Murgado Automotive Group has expanded its automotive portfolio with the acquisition of Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian. These dealerships, prominent in the greater Richmond, Virginia area, were purchased from Rod McGeorge, marking a significant shift in dealership ownership within the region. This announcement follows the recent sale of McGeorge Toyota, signaling a major restructuring within the McGeorge family’s automotive interests. Haig Partners LLC acted as the exclusive sell-side advisor, facilitating this significant transaction.
For over six decades, the McGeorge family dealerships have been a cornerstone of the Richmond automotive scene. Their journey began with The David R. McGeorge Car Company, a used car dealership, before they acquired Mercedes-Benz of Richmond back in 1955. Expanding their footprint, McGeorge Toyota was added in 1968, and later, in 2003, the family was awarded Mercedes-Benz of Midlothian. Under the leadership of Rod McGeorge, the McGeorge group of dealerships grew into a substantial operation, employing over 300 individuals and becoming a respected name in the Virginia automotive market.
Reflecting on the transition, Rod McGeorge, the former owner, shared his sentiments, “My grandfather initiated our family’s venture into franchised auto retail with Mercedes-Benz of Richmond, driven by a vision for growth. My father continued this legacy, and as I now step away, I am filled with immense pride in what we have collectively achieved over these many decades. I am eager to dedicate time to enjoying the rewards of our hard work and commitment. It has been an incredible journey, and I am enthusiastic to witness Murgado Automotive Group carry forward the tradition of excellence we’ve established.”
Kevin Nill, Managing Director of Haig Partners and advisor to McGeorge, highlighted the desirability of the Mercedes-Benz franchise and the Richmond, VA market. “Similar to Toyota, Mercedes-Benz is a highly sought-after franchise. Coupled with the appeal of Richmond, VA, these dealerships attracted strong interest from numerous leading buyers.”
Nill further elaborated on the role of Haig Partners in such transactions: “It is a privilege to advise clients and assist them in maximizing the value of their life’s work. The sale of automotive dealerships extends beyond mere financial figures. It involves cultivating robust buyer relationships and possessing a comprehensive understanding of the intricate OEM requirements and approval processes.”
Mario Murgado, CEO of Murgado Automotive Group, expressed his enthusiasm for the acquisition, stating, “Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian have consistently demonstrated top-tier performance in Central Virginia for many years. I extend my gratitude to the McGeorge family for collaborating with us on this opportunity and to Mercedes-Benz for entrusting our company to build upon the strong foundation of these dealerships and one of the most iconic brands globally.” This acquisition positions Murgado Automotive Group to further solidify its presence in the luxury automotive market, particularly in the strategic Richmond, VA region.
