Dobbs Equity Partners late last year added a domestic dealership to its lineup and expanded to a new state: Indiana.
Dobbs Equity of Memphis, Tenn., on Dec. 6, bought Blossom Chevrolet in Indianapolis from Mike Chase and an undisclosed partner.
Chase remains dealer operator of the store, which has a more than 50-year history, and retained an undisclosed ownership percentage in the dealership, according to Haig Partners, a buy-sell firm in Fort Lauderdale, Fla., which represented the seller in the transaction.
The dealership’s name was retained.
“Dobbs Equity Partners is thrilled to expand our presence in Indianapolis and are grateful that Mike Chase will continue to be a part of the team,” John Dobbs Jr., the firm’s CEO, said in a statement. “We anticipate further growth and expansion in the Midwest with Mike and his team leading the effort.”
Rick Greene, COO of Dobbs Equity Partners, told Automotive News that the group is under contract to buy five more dealerships.
Chase said while he opted to sell the Chevy store, he wanted to find a buyer that would let him stay involved in the dealership.
“I’m excited to continue growing the enterprise and pursuing new opportunities with the Dobbs team,” Chase said in a statement.
The acquisition follows Dobbs Equity’s November 2021 purchase of Papa’s Chrysler-Dodge-Jeep-Ram in New Britain, Conn.
The Dobbs family got its start in auto retail in the 1920s. Dobbs Automotive Group in 1998 sold more than 20 dealerships to Republic Industries Inc., which in 1999 changed its name to AutoNation Inc.
Today, the Dobbs Family Automotive portfolio has nine franchised rooftops, with dealerships also in Kansas, Arkansas and Texas.