Performance Brokerage Services, the leader in dealership buy-sell activity, announces the sale of Powell's Truck & Equipment, Inc. in Lynchburg, Virginia from Reggie and Steve Powell to K. Neal Truck and Bus Center.
IRVINE, Calif., Oct. 2, 2023 /PRNewswire-PRWeb/ -- Performance Brokerage Services, North America's highest volume dealership brokerage firm, is pleased to announce the sale of Powell's Truck & Equipment, Inc. in Lynchburg, Virginia from Reggie and Steve Powell to K. Neal Truck and Bus Center.
Powell's Truck and Equipment, Inc. was founded in 1963 in Central Virginia and has been family-owned and operated for three generations. In 2001, Powell's Truck and Equipment expanded to form Powell's Idealease, a rental and leasing division. The company is a full-service dealership representing International Trucks and Isuzu.
"We would like to thank the Powell Family for building this company over the last 60 years with an incredible team of talented individuals, strong OEM relationships, and best-in-class customer experience," commented Korey Neal Sr., President of K. Neal Truck and Bus Center. "We are excited to align with a family-based company that shares our values to employees, customers and the community as much as we do."
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 2022, the company consummated 92 transactions, marking a record-breaking year. This transaction was exclusively facilitated by Dan Argiro and Patrick Albero, Senior Partners of the Commercial Truck & Equipment Division for Performance Brokerage Services.
Argiro remarked, "Since day one, we have worked hard to become a trustworthy advisor to Reggie and it has been an incredible journey. Reggie and his team are steadfast in their belief that customer experience is top priority, and Powell's has a longstanding reputation of providing quality products and services in their market." Albero added, "I consider it a tremendous honor to have had the opportunity to advise Reggie Powell in the successful sale of Powell's Truck & Equipment. Our team devoted themselves wholeheartedly to offering steadfast guidance throughout the entire process. Collaborating with Reggie has been truly inspiring, as he demonstrated unwavering commitment to the legacy of his family business. I look forward to witnessing the continued success of Powell's Truck & Equipment with K. Neal Truck & Bus Center."
Customers can expect an even wider selection of top-tier new and used vehicles, enhanced service capabilities, competitive pricing, and unparalleled customer experience. With this acquisition, Powell's Truck and Equipment will become a subsidiary of K. Neal Truck and Bus Center, serving medium and heavy-duty commercial truck and bus fleets with six locations throughout Washington, D.C., Maryland, and Virginia.
The same dedicated team will remain under the leadership of Reggie Powell and continue supporting its customers, while investing in the future. By leveraging an expanded market coverage, the business looks to provide additional benefits to employees and customers alike. In Virginia, Powell's Truck and Equipment will continue to do business with the same name, leadership, and commitment to excellence.
About Performance Brokerage Services
Performance Brokerage Services, Inc. is North America's highest volume dealership brokerage firm, specializing in buy-sell activity for automotive, RV, commercial truck, powersports, and equipment dealerships.
With over 30 years of experience, 900 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 a success fee only after the transaction closes.
Headquartered in Irvine, California, and supported by 9 regional offices in Utah, Texas, Illinois, Florida, Virginia, Ohio, New Jersey, Alberta and Ontario, 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
Dan Argiro, Performance Brokerage Services, 703-937-1004, [email protected], https://performancebrokerageservices.com/
SOURCE Performance Brokerage Services
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