National Business Brokers is pleased to announce the sale of Reynolds Ford in Norman and Oklahoma City, Oklahoma, from Dale Daniels to the Cavender Auto Group.
“After 54 years in the business, it was time to take advantage of both mine and my wife’s good health to explore more travel and time with our loved ones,” said Dale Daniels, President of Reynolds Ford.
Reynolds Ford was established in 1952 in Norman, Oklahoma, and has been owned and operated by Dale Daniels in that location for about 42 years. Daniels bought Reynolds Ford in Oklahoma City in 2001. Over his career Daniels owned five dealerships in Oklahoma, including Reynolds Ford of Edmond, Reynolds Mazda of Norman, and Reynolds Lincoln of Edmond.
When it came time to sell these last two remaining stores, Dale chose to work with Chris Teape, a long-time friend and veteran broker with National Business Brokers. Dale and Chris have known each other for almost 50 years, and in fact Chris was a GM under Dale at one of his Norman, Oklahoma, locations decades ago.
“Dale is one of the most highly respected, ethical car dealers I’ve ever known,” said Chris Teape. “It was truly an honor to help Dale transition out of the business.”
Daniels said he appreciated Chris bringing a well-qualified candidate, the Cavender Auto Group, that was looking for an opportunity to expand into the Oklahoma market. “The buyer saw and appreciated what we had to offer, and was willing to listen to what our needs were,” Daniels said.
The Cavender family has been selling and servicing automobiles and trucks in San Antonio and South Texas for more than 80 years. By the mid 1980s the third generation of Cavenders entered the automobile business. Today the Cavender name is associated with nine separate dealership facilities selling Audi, Buick, Cadillac, Chevrolet, GMC, Land Rover, Pontiac, Saturn, Scion, Suzuki, and Toyota brands.
“Jon Briggs, Stephen Cavender and the Cavender team at large were a pleasure to work with,” said NBB Vice President Drew Bray, who facilitated the transaction alongside Chris Teape. “Their level of professionalism and collaborative spirit during the entire process created the kind of goodwill you hope to see during a buy/sell of this size and scope.”
Jon Briggs, Cavender CFO and Partner, commented, “We are excited to grow our team and expand to a new state. This acquisition gave members of our team room to grow with our company. We were able to make a deal with a good seller in a great market for a fair price. We appreciate NBB helping us to expand our footprint into the great state of Oklahoma.”
“All deals have things that need to be worked out, and NBB was right there with us solving any issues that came up,” said Briggs. “NBB worked with the seller and our team to get the deal past the finish line.”
The dealerships will be named Confidence Ford of Norman and Cavender Ford of OKC and will remain at their current locations in Norman and Oklahoma City, Oklahoma.
About National Business Brokers
National Business Brokers has been helping new car dealers buy and sell their stores for 43 years. With five regional offices across the country, NBB has national coverage and local familiarity. NBB has successfully closed over 850 transactions in the auto industry, more than any other M&A firm in the industry.
With offices in California, Texas, Michigan, New Jersey and Florida, NBB represents sellers throughout the United States, and buyers from around the world. Clients rely on NBB for confidentiality, expert counsel, and a deep network of relationships that enables us to connect the right buyers and sellers for the best opportunities.
NBB is headquartered in Irvine, CA. For more information visit www.nationalbusinessbrokers.com or call 800-576-9875.