The Lexus dealership in Midlothian was recently renovated and then sold. (Mike Platania photo)
After kicking the tires years ago, a player in the local car dealership industry has added to its fleet with an eight-figure acquisition.
Last month, Sheehy Auto Stores acquired Lexus of Richmond in a deal that included the Lexus showroom and service center at 9701 Midlothian Turnpike as well as the business.
Sheehy paid $25.5 million for the real estate in a deal that closed Feb. 23. President Vince Sheehy IV declined to disclose the cost of the business.
Vince Sheehy IV
Founded in 1966, Sheehy Auto Stores now has 32 dealerships throughout Virginia and Maryland, selling a variety of manufacturers including Volkswagen, Subaru, Honda and Toyota.
Sheehy said he’s known former Lexus of Richmond owner George Whitlow, who also once operated a line of Chevrolet dealerships in Richmond, for years and had previously expressed his interest in the 20-year-old Lexus dealership.
“George’s been a great dealer friend and he decided it was time to step down,” Sheehy said. “It slowly developed over a period of years and he finally felt the timing was right.”
The showroom and service center buildings sit on around 15 acres, and Sheehy said the showroom was renovated in 2021. The parcel was most recently assessed by the county at $8.1 million.
Sheehy said about 100 people work at Lexus of Richmond and most of the staff stayed on following the deal.
“Certainly, our goal is always to retain the people who are there. In this case, we retained about 95 percent of the people who were there,” Sheehy said. “One or two decided it was the right moment to leave.”
Growth via acquisition isn’t unusual for Sheehy, as it also acquired a Subaru dealership in Fredericksburg and a Toyota dealership in Laurel, Maryland, over the last year or so.
The deals come as used car prices are skyrocketing nationwide. Sheehy said his company sells both new and used cars, and attributes the recent market to supply chain disruptions in the production of new cars.
“We’re struggling to get new cars on our lots. We’re probably looking at supply chain disruptions that will continue through 2022,” he said.
“We think sometime in 2023 that will start to improve and things will get back to what we consider to be a more normal relationship between supply and demand.”
Asked what he personally drives these days, Sheehy said he’s in a new Ford Bronco while up in Northern Virginia, where the company is based. “But I’ll be driving a Lexus when I’m down (in Richmond),” he added, laughing.
Hyman Bros. is auctioning just over an acre next to the Wawa near Innsbrook. (Courtesy of Tranzon Fox)
Meanwhile, over in the Short Pump area, a piece of land once eyed for a car dealership is now on the market and up for auction.
A 1.25-acre parcel at 11040 W. Broad St., just east of Interstate 64, was put up for sale in an auction that began this morning. The wooded land is owned by an entity tied to local dealer Hyman Bros. Automobiles, which had planned a Land Rover dealership for the site. It would have been Hyman’s eighth outpost.
Instead, the property was declared surplus and is now being offered online through auction house Tranzon Fox. The Hyman family, through Tranzon agent Bill Londrey, declined to comment.
Bidding opened this morning and runs until March 22. The land was most recently assessed by Henrico County at $369,000.
The Lexus dealership in Midlothian was recently renovated and then sold. (Mike Platania photo)
After kicking the tires years ago, a player in the local car dealership industry has added to its fleet with an eight-figure acquisition.
Last month, Sheehy Auto Stores acquired Lexus of Richmond in a deal that included the Lexus showroom and service center at 9701 Midlothian Turnpike as well as the business.
Sheehy paid $25.5 million for the real estate in a deal that closed Feb. 23. President Vince Sheehy IV declined to disclose the cost of the business.
Vince Sheehy IV
Founded in 1966, Sheehy Auto Stores now has 32 dealerships throughout Virginia and Maryland, selling a variety of manufacturers including Volkswagen, Subaru, Honda and Toyota.
Sheehy said he’s known former Lexus of Richmond owner George Whitlow, who also once operated a line of Chevrolet dealerships in Richmond, for years and had previously expressed his interest in the 20-year-old Lexus dealership.
“George’s been a great dealer friend and he decided it was time to step down,” Sheehy said. “It slowly developed over a period of years and he finally felt the timing was right.”
The showroom and service center buildings sit on around 15 acres, and Sheehy said the showroom was renovated in 2021. The parcel was most recently assessed by the county at $8.1 million.
Sheehy said about 100 people work at Lexus of Richmond and most of the staff stayed on following the deal.
“Certainly, our goal is always to retain the people who are there. In this case, we retained about 95 percent of the people who were there,” Sheehy said. “One or two decided it was the right moment to leave.”
Growth via acquisition isn’t unusual for Sheehy, as it also acquired a Subaru dealership in Fredericksburg and a Toyota dealership in Laurel, Maryland, over the last year or so.
The deals come as used car prices are skyrocketing nationwide. Sheehy said his company sells both new and used cars, and attributes the recent market to supply chain disruptions in the production of new cars.
“We’re struggling to get new cars on our lots. We’re probably looking at supply chain disruptions that will continue through 2022,” he said.
“We think sometime in 2023 that will start to improve and things will get back to what we consider to be a more normal relationship between supply and demand.”
Asked what he personally drives these days, Sheehy said he’s in a new Ford Bronco while up in Northern Virginia, where the company is based. “But I’ll be driving a Lexus when I’m down (in Richmond),” he added, laughing.
Hyman Bros. is auctioning just over an acre next to the Wawa near Innsbrook. (Courtesy of Tranzon Fox)
Meanwhile, over in the Short Pump area, a piece of land once eyed for a car dealership is now on the market and up for auction.
A 1.25-acre parcel at 11040 W. Broad St., just east of Interstate 64, was put up for sale in an auction that began this morning. The wooded land is owned by an entity tied to local dealer Hyman Bros. Automobiles, which had planned a Land Rover dealership for the site. It would have been Hyman’s eighth outpost.
Instead, the property was declared surplus and is now being offered online through auction house Tranzon Fox. The Hyman family, through Tranzon agent Bill Londrey, declined to comment.
Bidding opened this morning and runs until March 22. The land was most recently assessed by Henrico County at $369,000.
George Whitlow has long been one of the nicest gentleman in the car sales business. He’ll be missed.
Waylow, good luck in retirement. I miss our golfing trips. Now, go get me some eggs.