Krause Auto Group has acquired three prominent dealerships in Lee County, Florida, in a transaction totaling more than $110 million.
The strategic move involves the purchase of Sutherlin Nissan of Cape Coral, Sutherlin Nissan of Fort Myers and Sutherlin Genesis in Fort Myers. The dealerships have been renamed Nissan of Cape Coral, Nissan of Fort Myers and Fort Myers Genesis, respectively, and bring the total number of dealerships under Krause Auto Group to 23.
The Nissan dealership in Fort Myers has been recognized as the top-performing Nissan dealership in the United States and Krause Auto Group has plans for a major renovation, including an expansion of the service department. In addition, the Cape Coral dealership is also highly regarded in terms of sales performance, and the Fort Myers Genesis, currently located on the Fort Myers Nissan property, will move to a new location approximately one mile south following completion of the property acquisition.
“I am particularly excited about this opportunity because I am returning to my roots — as I grew up in Fort Myers and graduated from Bishop Verot High School before pursuing a degree from Stetson University in Deland, Florida,” said Vernon Krause, CEO of Krause Auto Group. “Having the ability to contribute to the automotive industry in this particular thriving market is a full-circle moment for me.”
Mike Spinazze, the current general manager of the acquired dealerships, will continue in his role and become a 40% minority partner in both Nissan stores. “His leadership has been instrumental in the success of the Fort Myers Nissan store, and his continued involvement ensures a seamless transition and ongoing success,” added Krause.
The transaction was brokered by Mike Sims, president of Pinnacle Mergers & Acquisitions.
