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Cycle Springs Powersports sold to automotive group

Cycle Springs Powersports has been servicing the Tampa Bay area for over 30 years and is the world’s largest Yamaha dealership. Owners Noel Hughes and Marty Skapik started their business out of a garage off the Dunedin Causeway in 1989, and eventually purchased Cycle Springs Powersports in 2001.

Recently, Dimmit Automotive Group acquired the dealership, advised by Performance Brokerage Services. Dimmit Automotive Group is a family-owned dealership group that has operated for 99 years across four generations. The group started when Lawrence Dimmit, Sr. purchased a Ford dealership in Clearwater in 1924. As the town grew, so did the business, and Lawrence expanded his portfolio to include other brands including LeSalle, Lincoln, Chevrolet, and Cadillac.

In 1952, Lawrence Dimmit, Jr. took over the business from his father, and eventually passed it on to his son, Richard Roth Dimmit. The group expanded their offerings to include several luxury brands in the 1990s and early 2000s. Richard Dimmit’s sons have since joined the family business, becoming the fourth generation to continue the family legacy.

Dimmit Automotive Group currently operates 13 dealerships across the Florida Gulf Coast. The acquisition of Cycle Springs Powersports marks the family’s first venture into the powersports market, and the group looks forward to continued growth.

Performance Brokerage Services Harley-Davidson & Powersports Division, managed by George C. Chaconas, senior partner, represented the buyer in this transaction. Following the sale, Chaconas commented, “I am so happy to have helped Dimmit Automotive Group acquire Cycle Springs of Clearwater, their first multi-line powersports dealership. I am grateful to have had the opportunity to guide them through evaluation, the intricacies of structuring the deal, understanding how to value a very large parts inventory and working with the OEMs to help facilitate this transaction. It brought me great joy to help the Dimmit family grow their portfolio and help make their dream of owning a powersports dealership come true. I wish them all the best and look forward to helping them grow in the future.”

Scott Larguier, CEO of Dimmit Automotive Group commented, “Dimmitt Automotive Group was presented with an opportunity to acquire Cycle Springs Powersports, which is located in our backyard in Clearwater, Florida. We reached out to industry expert George Chaconas of Performance Brokerage Services. I knew George was the guy to hire as our consultant to help us navigate unknown waters with our first powersports dealership acquisition. He and his team did a great job. I have known George personally and professionally for over 25 years. We sincerely appreciate George and his team’s professionalism, industry experience, knowledge and relationships with the OEMs that helped us finally get to a closing. When you are considering buying or selling a powersports or automotive dealership, I would most highly recommend George Chaconas of Performance Brokerage Services.”

The dealership will remain at its current location at 29703 US Highway 19 North in Clearwater, Florida and will be renamed Cycle Springs Powersports, part of the Dimmit Automotive Group.

Dimmit Automotive Group was represented by Robert Bass, Logan Parker, and Greg May of Bass Sox Mercer in Tallahassee, Florida.

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