The Virginian-Pilot
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Charles Barker Automotive of Virginia Beach announced Wednesday that the company has agreed to acquire Phillips Mercedes-Benz and Phillips Land Rover, also of Virginia Beach. The deal will be completed pending manufacturer approval, which is expected within 60 days. The price was not disclosed.
The two brands will remain at the same location on Virginia Beach Boulevard and become part of Charles Barker Automotive's luxury automotive portfolio, which includes Lexus and Infiniti.
Phillips Automotive President David Phillips would not comment on the sale.
"David called me," Charles Barker said. "His dad's 82 years old, and I think he was looking for an exit strategy."
Barker said he started talking with Phillips in June. The agreement was signed Friday.
"I think it's wonderful for Charlie," said Josh Darden Jr., former owner of Colonial Chevrolet and Barker's business partner for 10 years. "It gives him two of the prime brands in the automotive business in Lexus and Mercedes-Benz."
Barker is planning to upgrade both dealerships.
"Typically, when there's a change in ownership, the manufacturer will demand a number of changes that they couldn't get before," Darden said.
Of 356 Mercedes-Benz dealers nationwide, more than 85 percent have renovated their stores, including Phillips' closest competitor, Tysinger Mercedes-Benz in Hampton. That company's president, Mark Tysinger, noted that 25 percent of his dealership's Mercedes-Benz sales come from the south side.
That could change.
"We don't go down easy," Barker said. "We're going to put the same culture in place that we're known for."
With the sale, the Phillips name will disappear from the Hampton Roads automotive market.
The Phillips name first appeared when company CEO Tench Phillips established a used car business in 1956 with his brother, Conoly. The brothers gained their first new car franchise, Rambler, in 1960, followed by Oldsmobile, Lincoln Mercury and Volvo. Phillips acquired Mercedes-Benz in 1972 and Land Rover in 1991. All have been closed or sold.
Larry Printz, 757-446-2220, larry.printz@pilotonline.com
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Source: http://hamptonroads.com/2012/08/charles-barker-automotive-buy-phillips-dealerships
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