On again, off again Park Place Dealerships sale is on again - The Dallas Morning News

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Park Place Dealerships will sell several dealerships to Asbury Automotive Group, the company announced Monday. The sale is expected to be finalized by August 31.

Ken Schnitzer, the founder and chairman of Park Place Dealerships, originally agreed to sell the company last December, but Asbury, one of the nation’s largest auto retailers, terminated the $1 billion deal in March. Asbury cited the uncertainty caused by the global pandemic.

In May, Park Place Dealerships announced that it’s buying the Aston Martin Dallas dealership owned by John Eagle Auto Group for an undisclosed price.

Asbury Automotive Group will purchase eight Park Place dealerships housing 10 vehicle franchises in Dallas-Fort Worth. This includes Mercedes-Benz and Sprinter stores in Dallas, Fort Worth and Arlington, Lexus Plano and Lexus Grapevine, Jaguar Land Rover DFW, Porsche Dallas and Volvo Dallas.

The Park Place name and brand will also be sold, along with the Park Place Auto Auction in Plano and the two Park Place BodyWerks in Dallas and Fort Worth, according to a Park Place spokeswoman.

Schnitzer will remain the owner of Mercedes-Benz Grapevine, Sprinter and Porsche Grapevine, Bentley Dallas, Rolls-Royce Motor Cars Dallas, McLaren Dallas, Maserati Dallas, Koenigsegg and Aston Martin Dallas. He will also own the body shop in Grapevine and the Select subscription service. A name change will be announced in the future for the dealerships.

Park Place employs more than 1,700 people and operates 18 full-service dealerships across North Texas. Its showrooms have been open under new safety protocols since pandemic regulations on dealerships loosened in late April.

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On again, off again Park Place Dealerships sale is on again - The Dallas Morning News
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