Park Auto Group in Green has agreed to be sold to a Michigan-based auto dealer group.
Terms were not disclosed. The sale still needs to be approved by various car manufacturers, said Mike Greenbaum, chief financial officer for Park Auto.
Serra Automotive Group in Grand Blanc, Mich., is buying the Summit County dealership. The deal could take a couple of months to close.
Serra, founded in 1973, describes itself as one of the 10 largest privately held car retailers in the nation with 24 dealerships in five states and about 1,100 employees. Park Auto will be its first venture in Ohio; Serra has dealerships in Michigan, Colorado, Indiana, Tennessee and New Jersey.
Park Auto Group will retain its name, Greenbaum said. Dealership owners John and Glenn Mears and John Ludwig decided this was the right time to sell, he said.
Customers of Park Auto should not notice any changes under the new owners, Greenbaum said. The dealerships will continue to honor warranties and sales and service agreements, he said.
“Anything they purchased will still be honored,” Greenbaum said. In addition, all of the current Park Auto associates should be rehired, he said.
No changes are pending regarding the brands of vehicles offered by Park Auto, he said.
Park Auto, located off Arlington Road in what recently has been designated the Green Auto Mile, sells new and used Honda, Acura, Mazda and Subaru vehicles. The business traces its roots to 1957 as “Park Marine,” a business operated out of the garage of Glenn and Irene Mears, according to Park Auto’s website.
“It should be a smooth transition,” Greenbaum said.
Serra Automotive Group did not return calls seeking comment.
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