Photo by David Alvey - Left to right: Park Place Dealerships President Neil Grossman; Grapevine Mayor William D. Tate; Park Place Dealerships Chairman Ken Schnitzer; Park Place Porsche Grapevine General Manager Terry Powell
The founder of Park Place Dealership will retain ownership after Asbury Automotive Group announced today that it has canceled its plans to purchase the name and several brand properties. Ken Schnitzer and Asbury Automotive Group were supposed to finalize the sale of Park Place Dealerships at the end of March.
“We will continue to do what we have done best for the past 33 years,” Schnitzer says via press release. “Now more than ever, we remain committed to creating exceptional experiences for our clients, relying on the talent within our organization and, most importantly, keeping everyone safe.”
According to a press release the deal, announced last December, included the Park Place brand and the following dealerships: Mercedes-Benz stores in Dallas, Fort Worth and Arlington, Lexus Plano and Lexus Grapevine, Jaguar Land Rover DFW, Jaguar Land Rover North Austin, Porsche Dallas, Volvo, Bentley Dallas, Rolls-Royce Motor Cars Dallas, McLaren Dallas and Maserati Dallas. Park Place BodyWerks in Dallas was also slated to be included in the sale.
For more information about Park Place, visit its website.