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
A deal to sell Park Place Dealership 14 locations to Asbury Automotive Group is back on after being canceled in March due to COVID-19, according to a press release.
Set to be finalized on August 31, the deal will include Mercedes-Benz and Sprinter stores in Dallas, Fort Worth and Arlington, Lexus Plano and Lexus Grapevine, Jaguar Land Rover DFW, Porsche Dallas and Volvo Dallas. Park Place BodyWerks in Dallas and Fort Worth, Park Place Auto Auction and the Park Place brand are also included in the sale, according to a press release.
“In the last four months, our team has worked hard to overcome numerous challenges,” says Ken Schnitzer, the founder and chairman of Park Place Dealerships, via press release. “We were able to adapt and serve our clients at the highest level, even in the most difficult circumstances. As the market continues to rebound, Asbury Automotive re-engaged with an offer to purchase Park Place. As I said last December when we first announced the sale of Park Place, it is time for me to take a step back and enjoy my family and friends.”
As part of the deal, Schnitzer will keep his ownership of Mercedes-Benz in Grapevine, Sprinter and Porsche Grapevine, Bentley Dallas, Rolls-Royce Motor Cars Dallas, McLaren Dallas, Maserati Dallas, Koenigsegg, Aston Martin Dallas, in addition to the body shop in Grapevine and the Select subscription service, according to a press release.