Hitchcock Automotive partners Ted Hitchcock, Fritz’s son, Howard Hakes and Beth Hakes, sold their third dealership, Puente Hills Toyota in City of Industry, Calif., on Jan. 31 to Kaminsky Automotive, according to Kerrigan Advisors. It is a sales firm in Irvine, California that has represented Hitchcock Automotive in Toyota dealership transactions.
Kaminsky Automotive also has Honda of El Cajon Superstore and Toyota of El Cajon California in its portfolio and is owned by brothers Greg and Gary Kaminsky.
“It was very important to the family that we found the right new owners with a vision to continue our dealerships’ record of excellence, success and service in their communities,” said Howard Hakes, president of Hitchcock Automotive, in a statement.
While Toyota is a familiar brand to Van Tuyl, the two Ferrari dealerships are the first of the exotic brand for the entrepreneur.
“He’s really thrilled to have them in the family,” said Bill Scrivner, CEO of Pinnacle Mergers & Acquisitions, a Frisco, Texas buy-sell firm that represented Van Tuyl in Ferrari transactions.
Like Hitchcock, Risi is a well-known dealer. He opened Ferrari of Houston in 1980 after receiving permission from Enzo Ferrari, according to the dealership’s website. Risi is also founder and director of the Ferrari racing team Risi Competizione.
Van Tuyl said he and Risi “got along really well”. He said he also liked that the dealerships were in Texas and owned by a brand with a rich history.
“[Ferrari is] creating great, dynamic and creative products and so I’m excited about that,” he said.
Van Tuyl said it plans to employ 600 to 700 people at dealerships by the end of 2022.
“We’re definitely not there now because a lot of dealerships, like the ones we just bought, because of COVID-19, etc., had reduced the number of people they had,” he said. -he declares. “But we expect that to turn around pretty quickly.”