THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, April 18, 1996 TAG: 9604180375
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY STEPHANIE STOUGHTON, STAFF WRITER
DATELINE: VIRGINIA BEACH LENGTH: Short : 40 lines
Hall Auto World, a megadealer based in Virginia Beach, has bought a local Nissan dealership and franchise for an undisclosed price.
With the purchase of Rowe Nissan, located off Bonney Road in Virginia Beach, Hall Auto now operates 15 dealerships and 17 franchises in Virginia and North Carolina. The company also expects its annual sales to grow to $260 million in 1996.
``We believe in Hampton Roads as a viable economic marketplace,'' said Kevin McHugh, Hall Auto's president. ``Also, this expansion allows us to take further advantage of the economies of scale we have as a megadealer.''
The agreement closed earlier this week, and the dealership will be renamed Hall Nissan. As part of the deal, all 65 employees at Rowe Nissan will retain their jobs. Hall Auto also plans to hire more workers.
William Rowe, former owner of Rowe Nissan, said he didn't intend to sell his local franchise. But, he said, the deal with Hall Auto was too good to pass up.
``I made a business decision,'' Rowe said. ``Emotionally I kind of regret it. . . . We love the area.''
Rowe has owned the franchise, which has about $30 million in annual sales, for about three years. Before that, the franchise was known as Liberty Nissan.
Rowe now intends to move to Florida and expand his automobile business there. He owns two dealerships: one in Jacksonville, Fla., and another in Rocky Mount, N.C.
In 1995, Hall Auto was ranked as the nation's 92nd largest megadealer by Dealer Business Magazine. The ranking was based on Hall's 1994 sales of $202 million. The dealer had $220 million in sales last year. by CNB