FLORENCE — There’s a new kid in town.
ZT Automotive has officially entered the Alabama market following its acquisition of four dealerships in the Shoals from Florida-based Greenway Automotive group.
The acquisition of Greenway of the Shoals includes the Toyota, Honda, Nissan and Chrysler Dodge Jeep Ram FIAT dealerships. Greenway of the Shoals sold its Hyundai dealership to Joe Marshall last month.
The dealerships are expected to generate more than $195 million in annual revenue, according to a news release.
“ZT Automotive’s growth aligns with our strategic vision to expand our presence across the Southeast and diligently build a portfolio in areas where we’re poised for success,” said Taseer Badar, chairman and CEO of ZT Corporate and ZT Automotive. “Our commitment to delivering top-notch service and optimizing operational efficiency has consistently driven revenue growth and enhanced profitability throughout our automotive business.
“We’re honored to establish new partnerships with esteemed brands like Honda and Nissan, all while maintaining our growth trajectory alongside trusted names such as Toyota and Chrysler Dodge Jeep Ram FIAT.”
The dealerships, three in Florence and one in Tuscumbia, will rebrand to Singing River Toyota, Singing River Honda, Singing River Nissan, and Singing River Chrysler Dodge Jeep Ram FIAT. The naming pays homage to the region’s rich musical and recording studio legacy.
“This acquisition emphasizes our commitment to creating value for our customers, investors and talented team,” said Sheheryar Shah, chief investment officer of ZT Corporate. “We plan to continue acquiring top-quartile and cash-flowing dealerships where we can leverage our operating strength to enhance business operations and profitability.
“Our automotive portfolio continues to deliver strong returns, and we are confident that the Alabama acquisition will yield similar results.”
Greenway Automotive still owns more than 30 other dealerships, primarily in Florida, Texas and the Southeast. Greenway is not selling any other dealerships. The company said it is divesting these dealerships to reallocate capital to acquire dealerships in larger markets.
“We have enjoyed serving customers in the Muscle Shoals area for many years. I wish the new owners much success. And I would like to thank Alan Haig and Pete Thiel from Haig Partners for their advice and assistance,” said Carl Atkinson, the dealer principal of Greenway Automotive Group. “I have been around the purchase and sale of a lot of dealerships in my career, but I still wanted a leading team to help me find the best buyer for these divestitures and guide a complex transaction to a successful closing.”
With the purchase of these four dealerships, ZT Automotive now owns 13 dealerships in Alabama, Florida, Georgia and Texas.
“We are excited to establish a presence in Alabama and to have the opportunity to represent Honda, Nissan, Chrysler Dodge Jeep Ram FIAT and Toyota in this market,” Badar said. “Our robust automotive portfolio is a core part of our future, and we look forward to bringing the ZT experience to customers in the region.”
Don’t miss out! Subscribe to our email newsletter to have all our smart stories delivered to your inbox.
