The dealership sits on more than 15 acres. (Google Maps)
An Englewood dealership will look to find its groove with a new, and very wealthy, owner.
Groove Toyota, situated along the 5400 block of South Broadway, was sold at the end of last month to Arizona businessman Larry Van Tuyl of VT Cos., per a news release.
The dealership’s real estate sold as part of the deal, with public records showing a price tag of approximately $70 million. The land spans more than 15 acres just south of Belleview Avenue.
The dealership was sold by Denver-based Summit Automotive Partners, which is now down to just two Groove dealerships — Ford and Honda spots in Centennial. Summit sold a Groove Honda dealership in Colorado Springs last October, per the release.
Summit’s other holdings include its dealership brand in New England and a separate one in Wyoming. The company did not respond to a request for comment.
It’s the first Colorado holding for buyer Van Tuyl, who comes from an automotive background. He ran the largest privately owned dealership company in the U.S. He sold that business to Warren Buffett’s Berkshire Hathaway in 2015, when it was raking in $9 billion a year in revenue.
He stepped down as chairman five years later and started buying dealerships on his own — such as the one in Englewood.
The dealership sits on more than 15 acres. (Google Maps)
An Englewood dealership will look to find its groove with a new, and very wealthy, owner.
Groove Toyota, situated along the 5400 block of South Broadway, was sold at the end of last month to Arizona businessman Larry Van Tuyl of VT Cos., per a news release.
The dealership’s real estate sold as part of the deal, with public records showing a price tag of approximately $70 million. The land spans more than 15 acres just south of Belleview Avenue.
The dealership was sold by Denver-based Summit Automotive Partners, which is now down to just two Groove dealerships — Ford and Honda spots in Centennial. Summit sold a Groove Honda dealership in Colorado Springs last October, per the release.
Summit’s other holdings include its dealership brand in New England and a separate one in Wyoming. The company did not respond to a request for comment.
It’s the first Colorado holding for buyer Van Tuyl, who comes from an automotive background. He ran the largest privately owned dealership company in the U.S. He sold that business to Warren Buffett’s Berkshire Hathaway in 2015, when it was raking in $9 billion a year in revenue.
He stepped down as chairman five years later and started buying dealerships on his own — such as the one in Englewood.
