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New Automotive Dealership Location - 10 Years - $5,300,000.00
4325 Sonoma Blvd, Vallejo
Our Client wanted a larger space for his luxury brand used auto dealership.
At the same time, we were looking to secure new space for him, a local dealership with multiple big brands went bankrupt. We immediately secured a meeting with the receivership involved (which was not an easy task). During the meeting we were able to find out what brands were available and tried to get an idea of what they expected in Blue Sky payments.
We built a fast relationship with the receivership and letting them know that we had a client that was well respected in the community, had high CSI scores and automotive General Manager experience. What more can an OEM car brand want right?
If you have never worked with a receivership before, keep in mind that their job is to recoup as much money as they can for their creditors. But they can also be very resourceful in helping you get in touch with the right people.
Also, what the receivership asks for in Blue Sky may not necessarily be the going market rate, but they do hold the strings, but keeping that in mind remember that everything is negotiable, it just takes time. It depends on a lot of different moving pieces. Think of it as a chess game.
We called our client immediately to tell him about the opportunity and that we had secured a meeting. Our client was excited about the potential of securing a new car brand. It would be a great opportunity for him and his family.
The negotiations with the receivership, dealerships and the landlords (yes there were multiple landlords we were trying to negotiate with at the time) started in January 2019 and we were able to secure a new location with a 10-year lease and occupancy starting in early June 2019.
The next step is securing the brand. The process to own a new car dealership can be tedious and frustrating, but it can be done! The key is to have the funds, right location, relationships and a good reputation in the automotive industry.
Ask us for more details.