Park Place to Sell Most Dealerships
Dec. 13, 2019—Ken Schnitzer, the founder and chairman of Park Place Dealerships, is selling off most of his luxury dealerships in a $1 billion cash deal, according to The Dallas Morning News.
Asbury Automotive Group is buying 14 dealerships from Park Place.
The deal includes two Park Place BodyWerks body shops in Dallas and Fort Worth. Schnitzer is keeping two dealerships — Mercedes-Benz and Porsche in Grapevine — and a body shop in Grapevine.
The Dallas automotive entrepreneur began building his luxury dealership empire in 1987 with a single Mercedes-Benz location on Oak Lawn Avenue. Park Place Dealerships became the first auto dealer to win the presidential Malcolm Baldrige National Quality Award in the small business category in 2005.