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Krause Automotive Group Expands Its Florida Footprint
Krause Automotive Group, based in Alpharetta, Georgia, has made a significant move into the South Florida market by acquiring two Nissan dealerships for $31 million. This acquisition includes locations in Riviera Beach and Greenacres, with the Riviera Beach site costing $13 million and the Greenacres dealership at $17.5 million. The transactions were financed with a $13.3 million mortgage from Bank of America for the Riviera Beach location, marking an expansion strategy that highlights the growing automotive market in Florida.
Why Florida's Automotive Market is Thriving
Florida's automotive sales have been on the rise, stimulating unprecedented competition. The state's favorable demographic and economic conditions attract automotive investors and operators like Krause Automotive Group. In recent weeks, it was reported that Champion Porsche secured a $52 million loan to build a new showroom, further testifying to the vigorous activity in the market. Local competition is intensifying, setting the stage for more investments and possibly lower prices for consumers.
The Force Behind the Expansion: Vernon Krause
Vernon Krause, the CEO of Krause Automotive, is not just a businessman but also a local figure who is deeply connected to the Florida community. His roots trace back to Fort Myers, where he attended Bishop Verot High School. This expansion is a homecoming of sorts, as he has expressed a desire to return to support the automotive industry in his homeland. His strategy includes a customer-centric approach, aiming to bring back excellence and innovation to the neighborhoods.
Real Estate Trends in Automotive Acquisition
The recent acquisitions reflect ongoing real estate trends, particularly in the automotive sector. These dealerships' dual sales are noteworthy, as they were previously owned by billionaire auto magnate Terry Taylor, who sold the Riviera Beach site at a slight discount from its earlier purchase price in 2015. Such fluctuations indicate not only an active market but also possible signs of economic recovery and growth within the industry.
What This Means for Local Residents
For Florida homeowners and potential car buyers, this expansion can bring more competitive pricing, better service options, and improved automotive products. As new players like Krause Automotive invest in the local market, residents will see more choices around them, from mainstream vehicles to luxury options—all while supporting a growing local economy.
As car dealers continue to capitalize on the booming automotive market in Florida, local dealerships are poised to enhance locals' dealership options. If you are interested in learning more about what these expansions mean for you, keep an eye out for new openings and offers at your local dealerships.
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