New DARCARS CEO starts shopping

JAMIE LAREAU

DARCARS Automotive Group is in talks with several U.S. dealerships about possible acquisitions after completing its first store purchase since John Darvish Jr., son of the founder, took over as CEO last year.

The group, based in Maryland, bought a Honda dealership in the Washington area last week, and Darvish, 43, said that deal is just the beginning.

While declining to give details, he said DARCARS is shopping both single-point dealerships and groups in a search that extends across the country.

In March 2014, Darvish took over the company founded by his father, John Darvish Sr. In January, his sister, Tamara Darvish, sued her father over control of the company. Tamara, now 52, had become the face of the company, particularly in the fight to reverse franchise terminations during the General Motors and Chrysler bankruptcies

John Darvish Jr. last week said strong revenue and improved management have resulted in a deep war chest and experienced staff capable of managing newly acquired stores.

“We are definitely in acquisition mode,” he told Automotive News. “We’re studying everything and actively working on acquisition plans.”

DARCARS, headquartered in Silver Spring, Md., now has 17 dealerships. One is in Florida and the rest are in Maryland. It posted revenue of $1.26 billion last year and ranks No. 29 on Automotive News’ list of the top 150 dealership groups based in the U.S., with retail sales of 22,278 new vehicles in 2014.

November 18, 2015

Categories: News, DARCARS, DARCARSNews