Founder and Chairman of Park Place Dealerships Ken Schnitzer announced on Wednesday, Dec. 12 that he would sell 14 of his dealerships to Asbury Automotive Group. Schnitzer started Park Place Dealerships in 1987 with a single Mercedes-Benz dealership in Dallas. Over his 32-year tenure, Schnitzer has grown one of the largest luxury dealership groups in the country.
“The decision to sell the company that I have spent the past three decades building has not been an easy one,” Schnitzer says via press release. “But now is the time to enjoy my family and friends, as well as explore new opportunities.”
Schnitzer will maintain ownership of Mercedes-Benz and Porsche dealerships in Grapevine as well as the body shop in Grapevine.
“I will keep my hand in the automotive industry by retaining two dealerships and a body shop in Grapevine," Schnitzer says via press release. "DFW is one of the strongest markets in the country, and Texas is a great place to do business. The future is very bright for Park Place Dealerships and the industry.”
The transaction that will be finalized by March 2020 will include the Park Place brand as well as the Mercedes-Benz stores in Dallas, Fort Worth and Arlington; Lexus Plano and Lexus Grapevine; Jaguar/Land Rover DFW and an Austin location currently under construction; Porsche Dallas; Park Place Volvo; Bentley Dallas; Rolls-Royce Motor Cars Dallas; McLaren Dallas; Maserati Dallas; and Park Place BodyWerks in Dallas and Fort Worth.