In the first quarter of 2024, Pennsylvania-based Stewart Companies will sell Apple Automotive, which is comprised of 10 dealerships, to Ciocca Dealerships in Southern Pennsylvania, according to a new release.
CEO Gregg Ciocca stated that the transaction is expected to be finalized on February 15.
The Stewart Companies is a family-owned business based in York County, Pennsylvania. The company’s decision to transition ownership of its automotive division is part of a long-range strategic effort to focus on expanding its building products, construction, and real estate businesses while ensuring a thriving future.
Under the terms of the agreement, all Apple Automotive activities will be continued by Ciocca Dealerships, a family-owned business consisting of 42 dealerships and 12 collision facilities representing 25 car brands in Pennsylvania and New Jersey. Moreover, the acquisition involves two Chevrolet, two Ford, and two Honda stores as well as Nissan, Subaru, BMW, and Chyrsler-Didge-Jeep-Ram stores.
On October 19, Gregg Ciocca stated, “We feel fortunate and blessed the Stewarts chose our family business. We prioritize our families and employees and wish to give back to the communities that help us.” Furthermore, Ciocca notes the similarities between his family and the Stewarts, saying, “They have the same core values that we have.”
