Sheehy buys Lexus of Richmond – Richmond BizSense

After kicking the tires years ago, a musician in the local car franchise industry has added to its fleet with an eight-figure learning .
last calendar month, Sheehy Auto Stores acquired Lexus of Richmond in a deal that included the Lexus showroom and service center at 9701 Midlothian Turnpike american samoa well as the clientele .
Sheehy paid $ 25.5 million for the substantial estate in a deal that closed Feb. 23. President Vince Sheehy IV declined to disclose the price of the occupation .
Founded in 1966, Sheehy Auto Stores now has 32 dealerships throughout Virginia and Maryland, selling a variety of manufacturers including Volkswagen, Subaru, Honda and Toyota.

Sheehy said he ’ s known early Lexus of Richmond owner George Whitlow, who besides once operated a line of Chevrolet dealerships in Richmond, for years and had previously expressed his interest in the 20-year-old Lexus franchise .
“ George ’ s been a great dealer friend and he decided it was time to step down, ” Sheehy said. “ It slowly developed over a period of years and he ultimately felt the time was right. ”
The showroom and servicing center buildings sit on around 15 acres, and Sheehy said the showroom was renovated in 2021. The parcel was most recently assessed by the county at $ 8.1 million .
Sheehy said about 100 people work at Lexus of Richmond and most of the staff stayed on following the cover .
“ surely, our goal is always to retain the people who are there. In this shell, we retained about 95 percentage of the people who were there, ” Sheehy said. “ One or two decided it was the right moment to leave. ”
Growth via acquisition international relations and security network ’ t unusual for Sheehy, as it besides acquired a Subaru franchise in Fredericksburg and a Toyota franchise in Laurel, Maryland, over the concluding year or indeed.

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The deals come as used car prices are skyrocketing countrywide. Sheehy said his ship’s company sells both new and use cars, and attributes the holocene grocery store to supply range disruptions in the production of new cars .
“ We ’ ra struggling to get new cars on our lots. We ’ re probably looking at add chain disruptions that will continue through 2022, ” he said .
“ We think sometime in 2023 that will start to improve and things will get rear to what we consider to be a more normal relationship between add and demand. ”
Asked what he personally drives these days, Sheehy said he ’ s in a newly Ford Bronco while up in Northern Virginia, where the company is based. “ But I ’ ll be driving a Lexus when I ’ thousand down ( in Richmond ), ” he added, laughing .
meanwhile, over in the Short Pump area, a firearm of land once eyed for a car franchise is now on the commercialize and up for auction .
A 1.25-acre tract at 11040 W. Broad St., just east of Interstate 64, was put up for sale in an auction that began this dawn. The wooded land is owned by an entity tied to local anesthetic principal Hyman Bros. Automobiles, which had planned a Land Rover franchise for the web site. It would have been Hyman ’ s eighth outpost .
alternatively, the property was declared excess and is now being offered on-line through auction firm Tranzon Fox. The Hyman kin, through Tranzon agent Bill Londrey, declined to comment.

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invite opened this good morning and runs until March 22. The land was most recently assessed by Henrico County at $ 369,000 .

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