Three dealerships in Lee County have changed hands in what has been described as a “landmark deal.”
The deal involves the purchase of Sutherlin Nissan of Cape Coral, Sutherlin Nissan of Fort Myers and Fort Myers Genesis, all part of the Sutherlin Automotive Group.
Here’s more to know about the announcement, made late Thursday afternoon:
Who was the buyer?
Krause Auto Group, founded in 1991 by Vernon Krause, who serves as its CEO. The company has a collection of family-owned dealerships in Florida, Georgia, North Carolina and South Carolina. It’s headquartered in Alpharetta, Ga.
What was the price tag?
The transaction totaled more than $110 million.
What changes are planned?
The Sutherlin name has been dropped. In the near future, the Nissan dealership in Fort Myers will see a major renovation, including an expansion of the service department. Fort Myers Genesis, currently located on the same property off U.S. 41, will move to a new site – about one mile to the south.
What drove the deal?
In a news release, Krause said the purchase is about growing his enterprise and “returning to my roots.” He grew up in the area and graduated from Bishop Verot High School in Fort Myers, before pursuing a degree from Stetson University in Deland, Fla.