Ciocca Automotive acquired Apple Automotive Group and added 10 franchised dealerships, two used car dealerships and six collision centers.
Apple Automotive was owned by The Stewart Companies. Haig Partners LLC, which announced the transaction, was an advisor to Stewart Companies on the sale. Haig Partners, based in Fort Lauderdale, Fla., advises auto, heavy truck and RV dealers in the United States.
Terms of the transaction were not disclosed.
York, Pennsylvania-based Stewart Companies will focus on building products, construction and real estate, according to a press release from Haig Partners. Stewart was founded in 1935 and entered the auto business 48 years ago by purchasing a small Volkswagen dealership. We have expanded to include BMW, Ford, Chevrolet, Chrysler, Jeep, Dodge, Honda, Nissan, and Subaru dealerships.
Stewart Companies CEO David Stewart said Apple has a bright future with Ciocca.
“Selecting the right partner to lead Apple Automotive into the future was central to our strategic evaluation process every step of the way,” David Stewart, CEO of The Stewart Companies, said in a press release. Ta.
Alan Haig and Mike Toth of Haig Partners provided valuation analysis and led the marketing process for Apple Automotive.
Ciocca Automotive was founded in the 1970s by Greg Ciocca, who sold cars out of his home in Warminster, Bucks County.
“I was literally working out of my mom's garage and I had to move my car because there wasn't much space to store it,” Ciocca said on the company's website. His first used car park was in Southampton and his second in Plumstead Building. He purchased his Ford in 1993 with his first new car franchise, Quakertown.
Ciocca Automotive is currently one of the largest automotive groups in Pennsylvania and New Jersey, with more than 50 dealerships, as well as collision centers and express service centers. Ciocca Automotive's revenue is about $3 billion, Haig said.
In a statement announcing the deal with Apple, Greg Ciocca said that Apple Automotive is committed to Ciocca's “four-legged stool,” a philosophy in which success equals employee satisfaction plus customer satisfaction plus manufacturer relationships. He said it was perfect for him.
“It all starts with our people,” Ciocca said.
Ciocca Automotive has dealerships from coastal New Jersey to central Pennsylvania, according to the company's website. Greg Ciocca's three sons, Greg Jr., Dylan and Cole, are all involved in the family business.
