Phil Smith Automotive Group has broadened its reach into the luxury automotive market with the acquisition of Mercedes-Benz, Porsche, and Sprinter dealership in Fayetteville, North Carolina. This strategic purchase, finalized through Performance Brokerage Services’ exclusive Strategic Buying program, marks a significant expansion for the Florida-based automotive group and introduces a premier luxury brand to their growing portfolio in North Carolina. The dealership, located at 3203 Bragg Boulevard in Fayetteville, NC 28303, was purchased from Mr. T. Dixon Dickens.
Phil Smith Automotive Group, a prominent name in the automotive industry, boasts a history of growth and success since its inception in 1979. Starting from a single dealership, the group has expanded to represent 20 franchises across 11 locations in Florida and North Carolina. Under the leadership of Founder, Chairman, and CEO Phil Smith, the group has achieved remarkable milestones, now employing over 800 individuals and generating approximately $500 million in annual revenue. Smith’s entrepreneurial spirit and commitment to employee growth are cornerstones of his business philosophy, offering employees opportunities for ownership within his ventures. This acquisition of Mercedes-Benz Fayetteville NC aligns perfectly with Phil Smith’s vision to incorporate luxury brands and extend the group’s presence in key markets.
The pursuit of a luxury franchise was a long-held ambition for Phil Smith. To realize this goal, he sought the expertise of his attorney, Greg Humphries of Shutts & Bowen, LLP, and banker, Jason Smith of SunTrust Bank, both based in Orlando, Florida. Recognizing Performance Brokerage Services’ specialization in automotive dealership transactions, both professionals recommended George Chaconas to facilitate the acquisition process for their client.
George Chaconas of Performance Brokerage Services engaged with Mike Dayhoff, CFO of Phil Smith Automotive Group, and introduced the Strategic Buying program. This bespoke service is designed to proactively identify and secure acquisition opportunities that are not publicly listed for sale. “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,” Mike Dayhoff explained. Performance Brokerage Services leveraged its extensive industry network to present Phil Smith Automotive Group with multiple acquisition options, ultimately leading to the successful purchase of the Mercedes-Benz Fayetteville NC dealership, along with Porsche and Sprinter franchises.
The Strategic Buying approach offered by Performance Brokerage Services provides significant advantages to buyers. It allows for a focused and confidential evaluation of acquisition targets, free from the pressures of open market competition. Furthermore, it unlocks access to dealerships that might otherwise remain unavailable. Mike Dayhoff emphasized the value of this approach, stating, “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, representing Performance Brokerage Services in this transaction, shared 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 of Mercedes-Benz Fayetteville NC represents a significant development for both Phil Smith Automotive Group and the Fayetteville automotive market, promising enhanced luxury vehicle options and services for customers in the region.
