Phil Smith Automotive Group has broadened its portfolio with the successful purchase of Mercedes-Benz of Fayetteville, located in Fayetteville, North Carolina. The acquisition, finalized through Performance Brokerage Services’ Strategic Buying program, marks a significant expansion into the luxury automotive market for the Florida-based dealer group. Mr. T. Dixon Dickens sold the dealership as part of this strategic transaction.
For Phil Smith Automotive Group, this acquisition represents a key milestone in their growth strategy. Chairman and CEO, Mr. Phil Smith, has steadily built his automotive empire since acquiring his first dealership in 1979. Starting from humble beginnings as a car salesman, Mr. Smith’s entrepreneurial spirit has driven the group to encompass 20 franchises across 11 locations in Florida and North Carolina. The group now boasts over 800 employees and an impressive $500 million in annual revenue, a testament to Mr. Smith’s leadership and business acumen. His philosophy of shared ownership with employees further strengthens the group’s foundation for continued success and expansion.
The desire to incorporate a luxury brand into their offerings was a driving force behind this acquisition. With guidance from his attorney, Greg Humphries, and banker, Jason Smith, Mr. Smith connected with George Chaconas of Performance Brokerage Services. Recognizing Phil Smith Automotive Group’s ambitions, Mr. Chaconas facilitated the acquisition through Performance Brokerage Services’ Strategic Buying program. This bespoke service targets dealerships not actively listed for sale, presenting exclusive opportunities to buyers seeking specific franchises and locations.
Mike Dayhoff, CFO of Phil Smith Automotive Group, highlighted the effectiveness of the Strategic Buying program, stating, “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.” Mercedes-Benz of Fayetteville, situated at 3203 Bragg Boulevard in Fayetteville, North Carolina 28303, emerged as the ideal fit, offering the luxury franchise and market presence Phil Smith sought.
Strategic Buying provided Phil Smith Automotive Group with a distinct advantage. It allowed them to assess the Mercedes-Benz of Fayetteville opportunity without the pressures of open market competition, and to access a dealership that might not have otherwise been available. Mr. Dayhoff affirmed the value of this approach, “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 expressed his satisfaction in facilitating this significant transaction, stating, “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.” The acquisition of Mercedes-Benz of Fayetteville in Fayetteville, NC, marks a new chapter for both Phil Smith Automotive Group and the Fayetteville automotive landscape.
