Murgado Automotive Group has broadened its reach in the luxury automotive market with the acquisition of Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian. These dealerships, formerly owned by Rod McGeorge and located in the Richmond, Virginia area, mark a significant expansion for the Murgado group. This acquisition follows the recent sale of McGeorge Toyota, signaling a major shift in the Richmond automotive landscape. Haig Partners LLC acted as the exclusive advisor for the sellers in this significant transaction.
The McGeorge family’s legacy in the Richmond automotive scene spans over six decades, beginning with The David R. McGeorge Car Company, a used car dealership. Their journey into luxury vehicles began with the acquisition of Mercedes-Benz of Richmond in 1955. The family further expanded their portfolio with the addition of McGeorge Toyota in 1968 and Mercedes-Benz of Midlothian in 2003. Under Rod McGeorge’s leadership, the McGeorge dealerships grew to employ over 300 individuals, becoming a cornerstone of the Richmond business community.
Rod McGeorge expressed his sentiments on the transition, stating, “My grandfather initiated our venture into franchised auto retail with Mercedes-Benz of Richmond, driven by a vision for growth. My father continued this legacy, and as I now step aside, I am filled with immense pride for what we have accomplished over the years. I am eager to enjoy the rewards of our hard work and dedication. It has been an incredible journey, and I am enthusiastic to see Murgado Automotive Group carry forward the tradition of excellence we have established.”
Kevin Nill, Managing Director of Haig Partners and the advisor to McGeorge, highlighted the desirability of the Mercedes-Benz franchise, noting, “Similar to Toyota, Mercedes-Benz is a highly sought-after franchise. Coupled with the appeal of the Richmond, VA market, there was substantial interest from numerous leading buyers.”
Nill further elaborated on the advisory role, “It is a privilege to guide clients and assist them in maximizing the value of their life’s work. In dealership sales, it extends beyond mere figures. It involves nurturing robust buyer relationships and possessing in-depth knowledge of the complex OEM requirements and approval processes.”
Mario Murgado, CEO of Murgado Automotive Group, conveyed his enthusiasm for the acquisition: “Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian have consistently been top performers in Central Virginia for many years. I extend my gratitude to the McGeorge family for collaborating with us on this opportunity and to Mercedes-Benz for entrusting our company to build upon the esteemed legacy of these dealerships and one of the world’s most recognized brands.”
