In the final quarter of 2021, Group 1 Automotive closed a deal to acquire nearly all of Prime Automotive’s assets. As we ushered in a new year and former executives and employees have now moved on, we’re checking in with the former CEO of Prime Automotive Group, now known as Ira Motor Group, Todd Skelton. Today, we get his perspective on the sale, the impact, and we’ll also get into the current state of automotive from his perspective.
“The key was to keep the stores running, to keep all this nonsense away from them and not lie to them,” says Skelton. “But, to tell them, look- it’s going to be okay, we’re gonna get through this. You guys need to keep performing.”
The auto industry is always changing and industry consolidation shows no signs of slowing down. However, Skelton doesn’t believe consolidation will make smaller dealers obsolete. He doesn’t foresee consolidation beyond 5%, despite groups like Lithia buying up stores left and right.
As for Skelton, he is getting ready to make waves in the big truck business. Through private equity, Ascendants Trucking aims to do consolidation on 18-wheelers. Right now, the company is scaling in New England with plans to move its headquarters down to Delray Beach, FL.
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