This acquisition is expected to add $450 million in annual revenue.
IRVINE, Calif. (PRWEB) April 21, 2021
Performance Brokerage Services, the leading advisor to automotive and commercial trucking dealerships, is pleased to announce the sale of Kansas City Freightliner from the Westfall O’Dell Dealer Group to Penske Automotive, Inc. and Premier Truck Group (“PTG”). This acquisition is expected to add $450 million in annual revenue.
The purchase included five full-service dealerships, four parts and service centers, and two collision centers with locations in Kansas City, Joplin, Neosho, Springfield, and Columbia, Missouri and Olathe and Parsons, Kansas. The dealerships will operate under the new names Premier Truck Group and continue to provide support for transportation needs including sales, rentals, leasing and servicing of vehicles.
The transaction was exclusively facilitated by Dan Argiro, the Director of the Commercial Trucking Division for Performance Brokerage Services.
Penske Automotive Group, Inc. is an international transportation services company that operates automotive and commercial truck dealerships. Penske is ranked among the World’s Most Admired Companies by Fortune Magazine. George Brochick, Executive Vice President for Penske Automotive Group, Inc., commented, “Dan Argiro and Performance Brokerage Services were instrumental in the purchase of Kansas City Freightliner and Rapid Ways Truck Leasing. Dan did an excellent job in communicating with our team and helping us throughout the process.”
Richard Shearing, President of Premier Truck Group, commented, "We are thrilled to welcome Kansas City Freightliner to Premier Truck Group. Upon completion of this transaction, our PTG business is expected to generate nearly 20,000 new and used unit sales annually and is expected to generate annual revenue of approximately $2.5 billion.” Shearing continued, “Through our strategic acquisition of Kansas City Freightliner, we had the pleasure of working directly with Dan Argiro and Performance Brokerage Services. Dan’s professionalism and integrity were second to none during this process.”
Premier Truck Group currently operates twenty-five commercial truck dealerships in North America, with locations in Texas, Oklahoma, Tennessee, Georgia, Utah, Idaho, and Ontario, Canada. They currently generate over $2 billion in annual revenue.
Over the last 5 years, Performance Brokerage Services has represented for sale over 250 automotive dealerships making it the highest volume automotive dealership brokerage firm in North America. Dan Argiro commented, “As consolidation continues to increase, many dealers, including second and third-generation owners, are looking for a chance to capitalize on their life’s work. It was a pleasure to work with the O’Dell and Westfall families in this life changing event and help facilitate the transition of their dealerships to the Penske Corporation and Premier Truck Group. It’s wonderful to know that the dealerships will continue to thrive and the team members are in good hands.”
Kansas City Freightliner was part of the Westfall O’Dell Dealer Group, a family-owned company since 1951. Kansas City Freightliner was purchased in 1982 to become the first dealer-owned Freightliner dealership in Kansas City. The business provides medium and heavy-duty truck sales, parts sales and delivery, vehicle service, body shop service, leasing and financing. In November 2020, the business celebrated the Grand Opening of the new Kansas City Freightliner location.
Mark O’Dell, of Westfall O’Dell Dealer Group, shared, “We hired Dan Argiro of Performance Brokerage Services to represent us in the sale of our dealership group, Kansas City Freightliner. Dan introduced us to the Penske Corporation, Premier Truck Group, and Penske Truck Leasing. Dan managed the sale process and guided us with his experience and his expertise. He was always available and kept us updated regularly. As an expert in the industry and at his craft, we highly recommend Dan Argiro and Performance Brokerage Services to anyone considering a purchase or sale of a trucking dealership.”
Performance Brokerage Services, Inc. is the nation’s highest volume dealership brokerage firm, specializing in intermediary services to buyers and sellers of automotive, commercial truck, motorcycle, RV and equipment dealerships.
Performance Brokerage Services offers a unique approach by providing complimentary dealership assessments, no upfront fees, no reimbursement of costs and is paid a success fee only after the transaction closes.
Clients benefit from utilizing an extensive network of industry related accountants, attorneys, hundreds of registered buyers and longstanding relationships with most of the auto manufacturers.
With corporate offices in Irvine, California, and 5 regional offices in Utah, Florida, Texas, Virginia and New Jersey, Performance Brokerage Services provides its clients national exposure with local representation.
After 25 years, 700 transactions and with a 90% closing rate, the company’s reputation is unmatched and governed by the utmost ethical conduct, integrity and transparency.
For more information about the services offered by Performance Brokerage Services, visit https://performancebrokerageservices.com.