Schomp, Foundation Automotive buys stores in Colorado; Skyway Auto buys in Oklahoma
The growing Canadian dealer group Foundation Automotive Corp. acquired its second Colorado Hyundai dealership in about two months.
Foundation Automotive, based in Calgary, Alta., Purchased Boulder Hyundai on July 29 from retiring dealer Jeff Baca. The dealership was renamed the Hyundai Foundation of Boulder.
“There are great opportunities in the Boulder area, particularly with the Hyundai brand,” said Cole Kutschinski, vice president of marketing for the Foundation. “We think that’s a very strong demographic with Hyundai’s new product line. They had a great reputation in the community. Jeff was an exceptional pillar of the community. The opportunity presented itself and it really matched. to our profile. “
In May, Foundation acquired AutoNation Hyundai 104 in Northglenn, Colorado, north of Denver, and moved it about 2 miles from Westminster, renaming it Foundation Hyundai. The Boulder location is about a half hour drive northwest of the Westminster store.
Foundation now has eight dealers in Colorado.
Josh Letis, managing partner of the Foundation’s Medved Autoplex – which includes the Cadillac, Chevrolet and Kia stores in Wheat Ridge as well as the Hyundai dealership in Westminster – will also be managing partner of the Boulder Hyundai store.
The Hyundai Foundation of Boulder is the group’s 21st global store. It has three dealerships in Canada and 18 in the United States in Colorado, North Dakota, Ohio and Texas. It also has a commercial truck fitting center in Texas.
The Foundation, headed by CEO Kevin Kutschinski, Cole’s father, continues to aim for aggressive growth in 2021. The group, in a statement, said it planned to “close another 16 dealerships this year,” which would double almost its number of stores.
Acquisition of Oklahoma
Skyway Auto Group, owned by lawn mower maker Bad Boy Inc., founder of Phillip Pulley, bought a Honda dealership last month in Oklahoma.
Skyway purchased Honda of Bartlesville, north of Tulsa, on July 12 from dealer Hal Steinke. The store was renamed Skyway Honda.
The Skyway Group also owns Skyway Buick-GMC in Joplin, Mo., which was purchased in October 2019, said Skyway CFO David Brogdon, also chairman of Bad Boy Mowers.
In December 2019, Houston-based private equity firm Sterling Group purchased a stake in Bad Boy of Batesville, Ark., Northeast of Little Rock, Ark. Pulley still owns a portion of the lawn mower manufacturing company and also sits on its board of directors, Brogdon said.
Brogdon said Skyway is looking to purchase more dealerships located “within an hour’s flight” from Little Rock. He said that he is considering some offers but has nothing under contract.
Ozog Consulting Group represented the seller in the transaction.