This story first ran on BizWest.com, a BusinessDen news partner.
The Elway Dealership Group is returning to Northern Colorado.
After selling its Greeley store to Asbury Automotive Group earlier this year, the Denver-based auto group has purchased Co’s BMW of Loveland and MINI of Loveland from the Van Herwaarden family. Financial terms of the sale were not disclosed.
Todd Maul, the group’s lead in Colorado, told BizWest that the stores will retain their names to comply with the advertising rules of BMW and its subsidiary Mini but will append the store names with the phrase “A John Elway Company.”
“I will say that putting John Elway’s name on it means a lot in the state of Colorado,” he said. “… You’ll see that everywhere we can do that within the BMW advertising guidelines.”
The stores will also be remodeled to adhere to BMW’s most recent dealership image standards.
From an operational standpoint, Maul said the group has brought in a general manager for the stores and will use its larger marketing team to promote the stores more heavily in Northern Colorado and parts of Wyoming and Nebraska.
However, other operational changes would be first discussed with the store’s existing employee base, he said.
The acquisition is the group’s second this year, after its joint purchase of Salt Lake City Porsche in Utah with Schomp Automotive Group. The group also has two dealerships in California.
Maul said the Elway group has long been interested in getting into the German luxury market and intends to continue acquiring dealerships north of the Denver area and beyond in the near future.
“I would put us in an aggressive buyer mode,” he said. “We’d love the opportunity to buy dealerships, so if something comes available, we’ll definitely look at any opportunity. And that’s certainly not limited to luxury cars.”