FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–Haig Partners LLC served as the exclusive sell-side advisor to Jack and Robin Salzman on the sale of their Lake Norman Chrysler-Dodge-Jeep-RAM and Gastonia Chrysler-Dodge-Jeep-RAM dealerships in North Carolina to the Parks Automotive Group. Parks Automotive Group owns 13 dealerships in North Carolina, South Carolina and Virginia and is led by President Adam Parks. The sale of Lake Norman Chrysler-Dodge-Jeep-RAM is believed to set a record for the highest-value Chrysler-Dodge-Jeep-RAM dealership ever to trade hands.
Jack Salzman, the former owner, said, “With considerable pride and a touch of sadness, Robin and I are announcing the sale of our Lake Norman and Gastonia Chrysler-Dodge-Jeep-RAM stores to Parks Automotive Group. Over the course of nearly 20 years, we succeeded beyond our wildest dreams, building teams that sold 70,000+ vehicles, and serviced over one million customers. We achieved the top volume in new car sales a staggering 88 months in a row and were in the top 10 in the country for both new and CPOV sales.
“The true achievement was becoming an integral part of the communities we served. Through donations, support, and labor, we endeavored to make a difference and had the honor of being recognized numerous times for doing so. The real hero in our community work was Robin, who selflessly gave up an incredible career in radio as VP/Market Manager of 3 stations for CBS Radio and Market Manager of the Year for the U.S. She moved with me to N.C. to pursue my dream of owning a dealership and not only handled all the marketing but also made her mark as a philanthropist.
“I had numerous mentors along the way but would like to recognize three by name. Kim Hackett gave me my first opportunity in the car business after I finished law school, and together we grew a Pontiac store in Florida into a top-notch dealership. After AutoNation acquired our store, Mike Maroone helped push and guide me to conduct business at a very high level by focusing on the small details others overlook. Finally, Charlie Cantrel, who was instrumental in teaching me to operate on the far-left side of the page in our 20 group, went from mentor to an incredible friend over the course of 15 years.
“I’d also like to thank Alan Haig and Derek Garber from Haig Partners. “In Haig we trust,” was a saying Robin and I had during the transaction. We wanted an advisory firm to assist us with the sale of the dealerships and the Haig team worked hard to prove that they were the right choice for us. Alan demonstrated his unmatched experience in selling dealerships at many points along the way. His honesty and excellent advice helped us to achieve all of our goals from the sale of our dealerships.
“Robin and I wish Adam Parks and his team the best and are confident they will take the dealerships to the next level. The future is very bright with Lake Norman set to open a brand new 55,000 sq ft state-of-the-art facility, plus Carolina Custom and Lake Norman Commercial Center making a name for themselves in custom & fleet builds and service in 112,000 sq ft nearby. Altogether, Lake Norman will have a brand new CDJR dealership, a customization and commercial center, and a standalone used car dealership, all within a half mile of each other…over 200,000 sq ft on 34 acres with 86 service bays!
“Robin and I will watch with pride as we start the next chapters of our lives. I’ll be jumping in headfirst to making THIScar (THIScar.com) a game changer for franchise dealers nationwide, while Robin continues to grow her philanthropic efforts with our Giving With Grace Foundation (givingwithgrace.org).
“Thank you to everyone who has had a hand in making the last 19+ years in North Carolina an incredible journey! To our community partners in business as well as those serving our neighbors in need, thank you for the opportunity to build these amazing businesses and our community!”
Alan Haig, President of Haig Partners and the advisor to the Salzmans, said, “Lake Norman CDJR is one of the best performing dealerships of its kind in the US. Some highlights include:
- #1 in new vehicle volume in the Carolinas for 88 months in a row
- Finished in the top 10 in the USA in new vehicle volume for several years
- Consistently in the top 10 in the USA in certified pre-owned vehicle sales
- In 2018 Jack was honored to receive the Time Dealer of the Year
- In 2021 Jack and Robin won Most Admired CEOs for a Family-Owned Business from the Charlotte Business Journal
- Jack served on National Dealer Council for CDJR for the past six years and was to assume the Chairman position in 2023
“Theirs is truly an American success story, and proof that hard work and determination can lead to greatness. Our whole team congratulates them both as they move on to new opportunities. We were so proud to partner with them in this record setting transaction. The story here was complicated with a relocation to a new and much larger facility, a recently opened commercial upfitting center and a to-be-opened used vehicle superstore, so we needed all our skills to pull together the offering materials and show potential buyers the story of what is, and what could be.
“We also commend Adam Parks for having the vision to see that Lake Norman CDJR has the potential to be among, if not the most profitable dealership of its kind. Lake Norman and Gastonia are both growing rapidly, and NC is an excellent state for dealers. The potential for very high sales and service work is unlike almost anything we have seen in our careers.
“This transaction demonstrates that the market remains strong for dealerships. Buyers are contacting us regularly looking for acquisition opportunities, and they are not hesitant to make strong offers on dealerships that fit their strategies. We expect 2023 to be similar to 2022 in terms of dealership sales, which was the second-best year ever.” The sale of Lake Norman Chrysler-Dodge-Jeep-RAM represents another record-breaking transaction in which Haig Partners served as the exclusive sell-side advisor.
Adam Parks, President of Parks Automotive Group, said, “We are excited to have the opportunity to partner with the many talented associates at the Lake Norman and Gastonia Chrysler-Dodge-Jeep- RAM dealerships. They have done an impressive job selling and servicing their markets, and their culture matches up perfectly with our organization. Thanks to Jack and Robin Salzman for being such great counterparties. Our family wishes you much happiness and success in your next chapters in business and philanthropy.”
Frank Killgore of Killgore Pearlman Semanie and Squires and Bob McIntosh and Larry Shaheen of the McIntosh Law Firm represented the Salzmans as legal counsel. Jim Godfrey from Tyler, Simms and St. Sauveur, CPAs PLLC provided accounting services to the Salzmans. Brian Nolen of Nolen PLLC represented Parks Automotive as legal counsel. James Taylor at Truist Securities provided advisory services to Parks Automotive.
About Haig Partners
Haig Partners LLC helps dealers maximize the value of their businesses. The team at Haig Partners has unmatched experience with former executives from leading retail dealer groups and financial institutions. They have led the purchase or sale of more than 590 dealerships totaling $9.3 billion during their careers. Haig Partners leverages its expertise and relationships with selected dealership buyers to lead clients through a confidential and customizable sales process to generate the highest possible price. Haig Partners issues the Haig Report, the leading industry quarterly report that tracks trends in auto retail and their impact on dealership values, and are co-author of NADA’s Guide, “Buying and Selling a Dealership.” For more information, visit www.haigpartners.com.
Contacts
Transaction Contact:
Alan Haig
President
Haig Partners
alan@haigpartners.com
Press Contact:
Aimee Allen
Director of Marketing and Business Development
Haig Partners
aimee@haigpartners.com
