Big Livermore auto mall is bought by Tennessee vehicle sales firm
LIVERMORE >> A big auto mall in Livermore has been bought by a Tennesseebased vehicle sales group that also bought land nearby for possible expansion sites.
Livermore Auto Mall, which features Audi, Porsche, Honda, Jaguar, Land Rover, and Subaru dealerships, has been bought by Umansky Automotive Group, according to documents filed on July 1 with the Alameda County Recorder’s Office.
“It’s a strategic purchase,” said Mark Triska, an executive vice president with Colliers, a commercial real estate firm. “Umansky is buying properties along Interstate 580 that has heavy traffic counts. This is a great location.”
Umansky Automotive Group, acting through affiliates, paid a combined total of $60 million to buy four sites, including the dealership properties on Las Positas Road in Livermore and two large chunks of empty land nearby, the county records show.
The dealership properties involved in the purchase are Livermore Honda, Livermore Subaru, Land Rover Livermore, Jaguar Livermore, Audi Livermore, and Porsche Livermore, according to the public records.
All six of these stores are now listed on the Umansky Auto Group site as dealerships owned and operated by Umansky. The dealerships all have addresses near the intersection of Las Positas Road and North Mines Road.
“This is a great move,” Triska said. “Livermore has always been the bridge between the Greater Bay Area and the Central Valley.”
Prior to the transaction, all of the Umansky dealerships were located only in Tennessee, Virginia, and Wisconsin.
“This strategic acquisition of strong brands and significant volume is the ideal way for us to enter the California market,” Dan Umansky, chairman of Umansky Automotive Group, said in a prepared release.
Memphis, Tenn.-based Umansky Automotive Group paid $52.7 million for the properties.
The price for the vacant land, which totals 7.6 acres, was $7.3 million, the property records show. A Google aerial maps display shows a few agricultural buildings on the undeveloped land, which is next to the Target-anchored Plaza 580 Shopping Center near the interchange of Interstate 580 and First Street in Livermore.
Bruce Qvale and Qvale Automotive Group, acting through affiliates, sold the properties to the Umansky company.
“This transaction, while bittersweet, marks the sale of our family’s remaining dealerships in California as we consolidate and focus our efforts on our Florida dealership,” Bruce Qvale said in a prepared release.
The Presidio Group, an investment bank, advised the Qvale firm on its dealership sale.
“The Qvale family made a strategic decision to exit the California market,” said George Karolis, president of The Presidio Group.
Triska believes it’s a good sign that the new owner of the dealerships also bought the vacant land.
“It’s encouraging that Umansky is buying the land,” Triska said. “This gives Umansky the opportunity to expand. This could bring some new auto dealerships to Livermore.”