Performance Brokerage Services, North America's highest volume dealership brokerage firm, is pleased to announce the sale of Cycle Specialties in Cincinnati and Fairfield, Ohio from Jeff Zang and Dave Freudemann to Mitch Potter of United Motorsports.
IRVINE, Calif., Dec. 20, 2022 /PRNewswire-PRWeb/ -- Jeff Zang and Dave Freudemann grew up riding and racing off-road motorcycles. After taking separate career paths, they ultimately both followed their shared passion for motorsports and became dealership owners. In 1984, they established Cycle Specialties in Cincinnati, Ohio. What began in a small residential house that was rezoned for retail, expanded into two full-sized dealerships.
Zang and Freudemann developed excellent reputations in the communities of Cincinnati and Fairfield, and became one of the favorite local dealers, offering new and used motorcycles, dirt bikes, ATVs, scooters, wave runners, parts and accessories, and service.
Following the sale, Zang commented, "Dave and I started discussing a possible sale of the dealerships as retirement was on the horizon. We met Juan Pardo at the 2019 AIMExpo where he explained the buy-sell process, and what we would need to do to prepare the dealerships for a possible sale. In early 2022, we finally decided the time was right to sell. Understanding Performance Brokerage Services was the industry expert in dealership buy-sells, we hired their team to sell both of our dealerships. We knew Juan would help find a qualified buyer who would not only take care of our staff, but also take care of the customers in our market that have been with us for so many years. We are grateful for Juan's efforts in this process."
Over the last 5 years, Performance Brokerage Services has advised on the sale of over 300 dealerships, making it the highest volume dealership brokerage firm in North America. In 2021 the company consummated 72 transactions, marking a record-breaking year. Juan Pardo, exclusive advisor for this transaction and Partner of the Harley-Davidson and Powersports Division of Performance Brokerage Services commented, "Selling a dealership is not an easy decision. We are very grateful that Jeff and Dave trusted our firm to help them realize their life's work and guide them through the process of selling both of their dealerships. I wish Jeff and Dave the best in their retirement".
Mitch Potter, a 30-year veteran in the coal industry, established his first powersports dealership in 2004, Lexington Motorsports in Kentucky. Since then, Potter expanded his dealer group to include 7 locations in Kentucky and Ohio, with a team of over 150 employees.
Ryan Schwartz, General Counsel for United Motorsports, commented, "We were grateful that Juan Pardo of Performance Brokerage Services brought us this opportunity. As United Motorsports continues to grow, we felt these 2 dealerships were a great fit for our brand and growth strategy in Ohio. Juan understood the buy-sell process and helped keep the deal on track throughout the transaction."
George Chaconas, Senior Partner and head of the National Harley-Davidson and Powersports Division for Performance Brokerage Services, commented, "Our recent transaction of Cycle Specialties from Jeff and Dave to Mitch Potter was a great opportunity for Mitch and United Motorsports group to continue their growth in the Ohio market. I am very proud of my Partner, Juan Pardo, for facilitating this transaction. We are very grateful to have exclusively represented our clients, Jeff and Dave, in another successful transaction. I wish all parties great success and prosperity in their future endeavors!"
The dealerships will remain at their current locations at 6175 Harrison Avenue in Cincinnati, Ohio and 7220 Dixie Highway in Fairfield, Ohio and will be renamed United Motorsports.
About Performance Brokerage Services
Performance Brokerage Services, Inc. is North Americas highest volume dealership brokerage firm, specializing in buy-sell activity for automotive, RV, marine, commercial truck, powersports, and equipment dealerships.
With over 25 years of experience, 700 dealerships sold, and a 90% closing rate, the company's reputation is unmatched and governed by the utmost ethical conduct and integrity.
The company offers a unique approach by providing complimentary estimates of value with no upfront fees or retainer, no reimbursement of costs, and paid success fee only after a transaction closes.
Headquartered in Irvine, California, and supported by 8 regional offices in Utah, Texas, Illinois, Ohio, Florida, Virginia, New Jersey, and Canada, clients benefit from national exposure with local representation.
As trusted and respected experts in the field, the company utilizes an extensive network of industry related attorneys, accountants, hundreds of registered buyers, and longstanding relationships with various vehicle manufacturers.
For more information about the services offered by Performance Brokerage Services, visit https://performancebrokerageservices.com
Media Contact
Courtney Bernhard, Performance Brokerage Services, 813-753-7262, [email protected]
SOURCE Performance Brokerage Services
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