Thursday, February 2, 2023
HomeAutoWhy Precedence 1 Automotive homeowners bought their dealership to AutoNation

Why Precedence 1 Automotive homeowners bought their dealership to AutoNation

Q: Why did you resolve to promote Precedence 1 in 2021?

Lou Cohen: On the suggestion of my son and since I turned 80 years previous.

Marc Cohen: We tried to accumulate two completely different shops in 2020 and realized, primarily based on the ultimate buy value of these transactions, costs have been a lot increased than what we have been will-ing to pay. Following a wild journey in 2020 with the uncertainty of COVID and the affect – each optimistic and unfavourable – that it had on the enterprise, we started to judge the long-term succession planning for our household. Because the enterprise obtained extraordinarily good on the finish of 2020 and the start of 2021, we determined to check the market and promote if we might obtain the quantity that we wished.  

Alison Cohen: Over the previous few years, we grew our enterprise fairly a bit. It was nice that we grew, however I used to be spending an excellent bit extra time at company, and never attending to do what I beloved – being within the shops, working with our workers and attending to know our purchasers.  

Q: As a family-run enterprise, what was the toughest half concerning the determination?

Alison Cohen: The hardest a part of the choice for me was letting go of the legacy our dad constructed and introduced us into. The choice additionally was powerful as a result of so a lot of our workers had been with us for 10-plus years. They helped educate me the enterprise and really grew to become like household through the years.

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Marc Cohen: It was a tough determination as a result of my dad had lived this enterprise for 60 years and together with my sister, all of us put a lot of our lives into this enterprise. Plus the truth that a lot of our workers have been like household, having labored collectively for a very long time.

Lou Cohen: Hanging up the day-to-day motion.

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