Phil Smith Automotive Group has expanded its portfolio with the acquisition of Mercedes-Benz of Fayetteville, Porsche Sprinter in North Carolina. This strategic purchase, finalized through Performance Brokerage Services’ Strategic Buying program, marks a significant expansion for the Florida-based automotive group into the luxury market within North Carolina. The acquisition was completed with the purchase from Mr. T. Dixon Dickens.
Phil Smith Automotive Group, led by founder and CEO Phil Smith, has grown from a single dealership in 1979 to representing 20 franchises across 11 locations in Florida and North Carolina. The group, generating approximately $500 million in annual revenue, emphasizes entrepreneurship, offering employees opportunities for ownership within their ventures. This acquisition of Mercedes-Benz of Fayetteville, located at 3203 Bragg Boulevard in Fayetteville, North Carolina 28303, aligns with Phil Smith’s ambition to incorporate luxury brands into his growing automotive network.
The pursuit of a luxury franchise was a strategic goal for Phil Smith. With the assistance of his attorney Greg Humphries of Shutts & Bowen, LLP, and banker Jason Smith of SunTrust Bank, George Chaconas of Performance Brokerage Services was contacted to facilitate this expansion. Chaconas introduced Phil Smith Automotive Group to the Strategic Buying program, a service designed to identify and secure acquisition opportunities not publicly listed for sale.
Mike Dayhoff, CFO of Phil Smith Automotive Group, noted the effectiveness of Performance Brokerage Services’ approach. “We identified the franchises and geographical areas we were interested in growing, and George quickly came back with several opportunities through his contacts that fit our criteria,” he stated. The Strategic Buying program allowed Phil Smith Automotive Group to explore various acquisition candidates, ultimately focusing on the Mercedes-Benz, Porsche, and Sprinter dealership in Fayetteville, North Carolina.
The Strategic Buying approach offers buyers exclusive access to opportunities, eliminating competitive pressures and allowing for thorough evaluation. Dayhoff further commented, “We would not have known about these opportunities without [George’s] involvement…as a buyer in today’s market, I highly recommend using Performance Brokerage Services to help you find targeted opportunities to grow your business.”
George Chaconas of Performance Brokerage Services, who represented this transaction, expressed his enthusiasm: “It was an honor to work with the Phil Smith Automotive Group and assist them with expanding their footprint in North Carolina and entering the luxury market. We congratulate them on their purchase and thank them for the opportunity to be of service.” This acquisition signifies a noteworthy development for both Phil Smith Automotive Group and the Mercedes-Benz presence in Fayetteville, NC, promising continued excellence and service for customers in the region.
