Vancouver, Wash.-based Kuni Automotive, the group that oversees Kuni Chevrolet Cadillac at Fulton and El Camino avenues in Sacramento, announced Tuesday that it is being acquired by Holman Automotive.
Financial details of the deal were not disclosed, but officials of Kuni and New Jersey-based Holman said the transaction will create one of the largest privately owned dealer networks in the United States.
Holman, with roots dating back to 1924, employs more than 4,800 and oversees 19 dealerships in New Jersey, Pennsylvania and Florida. Holman also owns financial services, financing and parts operations.
I think the acquisition also is a compliment that Kuni has done some things that are well-respected in the industry.
Brian Castonguay, general manager of Kuni Chevrolet Cadillac
Kuni, founded in 1970, employs nearly 1,500 and has 14 dealerships in California, Oregon, Washington, Colorado and Kansas.
Brian Castonguay, general manager of Kuni Chevrolet Cadillac, said Sacramento-area consumers will see no change in the dealership’s daily operations.
Castonguay said the acquisition will create a major presence in the auto-selling industry, with a bicoastal reach part of the deal.
“At this point in time, we’re all excited about the possibilities,” he said. “I think the acquisition also is a compliment that Kuni has done some things that are well-respected in the industry.”
Officials said Kuni will retain its brand name and will be known in the future as Kuni Automotive, a Holman Enterprise.
The combined dealerships are expected to generate more than $3 billion in annual revenue. Officials said they expect the deal to be finalized this summer.