An Ocala-based affiliate of Jenkins Auto Group has continued its dealership buying binge along U.S. 441 in Leesburg, purchasing the Lake Nissan dealership at 10234 U.S. 441 last week for $4.9 million, acquiring a 3-acre parcel with three buildings totaling 18,000 square feet.
It is Jenkins' fourth dealership in the U.S. 441 auto-row stretch between Via Port Mall and Downtown Leesburg.
Jenkins bought the former Blount Honda dealership just down the road on 441 last year. It also owns Jenkins Volkswagen and Jenkins Hyundai along that stretch.
The sale price would not include the cost of the on-going business, which was not released.
"We are extremely proud of the relationships we've built in Leesburg over the past decade and are very excited to welcome another Jenkins store into [the Leesburg area] in the past 13 months," said Tom Formanek, president and CEO of Jenkins Auto Group (JAG).
"It's our fourth acquisition [for the entire dealership group] in 14 months," added Allison Campbell, the company's spokeswoman.
Jenkins also owns four dealerships in Ocala where its headquarters is based. It has Nissan and Hyundai dealerships in South Georgia as well.
Tad Dixon, a broker with First Team Commercial who has experience with car dealership sales, said the sale price for the land and facility was in line with the market.
"The car business is pretty strong right now," Dixon said. "What we don't know is what they paid for the business."
The former owners, listed as Bakich Family LLC, could not be reached for comment.