Phil Smith Automotive Group has officially broadened its reach into the luxury automotive sector with the successful acquisition of Mercedes-Benz, Porsche, and Sprinter of Fayetteville in North Carolina. This strategic purchase, facilitated by Performance Brokerage Services, marks a significant milestone for the Florida-based automotive group and underscores their commitment to growth and diversification within the competitive auto dealership landscape. The acquisition of Mercedes-Benz Fayetteville North Carolina was completed through Performance Brokerage Services’ exclusive Strategic Buying program, representing the buyer, Phil Smith Automotive Group, in a transaction that was not publicly available on the open market.
Phil Smith Automotive Group, a prominent player in the automotive retail industry, boasts a substantial portfolio of 20 franchises across 11 locations in Florida and North Carolina. From humble beginnings in 1979 as a car salesman, Founder, Chairman, and CEO Phil Smith has cultivated his enterprise into a powerhouse employing over 800 individuals and generating approximately $500 million in annual revenue. His entrepreneurial spirit, instilled early in his career when his then-boss Pete Menton offered him a dealership stake, continues to drive his business philosophy. Smith, an alumnus of Florida Atlantic University with a degree in accounting and finance, champions employee ownership, offering his team members opportunities to become part owners in his various ventures.
Driven by a strategic ambition to incorporate a luxury brand into his expanding dealership network, Phil Smith sought the counsel of his attorney, Greg Humphries of Shutts & Bowen, LLP, and banker, Jason Smith of SunTrust Bank, both located in Orlando, Florida. Recognizing Performance Brokerage Services’ expertise in facilitating dealership acquisitions, Humphries and Smith jointly contacted George Chaconas to represent their client’s interests in identifying suitable opportunities.
George Chaconas of Performance Brokerage Services initiated contact with Phil Smith Automotive Group, establishing a strong working relationship with Chief Financial Officer, Mike Dayhoff. Chaconas presented the Strategic Buying program, a bespoke service designed to proactively identify and secure acquisition targets that are not publicly listed for sale. “We identified the franchises and geographical areas we were interested in growing, and George quickly came back with several opportunities through his contacts that fit our criteria,” stated Mike Dayhoff. Performance Brokerage Services’ extensive industry network proved invaluable, presenting Phil Smith Automotive Group with a curated selection of acquisition prospects, ultimately leading them to the Mercedes-Benz Fayetteville North Carolina dealership, located at 3203 Bragg Boulevard, Fayetteville, North Carolina 28303.
The Strategic Buying approach offers distinct advantages to buyers, enabling a comprehensive evaluation of acquisition opportunities absent the pressures of open market competition. It also unlocks access to dealerships that might otherwise remain beyond reach. Mike Dayhoff emphasized the program’s effectiveness, stating, “We would not have known about these opportunities without [George’s] involvement…as a buyer in today’s market, I highly recommend using Performance Brokerage Services to help you find targeted opportunities to grow your business.”
George Chaconas of Performance Brokerage Services, who served as the representative in this transaction, commented, “It was an honor to collaborate with Phil Smith Automotive Group and support their strategic expansion in North Carolina and their entry into the luxury vehicle market. We extend our congratulations on their acquisition and express our gratitude for the opportunity to be of service.” This acquisition of Mercedes-Benz Fayetteville North Carolina represents a significant advancement for Phil Smith Automotive Group, positioning them for continued success in the automotive retail sector.
