toyota, a person of the fastest-escalating Toyota dealerships in Houston.

Whilst the pandemic manufactured it difficult for numerous firms, Vaughan Automotive said Mike Calvert Toyota retained its total personnel and included new workforce to additional serve its purchaser base. As a outcome, the team mentioned Mike Calvert Toyota sold additional than 6,000 new and pre-owned automobiles and highlighted numerous shop achievements, like:

—Total 2021 new Toyota volume 108.3% of prior calendar year compared to Gulf Condition Toyota (GST) Location at 101.9%.

—Total 2021 Toyota Certified Applied Auto (TCUV) 112.3% of prior year vs . GST at 105.7%

—Grown Assistance Technician staff from 22 to 55

—26 nearby associate diploma scholarship graduates, present Highschool CTE apprentices

—Total product sales 12 months-around-year (2021 vs . 2020) putting up a additional than 130% improve

—Customer labor gross sales (2021 vs . 2020) making a 161.% enhance

—Ranked sixth in GST for 2021 (157 dealerships) by proportion maximize for fastened functions product sales development.

“I am thrilled to carry on Mike Calvert’s legacy and create on the basis he laid,” Vaughan Automotive owner and main government officer Shawn Vaughan claimed in the news launch.

“Over the previous yr, we have found exponential expansion, not only in gross sales, but also in our dealership team. It’s significant to me to build a entire world-course consumer and staff ecosystem at Mike Calvert Toyota, a thing that our Houston and surrounding location communities are worthy of,” Vaughan continued.

Now with Vaughan as proprietor and CEO, Mike Calvert Toyota — which has been serving the Houston community for much more than 44 decades — is going through renovations to update the customer amenities, technician areas and human body shop all the while continuing to supply higher-high-quality client services with leading-of-the-line amenities and gear.

The 75,000-sq.-foot retailer features refreshed product sales and leasing offices, express lube, buyer ready house, restrooms, Lease-A-Toyota functions, together with best-tier facilities for technological solutions and an expansive lot with new and pre-owned autos.

Vaughan has invested most of his job instruction and handling Vic Vaughan Toyota of Boerne along with his father. At the beginning of 2022, Shawn Vaughan ordered the household legacy dealership to turn into the owner and dealer principal of Vic Vaughan Toyota of Boerne.

Vaughan stated he strategy to combine Mike Calvert Toyota even more into the group by nonprofit partnerships and charitable providing, these kinds of as the newly introduced Noble Nurse venture. 

“Houston has this kind of a lively community and we’re excited to give back again and truly make it our dwelling,” Vaughan said.

Group 1 dividend & stock repurchase

Related to what fellow publicly traded dealership team Penske Automotive declared this 7 days, Group 1 Automotive also uncovered that its board of administrators amplified the company’s frequent inventory repurchase authorization by $175 million to $250 million, and also declared an enhance to the quarterly dollars dividend.

The firm also updated its year-to-date repurchase action of 796,060 shares of frequent inventory at an typical value of $179.72 for a complete of $143.1 million, which represents 4.6% of Team 1’s remarkable share count as of Jan. 1. 

Team 1 indicated in a news release that it expects that any repurchase of shares will be funded by funds from operations, and repurchased shares will be held in treasury.

And Group 1’s board of directors also declared a money dividend of $.37 for every share for the initially quarter.

The company highlighted the dividend represents an maximize of 2.8%, or $.01 for each share, from the fourth quarter. The dividend will be payable on June 15 to stockholders of document as of June 1.

“We go on to show strong money circulation and a healthier harmony sheet, which has enabled major cash deployment in 2022.  stated Earl Hesterberg, president and chief executive officer of Team 1, which has 202 dealerships positioned in the U.S. and U.K.

“We glance to go on growth by means of acquisitions while also returning capital to our shareholders,” Hesterberg extra.

A further Castle exec promoted

Also occurring for the second time this week, Castle Automotive Group (CAG) promoted a person of its executives.

In a shift successful promptly, Jim McLaughlin has been promoted to vice president of set functions for CAG, which at present owns 9 dealership destinations with 14 franchises through Illinois and Northwest Indiana.

CAG highlighted that McLaughlin is effectively-recognized skilled in his industry with additional than 22 a long time of sturdy automotive preset operations knowledge with various OEMs. The team reported his leadership skills range from producing and mentoring workforce and streamlining processes to  identifying and executing income expansion opportunity.

According to a news release, McLaughlin will be critical as CAG proceeds to broaden its dealership footprint by modernizing the service and parts departments.

“Our firm has grown at a fast velocity in excess of the very last couple years, and in get to stay competitive as very well as provide success and good shopper expertise, we have to increase our people internally first,” CAG main government officer Joe Castle claimed in the news release.

“It is no magic formula that fixed operations in most shops get the least quantity of resources and infrastructure, yet it has great possible for progress and effect on our store’s profitability,” Castle ongoing. “From the day that Jim started off with me, I realized that he was youthful, hungry and had a vision for assistance and areas operations that suit mine.

“I am psyched for this prospect to assist our stores’ preset ops teams at a total new stage and for Jim and his administrators workforce — Hayley Navarro and Dave Vargocko — to all continue to develop their professions with CAG,” Castle went on to say.

Formerly, CAG selected Sean Seltzer to lead its advertising approach as main marketing officer and promoted David Ortiz to be vice president of variable functions.

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