Asbury Automotive Group to Purchase Assets
IRVING, Texas (December 12, 2019) – Ken Schnitzer, founder and chairman of Park Place Dealerships, has announced his intention to sell 14 dealerships to Asbury Automotive Group, one of the nation’s largest automotive retail and service companies with 88 dealerships and revenues of $6.9 billion. The sale is expected be finalized by March 2020.
“The decision to sell the company that I have spent the past three decades building has not been an easy one,” said Schnitzer. “But now is the time to enjoy my family and friends, as well as explore new opportunities.”
The transaction includes the Park Place brand and the following dealerships: Mercedes-Benz stores in Dallas, Fort Worth and Arlington, Lexus Plano and Lexus Grapevine, Jaguar/Land Rover DFW and an Austin location currently under construction, Porsche Dallas, Volvo, Bentley Dallas, Rolls-Royce Motor Cars Dallas, McLaren Dallas, and Maserati Dallas. Park Place BodyWerks in Dallas and Fort Worth are also included in the sale.
“I am extremely proud of what we have accomplished and the culture we have built at Park Place,” Schnitzer remarked. “I will keep my hand in the automotive industry by retaining two dealerships and a body shop in Grapevine. DFW is one of the strongest markets in the country, and Texas is a great place to do business. The future is very bright for Park Place Dealerships and the industry.”
Schnitzer will maintain ownership of the Mercedes-Benz and Porsche dealerships in Grapevine, as well as the body shop in Grapevine. He started Park Place Dealerships in 1987 with a single Mercedes-Benz dealership on Oak Lawn Avenue. He proceeded to create one of the largest luxury dealership groups in the country by hiring and training confident, passionate people to provide an exceptional ownership experience for clients.
“In the last 32 years, there have been many challenges, opportunities, decisions, and risks,” said Schnitzer. “But when you have a great team by your side, you can accomplish anything. The members of Park Place who’ve contributed their ideas and talents to the growth of the company are the best in the industry.”
In 2005, Park Place Lexus Plano and Park Place Lexus Grapevine were awarded the Malcolm Baldrige National Quality Award by the President of the United States in the small business category. Park Place was the first auto dealer to ever win the award.
For the past 10 years, the company has been named to The Dallas Morning News’ Top 100 Places to Work. Each of the individual dealerships are ranked among the best in the country with respect to sales and service.
Park Place Dealerships employs more than 2,100 members and operates 17 full-service dealerships representing luxury brands Lexus, Mercedes-Benz, Porsche, Volvo, Jaguar, Land Rover, Karma, Rolls-Royce, Bentley, McLaren, and Maserati. For more info, visit parkplace.com.