Automotive News - May 6, 2019 - Retail - 42

42 * MAY 6, 2019

D E A L E R S

DEALERSHIP
BUY/SELL

Dealer anniversary awards
Submissions
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shoulder. Photos for 50 or more years
should have no more than six people.
Please tell us names (left to right),
titles, dealership name and city,
franchise(s) held and franchise for
which award is given.
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Elswick/Moss
BUYER: Roger Elswick
SELLER: Sharon Moss
OLD NAME: Moss Honda,
Lafayette, La.
NEW NAME: Community Honda
Lafayette
MORE: Dealer Solutions USA
advised the buyer in this
transaction.

40 with BMW
Frank Downing, right, president of
Towne Automotive Group, receives
a 40-year award for Towne BMW in
Williamsville, N.Y., from Shaun
Bugbee, BMW of North America
executive vice president,
operations.

40 with Toyota
Brooks McCormick, owner of
Arlington Toyota in Jacksonville,
Fla., and Kay Brooks, dealer
principal, received a 40-year award
from Toyota Motor North America.

30 with Nissan
Robert Zamora, left, dealer
principal at Tracy Nissan, in Tracy,
Calif., receives a 30-year award
from Kevin Wagstaff, Nissan North
America regional vice president.

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This Automotive News feature lists
recent dealership acquisitions as
reported by brokers, official
announcements and news media.

FCA wraps
up sale of
Magneti
Marelli
MILAN - Fiat Chrysler Automobiles last week completed the sale of
car parts unit Magneti Marelli to Calsonic Kansei for €5.8 billion ($6.5 billion), slightly below the initial price
tag.
FCA last year agreed to sell Magneti
Marelli to CK Holdings - the parent
of Japan's Calsonic Kansei and a vehicle of U.S. investment firm KKR -
for $6.9 billion to form the world's
seventh-largest independent car
parts supplier.
FCA said last week that the price
had been adjusted based on Magneti
Marelli's estimated financial position as of the closing date.
"As part of this [deal], our relationship with FCA remains an important
one, as we continue to serve them as
part of our multi-year supply agreement," Calsonic Kansei and Magneti
Marelli CEO Beda
Bolzenius said in
a statement.
"In being able
to serve our customers as one
firm, integration
is a key priority -
both
culturally
and operationally." Bolzenius: FCA
The combined ties important
business will operate under the name Magneti
Marelli CK Holdings Co.
FCA's board also approved distributing a previously announced extraordinary cash dividend to shareholders of $2.2 billion.
The sale is a milestone for FCA CEO
Mike Manley, who took over the automaker days before the death of Sergio
Marchionne in July. "FCA remains
committed to Magneti Marelli, with
the new company continuing as a key
supplier," Manley said in a statement.
"I am confident that this transaction
secures a strong future for their employees and other stakeholders."
Magneti Marelli ranks No. 28 and
Calsonic Kansei is No. 29 on the Automotive News list of the top 100 global
suppliers.
Magneti Marelli's fiscal 2017 worldwide sales to automakers totaled of
$9.23 billion and Calsonic Kansei's totaled an estimated $9.06 billion.
- Staff and wire reports

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Automotive News - May 6, 2019 - Retail

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