McGeorge Toyota’s main store at 9315 W. Broad St. was included in the sale to Graham Ourisman. (BizSense file)
A long-running Richmond car dealer has handed over the keys.
McGeorge Toyota and its two locations in Henrico were sold this week to Graham Ourisman Automotive out of Northern Virginia.
The deal included both the business and real estate assets of the McGeorge Toyota stores at 7715 W. Broad St. and 9315 W. Broad St.
The purchase price was not disclosed. The deal was finalized Tuesday. The sale of the real estate was not yet reflected in Henrico online records.
The stores now operate as Ourisman Toyota of Richmond and give Graham Ourisman its first pieces of the Richmond market.
The company is part of publicly traded Graham Holdings Co. and owns six other auto dealerships, all in the Washington, D.C., area, including Lexus, Honda, Jeep, Ford and Toyota stores.
The McGeorge family’s original Mercedes dealership from the 1960s. (Courtesy McGeorge Family of Dealerships)
McGeorge Toyota was owned by Rod McGeorge, whose grandfather, David R. McGeorge, started the business in 1960 with his purchase of a Mercedes-Benz dealership in Richmond.
McGeorge still owns Mercedez-Benz of Richmond at 8225 W. Broad St. It’s unclear whether that business also will be sold.
Neither Rod McGeorge or McGeorge President Dave Mitchell could be reached for comment Thursday afternoon. Chris Ourisman, president of Ourisman Automotive, also couldn’t be reached.
McGeorge announced the deal in a letter sent to customers on Thursday signed by Rod McGeorge.
“After more than 60 years of serving Greater Richmond, this was a tough decision,” the letter states. “We couldn’t do it unless we found the right partner with the right values — someone who would not only keep, but grow the invaluable relationships we’ve made with our employees and customers like you.”
The letter added that McGeorge employees will remain at the local dealerships.
“Now and always, my family and I thank you for supporting our business. It truly has been a pleasure to serve you,” The letter concluded.
McGeorge was represented in the deal by Haig Partners, a Florida-based advisory firm that specializes in transactions for auto dealerships.
Haig’s announcement said McGeorge Toyota ranked as the #4 volume franchise dealer in Virginia.
Kevin Nill, a managing director at Haig, said it’s a busy time for deals in the automotive sector.
“It’s been busy since even before the pandemic. It’s a consolidating industry,” Nill said. “Large groups like Graham Ourisman that continue to build scale.”
McGeorge’s legal counsel in the deal was Stephen Dietrich of law firm Holland & Knight. Its accounting advisor was Louie Galbraith of Forvis. Attorneys Paul Rogers and Heather Haberl from the Covington law firm represented Graham Ourisman.
McGeorge Toyota’s main store at 9315 W. Broad St. was included in the sale to Graham Ourisman. (BizSense file)
A long-running Richmond car dealer has handed over the keys.
McGeorge Toyota and its two locations in Henrico were sold this week to Graham Ourisman Automotive out of Northern Virginia.
The deal included both the business and real estate assets of the McGeorge Toyota stores at 7715 W. Broad St. and 9315 W. Broad St.
The purchase price was not disclosed. The deal was finalized Tuesday. The sale of the real estate was not yet reflected in Henrico online records.
The stores now operate as Ourisman Toyota of Richmond and give Graham Ourisman its first pieces of the Richmond market.
The company is part of publicly traded Graham Holdings Co. and owns six other auto dealerships, all in the Washington, D.C., area, including Lexus, Honda, Jeep, Ford and Toyota stores.
The McGeorge family’s original Mercedes dealership from the 1960s. (Courtesy McGeorge Family of Dealerships)
McGeorge Toyota was owned by Rod McGeorge, whose grandfather, David R. McGeorge, started the business in 1960 with his purchase of a Mercedes-Benz dealership in Richmond.
McGeorge still owns Mercedez-Benz of Richmond at 8225 W. Broad St. It’s unclear whether that business also will be sold.
Neither Rod McGeorge or McGeorge President Dave Mitchell could be reached for comment Thursday afternoon. Chris Ourisman, president of Ourisman Automotive, also couldn’t be reached.
McGeorge announced the deal in a letter sent to customers on Thursday signed by Rod McGeorge.
“After more than 60 years of serving Greater Richmond, this was a tough decision,” the letter states. “We couldn’t do it unless we found the right partner with the right values — someone who would not only keep, but grow the invaluable relationships we’ve made with our employees and customers like you.”
The letter added that McGeorge employees will remain at the local dealerships.
“Now and always, my family and I thank you for supporting our business. It truly has been a pleasure to serve you,” The letter concluded.
McGeorge was represented in the deal by Haig Partners, a Florida-based advisory firm that specializes in transactions for auto dealerships.
Haig’s announcement said McGeorge Toyota ranked as the #4 volume franchise dealer in Virginia.
Kevin Nill, a managing director at Haig, said it’s a busy time for deals in the automotive sector.
“It’s been busy since even before the pandemic. It’s a consolidating industry,” Nill said. “Large groups like Graham Ourisman that continue to build scale.”
McGeorge’s legal counsel in the deal was Stephen Dietrich of law firm Holland & Knight. Its accounting advisor was Louie Galbraith of Forvis. Attorneys Paul Rogers and Heather Haberl from the Covington law firm represented Graham Ourisman.
Sad to see the local ownership go. McGeorge was a big contributor to Feed More, Toys for Tots and Make-a-Wish locally (and other charities). I have a feeling future ownership here will be like the ever changing out of town Nissan owners in Richmond (at least three or four in the last decade for West Broad and Mechanicsville dealerships).