Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, February 2, 1994 TAG: 9402020063
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: SANDRA BROWN KELLY STAFF WRITER
DATELINE: LENGTH: Medium
George Pelton, an owner of First Team Hyundai, has bought Valley Motorsport from George Logan.
The two men announced the sale Tuesday when they confirmed the purchase to employees. That a sale was in the works had been rumored for several weeks.
Pelton and Logan, who said they have been friends as well as competitors since Logan took over operation of Valley Motorsport in 1989, confirmed they have been talking seriously since September.
They did not reveal the dollar value of the deal, but said the sale was made through a new company, Team Motorsport Corp., and both dealerships will operate as First Team Auto Mall.
Pelton said employees of Valley Motorsport will be retained, and he expects to need another five or six salespeople. He said the "No Hassle Buying" policy standard at First Team will be extended to Valley Motorsport.
The new company will have 100 employees, an inventory of $6 million and potential annual sales of $35 million to $40 million, Pelton said.
Logan, who got into the automobile business in 1981 and is openly glad to be getting out, is chairman of Valley Bank, a bank in organization that expects to open by the end of the year.
Pelton has been in car sales since 1971, when he began with a company in Norfolk. The Virginia Beach native moved to Roanoke in 1988 to set up First Team Hyundai, which he owns with car dealers W. Ashton Lewis and Tommy Gibbs of Chesapeake. Dealer Lewis Wood of Hampton is his partner in the Valley Motorsport purchase.
by CNB