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It’s officially Christmas Week and we’re ramping up the holiday spirit as we talk about some of the the ways that big ideas have made their way to the top of the charts. This includes a major acquisition, a feature on our friends at Automotive Ventures, and top rated chef serving dealership customers as the VIPs.
Show Notes with links:
- After announcing the landmark deal back in September, Asbury Automotive Group has completed its acquisition of Jim Koons Automotive Companies, the 9th largest privately held group in the country including 20 dealerships, 29 franchises, six collision centers and a high volume Toyota dealerships for $1.2B
- Asbury president and CEO David Hult said in a news release. “Jim Koons’ passion for the car business, as well as his enthusiastic leadership of his group, is evident at every level of the Koons organization.”
- Jim Koons bought the group from his brother John about 50 years ago.
- John Koons got a job as a car salesman in 1939
- As that same entrepreneurial spirit carries forward, more and more Dealers are being brought together to invest their own money in the future of the industry through start-up tech innovation.
- Automotive Ventures and FM Capital are attracting millions of dollars of Dealer investment into mobility tech across various industries
- Both firms have a history of successful investments, with FM Capital managing $300 million across funds and Automotive Ventures focusing on seed-stage and dealership technology investments.
- The firms see opportunity in the current market, where startup valuations have normalized following a period of inflated worth.
- "This could be one of the most profitable periods for [venture capital]," says Chase Fraser of FM Capital, highlighting the potential in current valuations.
- Sarasota Ford is now offering both Michelin tires and a Michelin-starred dining experience as they recently launched Le Mans Kitchen, exclusively for its customers. The initiative by Matt Buchanan of Buchanan Automotive Group aims to enhance dealership loyalty. The dealership already includes a movie theater and relaxation area.
- The 38 seat restaurant replaced the dealership’s cafe following a 9 month renovation project
- Executive chef Jose Martinez owns Maison Blanche previously had an award-winning restaurant in Paris, and owns a highly rated restaurant on Longboat Key
- In a statement, Martinez said "I told him this was a crazy idea, but that I am up for the challenge."
- From the AN article: "We have created a space that will completely immerse people," said Mirza Velic, the dealership's chief experience officer. "When you walk inside Le Mans Kitchen, it's like being transported out of a car dealership and into another place and time in the French countryside."
Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.
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