Penske Buys Crevier BMWTuesday, July 12, 2011
Michigan’s Penske Automotive Group Inc. has purchased Santa Ana-based Crevier BMW and Mini for an undisclosed amount.
Penske announced the sale today. The first reports indicating a deal was in the works appeared in the Business Journal last month.
Crevier BMW is the brand's top dealer in the Western U.S., with annual revenue of about $250 million.
It is the No. 2 dealer in Orange County after Newport Beach-based Fletcher Jones Motorcars, which has yearly sales of $431 million.
“When we decided to sell the business, it was very important to us to select someone who would respect the quality of the team that built this business and carry on our culture and the legacy of the Crevier name,” said Donnie Crevier, owner of Crevier BMW.
Presidio Merchant Partners LLC, part of San Francisco-based Presidio Group LLC, advised Crevier on the sale. It represents dealers valued between $20 million and $300 million.
In recent years Crevier spent $33 million to expand and remodel its showroom at the Santa Ana Auto Mall. Crevier also added extra parking.
Crevier’s 100,000-square-foot dealership spans 12 acres. The site includes a five story, 195,000-square-foot parking structure.
Donnie Crevier, a car collector, also owns Crevier Classic Cars, a Costa Mesa-based car club and storage site.
Crevier BMW was founded in 1971.
The dealership has long supported many Orange County nonprofits, including the Boys and Girls Club of Laguna Beach and Irvine-based Human Options Inc.
Penske is the second-largest publicly traded auto dealer group in the nation after Florida-based Auto Nation Inc.
Penske has about $11 billion in revenue.
It owns and operates about 300 franchises, including about 150 in the U.S.
In 2010, Penske bought Santa Ana-based Commonwealth Audi and Volkswagen also at the Santa Ana Auto Mall.
The company also owns several other Southern California dealerships including Penske Toyota and Scion of Rancho Santa Margarita.