General Truck Sales, Inc. Transitiones to M&K Truck Centers in Successful Acquisition

Sale of General Truck Sales, Inc.

Performance Brokerage Services, a leading dealership brokerage firm in North America, has successfully facilitated the acquisition of General Truck Sales, Inc. by M&K Truck Centers. This transaction includes three locations in Indiana and one in Ohio, expanding M&K's presence in the commercial vehicle market.

A Legacy Business Transition

General Truck Sales, founded in 1958, has been under the leadership of Steve Bassett for over three decades. The company is renowned for selling, leasing, and servicing a range of trucks, including light, medium, and heavy-duty models. As an authorized dealer for brands like Volvo, Mack, Hino, and Isuzu, the company has built a reputation for outstanding customer service, having been recognized as North American Dealer of the Year by Volvo Trucks multiple times.

In a statement, Bassett shared his feelings about the sale, saying, "Selling my business was one of the biggest decisions I've ever made." He emphasized the professionalism of the team at Performance Brokerage Services, who guided him through the process with expertise and clear communication. He noted that Dan Argiro and his colleagues at Performance were instrumental in connecting him with the right buyer, ensuring that the legacy of General Truck Sales would continue.

The Role of Performance Brokerage Services

Performance Brokerage Services has been at the forefront of dealership buy-sell activities, notably advising nearly 400 dealerships in the past five years. Their successful track record and dedication to client service have established their dominance in the market. Dan Argiro, along with Pat Albero, played critical roles as the sell-side advisors in this transaction, further showcasing the firm's capabilities in facilitating smooth transitions.

Argiro remarked, "We’re proud to have successfully facilitated the sale of General Truck Sales, Inc. to MK Truck Centers." He noted that keeping the business’s legacy intact was paramount and that the alignment of vision between Steve Bassett and Ron Meyering of M&K was vital for the future of General Truck Sales.

M&K Truck Centers' Growth Strategy

MK Truck Centers, led by CEO Ron Meyering, has a history of strategic expansions, having grown significantly since its establishment in 1989. The company has progressively increased its market share through acquisitions and the addition of various truck brands. Following this acquisition, M&K Truck Centers now operates over 30 locations and employs a large workforce dedicated to selling and servicing a diverse range of commercial vehicles. Meyering expressed his enthusiasm about the acquisition, viewing it as a perfect geolocation fit that would allow the company to thrive further.

This transaction is not just a merger but a celebration of two reputable businesses coming together to enhance customer service and operational efficiency in the trucking industry. Each General Truck Sales location will operate under the MK Truck Centers brand, ensuring continuity and stability for customers and employees alike.

Looking to the Future

As General Truck Sales transitions into the MK Truck Centers brand, the outlook remains positive. The strategy for integrating General Truck Sales' employees into MK's Employee Stock Ownership Plan (ESOP) displays a commitment to fostering a collaborative and ownership-driven culture within the newly expanded organization. Moreover, the recent acquisition reflects MK Truck Centers’ dedication to providing comprehensive solutions for all customer needs in the commercial vehicle sector.

For those looking to buy or sell dealership operations, both Bassett and Meyering highly recommend Dan Argiro and his team at Performance Brokerage Services. The combination of expert guidance, ethical practices, and industry knowledge positions their firm as a trusted advisor in any dealership transaction.

In conclusion, the sale of General Truck Sales, Inc. signifies more than just a business transaction—it marks a seamless transition of a legacy brand into the capable hands of an industry leader. The future looks promising for all stakeholders involved as both companies strive for excellence in the automotive sector.