Murgado Automotive Group has broadened its reach in the luxury automotive market with the acquisition of Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian. These dealerships, formerly owned by Rod McGeorge, are located in the thriving greater Richmond, Virginia area. This significant acquisition follows the recent sale of McGeorge Toyota, marking a strategic shift in the McGeorge family’s automotive holdings. Haig Partners LLC played a crucial role in this transaction, acting as the exclusive sell-side advisor.
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 portfolio, McGeorge Toyota was added in 1968, and Mercedes-Benz of Midlothian joined the group in 2003. Under Rod McGeorge’s leadership, the McGeorge dealerships grew significantly, employing over 300 individuals and becoming a respected name in the community, particularly for those seeking a Mercedes-Benz of Richmond VA.
Reflecting on the legacy, former owner Rod McGeorge stated, “My grandfather initiated our venture into the franchised auto retail business with Mercedes-Benz of Richmond, driven by a vision for growth. My father continued this legacy, and as I transition, I am filled with immense pride in our accomplishments over the years. I am eager to enjoy the rewards of our hard work and dedication. It has been an extraordinary journey, and I am excited to see Murgado Automotive Group carry forward the tradition of excellence we have established.” This transition marks a new chapter for Mercedes-Benz of Richmond VA, while honoring its established reputation.
Kevin Nill, Managing Director of Haig Partners and advisor to McGeorge, highlighted the desirability of the Mercedes-Benz franchise and the Richmond, VA market, noting, “Similar to Toyota, Mercedes-Benz is a highly sought-after franchise. Coupled with the appeal of Richmond, VA, these dealerships attracted considerable interest from numerous leading buyers.” The acquisition underscores the strong market presence of Mercedes-Benz of Richmond VA and its attractiveness to major automotive groups.
Nill further elaborated on the advisory role, “Advising clients and helping them maximize the value of their life’s work is a privilege. In the context of selling automotive dealerships, it extends beyond mere financial figures. It involves cultivating robust buyer relationships and possessing a comprehensive understanding of the complex OEM requirements and approval processes.” This meticulous approach ensured a smooth transition for Mercedes-Benz of Richmond VA.
Mario Murgado, CEO of Murgado Automotive Group, expressed his enthusiasm for the acquisition, “Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian have consistently been top performers in Central Virginia for decades. We are grateful to the McGeorge family for this opportunity and to Mercedes-Benz for entrusting our company to build upon the dealerships’ legacy and represent one of the most prestigious brands globally.” Murgado Automotive Group is poised to continue the success story of Mercedes-Benz of Richmond VA, ensuring exceptional service and a premier luxury experience for customers in the Richmond area.
