Performance Brokerage Services Facilitates Sale of Motorcycles Dealerships to Sonic Automotive

Major Deal in the Motorcycle Dealership Sector

In a significant move within the motorcycle industry, Performance Brokerage Services, known as a leader in dealership buy-sell activity, has facilitated the sale of Motorcycles of Charlotte and Motorcycles of Greensboro in North Carolina to Sonic Automotive. This acquisition, coming after two decades of ownership by Mark and Gail Engel, marks a pivotal moment for both the buyers and sellers involved.

Sonic Automotive, a Fortune 500 company headquartered in Charlotte, North Carolina, has made strides in recent years to expand its operation into the powersports market. Having previously acquired several dealerships across South Dakota and Texas under its Sonic Powersports division, the latest acquisition showcases Sonic's commitment to growing their presence in the Southeast. The dealerships, renowned for featuring prominent brands such as Harley-Davidson and Indian Motorcycle, are positioned to continue their legacy under Sonic's expansive network.

Mark Engel and his partners began their journey in the motorcycle dealership business over 20 years ago when they purchased Motorcycles of Charlotte, which initially operated as a BMW dealership. They quickly established a reputation, expanding their offerings to include prestigious brands like Ducati and Triumph. The rapid growth led to the construction of a state-of-the-art 19,000-square-foot facility in 2010 and the acquisition of Motorcycles of Greensboro in 2019. This has solidified their standing as one of the Southeast’s leading European motorcycle dealers.

Mark Engel reflects on the process of selling his dealerships with gratitude towards Performance Brokerage Services, noting that conversations about potential buyers initially began in 2008 when he wasn't ready to sell. His eventual turn to Performance Brokerage for assistance reveals the trust built over years of relationship. George Chaconas and Juan Pardo, integral team members at Performance Brokerage, guided Engel through various discussions with prospects before ultimately connecting him with Sonic Automotive, who was actively looking to diversify its dealership offering.

George Chaconas remarked on the lengthy and successful relationship he cultivated with Engel over nearly 15 years, expressing honor in representing him through the complexities of the sale. The mutual respect between the seller and brokers was evident, as Engel acknowledged that achieving the sale would have been unlikely without their expertise. Engel stated, “I recommend them highly whether you want to purchase or sell a powersports dealership!”

The conclusion of this transaction is seen as a positive development for both parties involved, with Sonic Automotive promising to uphold the high standards set by the Engel family in the community. Mark Engel expressed his hopes for maintaining involvement with the dealerships, suggesting continued growth and success are in sight.

The Motorcycles of Charlotte will maintain its operations at 731 Westinghouse Boulevard, and Motorcycles of Greensboro will stay at 2407 Greengate Drive, ensuring brand recognition and community ties remain intact.

In the past five years, Performance Brokerage Services has been involved in over 300 dealership sales, making them the top dealership brokerage firm in North America. They are well-regarded for their ethical practices and high success closure rate, evidenced by the ease with which this transaction was conducted.

Looking ahead, both Sonic Automotive and Performance Brokerage Services are poised for future opportunities in an ever-evolving market, continuing to foster relationships and growth within the motorcycle dealership community.