A solid business reputation is something doggedly earned. It’s rarely an overnight thing. Take, for example, Glenn Auto Mall, a Lexington automobile dealership. Family owned since 1947, Glenn is the oldest collection of auto dealerships in Lexington.
Earlier this year it was announced that Glenn had been acquired by BW Auto Ventures, which operated Wildcat Ford and Freedom Chrysler Dodge Jeep Ram, both in Lexington. The Glenn name was the key to BW’s deal.
“The name is the whole reason. Forget dollars and cents. There are plenty of automotive dealerships that you can buy and improve and get a nice return on, but not many with as good a reputation as the Glenn organization,” said Jason Branham, general manager for the new version of Glenn Auto Mall.
For Branham, who had been working for a large automotive group in Arkansas, the Glenn name was “valuable enough to get me to come here,” he said.
The acquisition means the BW’s new Glenn Auto Group name is now 13 brands strong. The parade of automotive brands includes: Hyundai, Nissan, Infiniti, Ford, Lincoln, Mitsubishi Motors, Fiat, Chrysler, Dodge, Jeep, Ram, Buick and GMC.
Now that the dust has settled, Wildcat Ford becomes Glenn Ford. Freedom Chrysler Dodge Jeep Ram removes the “Freedom” moniker and replaces it with Glenn. Also in the mix, but keeping their names, are Hyundai of Nicholasville and Fiat of Lexington.
Some of the Glenn properties will receive enhancements, but there will not be a complete rebuild of the dealerships — at least for now.
After the sale was announced, both sides adhered to a confidentiality agreement for about two months and declined comment. Recently, though, Jared Gaiennie, operating partner for all of Glenn’s onsite locations, discussed the sale.
“We are attracted to this market. It’s a good one with a steady economy. Glenn has been around for almost 70 years — a great name and reputation. We’re in an acquisition mode, and this is a good fit for our portfolio,” said Gaiennie.
Cyrus Dicken Jr., who was president of Glenn, will remain as senior executive board member. Cyrus Dicken Sr. will also continue as a board member. The former owners “are remaining partners and investors,” according to Gaiennie.
The beefed-up Glenn Auto Group will make up 30 to 35 percent of the total auto market in Lexington.
“We’re excited about that,” said Gaiennie, who lives in Lexington’s Chevy Chase neighborhood after moving here from Florida in 2012. His company also owns four auto dealerships in the Atlanta area.
The U.S. automotive industry is rebounding nicely from the depths of the recession. New-vehicle sales could hit 16.4 million in 2014, the highest since 2006, reported autonews.com. Some analysts are wondering if sales will soon reach 2000’s record levels. Consumers continue to replace aging cars and trucks that they held onto a couple of extra years when money may have been tight.
“Things continue to progress back toward where we were before the recession,” said Branham. “The lending and credit behavior of the banks are back to pre-recession levels. New car sales are steadily growing back to the 2007 level. Used car sales are very robust.”
Branham also said car manufacturers have come back smarter than before in the sense that they’re not over-producing cars.
“The quality is better and the technology is exploding,” he said. “Computers and cars are marvels. The features are amazing.”
Automotive customers are also operating differently than before.
“About 90 percent of people first go to the Internet,” said Gaiennie. “They want to identify what vehicle they want and maybe apply for a loan. Then they want to come in to select or pick up a vehicle in a reasonable amount of time. They don’t want to negotiate. They want a simple process. They’re looking for a vehicle that’s reliable, good on gas, with good resale value.”
Branham promises Glenn will continue to earn customers’ respect “with many resources to do what we do best, which is deliver great customer service,” he said.