Penske Automotive Group sold a Lexus dealership to a growing New England retailer.
The transaction, brokered for buyer McGee Automotive Family by Pinnacle Mergers & Acquisitions, brings the McGee store count to 15 across six states.
Lexus of Warwick, just south of state capital Providence, will continue to operate under that name.
The luxury division of Toyota, along with its parent, is a much sought-after brand when it comes to acquisitions.
It’s unclear why Penske decided to sell the Warwick franchise. A spokesman said the group regularly buys and sells stores based on “a variety of reasons, including but not limited to strategic and market related factors, portfolio management, cap ex requirements, market changes, valuation.”
The store is McGee’s first Lexus dealership in the group’s 56-year history, though it opened its first Toyota store in 1974.
“I’m very excited to be joining the Lexus family in coming to Rhode Island, and thank Pinnacle and [Penske Automotive Group] for this opportunity,” said McGee owner Rob McGee, who took over the business from its founder, his father, Bob.
