King Auto Group acquires Hajek Chevrolet
King Auto Group's purchase of Hajek Chevrolet closed earlier this month, King Auto Group owner and managing partner Rex King said. King is relocating its Buick and GMC franchise at 1800 Industrial Circle to Hajek's location on Vista View Drive and will rebrand the new dealership as King Chevrolet Buick GMC.
The acquisition is a big deal for King, which entered the Longmont market in 2005. The new operation will have about 65 employees.
"The way we're looking at it, we're doubling our business," King said.
King declined to reveal what he paid for the franchise and the Vista View property, citing a confidentiality agreement.
The dealers signed an agreement in April, but it took several months to get all the approvals from General Motors Co., King said.
The group has considered an acquisition for some time. The move was spurred in part by GM's corporate push to improve the quality of its dealerships and require improvements to lots and showrooms.
"It's been something we've thought about and discussed for a long time," King said. "We thought that rather than spend the money on that, we'd ask them if we could work something out with Hajek."
King also owns a GM dealership in Loveland, which he acquired in 1998. Hajek Chevrolet opened in Longmont in 1951.
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