PSD Automotive, Envision Motors among buying dealerships
Envision Motors, of West Covina, Calif., acquired the California Honda and Toyota dealerships in December, marking the group’s third Toyota store and the first Honda outlet.
The growing auto group bought Piercey Honda and Piercey Toyota in Milpitas, near San Jose, from Bill Piercey and Tom Chadwell on Dec. 13, according to Bill Scrivner of Pinnacle Mergers & Acquisitions, a Frisco buy-sell firm. , in Texas, which represented the sellers.
The stores were renamed Envision Toyota of Milpitas and Envision Honda of Milpitas.
“We want to be in Northern California,” said group CEO Simon Sarriedine. Automotive News.
Envision Motors was co-founded in 2018 by Sarriedine, who previously worked as an executive director for Keyes Automotive Group, of Van Nuys, Calif., and Frank Zarabi, who runs a fashion business, among other business ventures. The Envision Group has 10 dealerships in California and Arizona, according to its website.
In April, the group acquired a Jaguar-Land Rover dealership in Cerritos, Calif., from Roger Penske Jr. of the SoCal Penske dealership group, Sarriedine said.
Envision Motors also sells Mercedes-Benz, Audi, Chrysler, Dodge, Jeep and Ram vehicles and generates more than $1.2 billion in annual revenue, Sarriedine said.
“We are able to acquire stores this year [and] next year,” Sarriedine said. “We are trying to reach $2 billion [in annual revenue] hopefully by this year.”
Piercey and Chadwell have sold most of their dealerships in recent months. Piercey Automotive Group, of Irvine, Calif., still lists Honda World Westminster California on its website.
In August, Lithia Motors Inc. purchased Rock Honda of Fontana, Calif. from Piercey and Chadwell.
In September, Summit Automotive Partners purchased Freedom Honda in Colorado Springs, Colorado, from Piercey Automotive, and in October, Germain Automotive Group purchased the Surprise Honda dealership of Piercey and Chadwell, Arizona.