Murgado Automotive Group has broadened its portfolio with the acquisition of Mercedes-Benz of Midlothian, along with Mercedes-Benz of Richmond. These dealerships, formerly owned by Rod McGeorge and situated in the Richmond, Virginia region, mark a significant expansion for the automotive group. This acquisition follows the recent sale of McGeorge Toyota, signaling a shift in dealership ownership within the greater Richmond area. Haig Partners LLC played a crucial role as the exclusive sell-side advisor in these transactions, facilitating the change in ownership.
For over six decades, the McGeorge family dealerships have been a cornerstone of the Richmond automotive scene. Their journey began with The David R. McGeorge Car Company, a used car dealership, before they ventured into the luxury market with the acquisition of Mercedes-Benz of Richmond in 1955. The family further expanded their offerings with McGeorge Toyota in 1968, and in 2003, were awarded Mercedes-Benz of Midlothian, solidifying their presence in the luxury automotive sector in Central Virginia. Under Rod McGeorge’s leadership, the McGeorge dealerships grew to employ over 300 individuals, becoming a significant employer in the region.
Reflecting on the transition, Rod McGeorge, the previous owner, stated, “My grandfather initiated our family’s involvement in franchised auto retail with Mercedes-Benz of Richmond, driven by a vision for growth. My father continued this legacy, and as I now step away, I am filled with immense pride for what we have accomplished over these many years. I am eager to dedicate time to enjoying the rewards of our collective hard work and commitment. It has been an extraordinary journey, and I am enthusiastic about Murgado Automotive Group carrying forward our established tradition of excellence at the Midlothian Mercedes Benz Dealer location and in Richmond.”
Kevin Nill, Managing Director of Haig Partners and advisor to McGeorge, commented on the desirability of the Mercedes-Benz franchise, particularly in the thriving Richmond market. “Similar to Toyota, Mercedes-Benz is a highly sought-after franchise. The appeal of Richmond, VA, further amplified the strong interest from numerous leading buyers,” Nill explained. He further added, “It is a privilege to guide clients in maximizing the value they have built throughout their careers. Selling automotive dealerships involves more than just financial figures; it’s about nurturing robust buyer relationships and possessing a comprehensive understanding of the complex OEM requirements and approval processes.”
Mario Murgado, CEO of Murgado Automotive Group, expressed his enthusiasm for the acquisition: “Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian have consistently demonstrated top performance in Central Virginia for many years. I extend my gratitude to the McGeorge family for their collaboration on this opportunity and to Mercedes-Benz for their confidence in our group to build upon the esteemed legacy of these dealerships and one of the most recognized luxury brands globally.” This acquisition signals an exciting new chapter for the Midlothian Mercedes Benz dealer, promising continued excellence and service under the Murgado Automotive Group banner.
