Former Giants star sells Hamilton Honda for $15M
HAMILTON >> Former New York Giants linebacker Jessie Armstead has sold his Hamilton Honda dealership for approximately $15 million.
Armstead and co-managing partner Michael Saporito transferred ownership of the property to a Lithia Motors Inc. subsidiary effective May 1, according to public records.
Located off Route 130, Hamilton Honda is a highly successful dealership that opened in May 2009. The business generated $160 million in revenue last year, but the new ownership group suggests it can maximize profits even further.
“We’re excited to welcome the Hamilton Honda team,” Bryan DeBoer, president and CEO of Lithia, said last week in a press statement. “They built strong market share with a very customer focused strategy. We’re eager to help them translate that share into increased profitability through leveraging our internal performance data.”
Armstead and Saporito were co-managing members of All-Star Route 130 HS LLC, which owned the 9.32-acre commercial property known as Hamilton Honda. They sold the property to DCH Investments Inc. (New Jersey) for $14,957,596, deed records show.
DCH Investments Inc. (New Jersey) is a subsidiary of Lithia Motors Inc., a publicly traded Fortune 500 company.
Mortgage records show American Honda Finance Corporation on May 1 lent about $26.4 million to DCH Investments Inc. (New Jersey), which Former New York Giant and NFL great Jessie Armstead (left) is all smiles as he lines up to show rushing the passer techniques with Hamilton Township Mayor Kelly Yaede. is obligated to pay off the principal and interest in due time.
As an auto dealer, Hamilton Honda last year was ranked 23rd in the nation and eighth in the New York metro market among all Honda stores, according to Lithia.
Lithia Hamilton-H LLC recently submitted an application to the Hamilton Township municipal government seeking to engage in the business of a secondhand automobile dealer license. Hamilton Council unanimously passed a resolution May 7 formally granting the license to Lithia.
Hamilton Honda’s new ownership needed to obtain a secondhand automobile dealer license in order to legally sell vehicles on the property formerly owned by Jessie Armstead’s partnership group.
Armstead, 48, played 12 seasons in the NFL from 1993 to 2004, spending most of his Pro Bowl career with the Giants.