Automotive group acquires North Carolina dealerships
North Carolina’s Motorcycles of Charlotte and Motorcycles of Greensboro have been sold from Mark and Gail Engel to Sonic Automotive.
Sonic Automotive, a publicly traded Fortune 500 company headquartered in Charlotte, North Carolina, (NYSE stock symbol: SAH), is ranked #6 on the 2024 Automotive News Top 150 Dealership Groups based on 2023 new vehicle retail sales units. The company has recently expanded into the powersports market by establishing the Sonic Powersports division. This move was marked by the acquisition of 13 dealerships across South Dakota and Texas, representing renowned brands like Harley-Davidson, Indian Motorcycle, Polaris, Can-Am, Kawasaki, Suzuki, BMW and Ducati. The purchase of Motorcycles of Charlotte and Motorcycles of Greensboro further strengthens their footprint in the Southeast and highlights their continued commitment to the powersports sector.
Mark Engel, president of Motorcycles of Charlotte and Motorcycles of Greensboro, began his journey to success over 20 years ago when he, his wife Gail Engel, and Tony Ryan, purchased Motorcycles of Charlotte. Originally a BMW dealership, it quickly grew into one of the Southeast’s top European motorcycle dealers, offering brands like Ducati, Triumph and Royal Enfield.
As demand increased, Engel expanded to a new 19,000-square-foot facility in 2010. In 2019, he further expanded by acquiring Motorcycles of Greensboro. Today, both dealerships are well-established in their communities and remain among the top European motorcycle dealers in the country.
“Juan Pardo and George Chaconas of Performance Brokerage Services were instrumental in helping me to find the right buyer for Motorcycles of Charlotte and Motorcycles of Greensboro,” Engel says. “George originally introduced me to Performance Brokerage Services back in 2008. At that time, I had no interest in selling, but we started a dialogue that lasted until this day. When I decided to actively look for the next owner of my stores, Juan Pardo worked with me to find the right fit for me and my staff.
“Together we talked with a number of prospects and discussed their strengths and challenges in being a successful multi-store powersports dealer,” he continues. “Juan introduced me to Sonic Automotive, who was building a powersports division to diversify their portfolio. Sonic Automotive was an ideal candidate for taking over my stores and taking care of my employees and customers for years to come. I would not have been successful in meeting with and working through the acquisition process with Sonic Automotive without the expertise and assistance of Juan and George. I recommend them highly, whether you want to purchase or sell a powersports dealership. Thank you, Juan and George, for everything.”
George C. Chaconas, Senior Partner, Juan C. Pardo, Partner, and Courtney A. Bernhard, Partner of the Harley-Davidson & Powersports Division for Performance Brokerage Services were the exclusive sell-side advisors for this transaction.
“It has been a pleasure knowing Mark, Gail and Tony over the past 15 years,” Chaconas says. “From our first meeting in 2008 at their original dealership to the successful sale of Motorcycles of Charlotte and Motorcycles of Greensboro to Sonic Automotive, it has been both an honor and a privilege to represent them—guiding them through the complexities of the buying and selling process while helping to maximize value. The transaction was a great success for both sides, and I look forward to Mark’s continued involvement in the dealerships.”
Mark and Gail Engel were represented by Logan Parker and Lee Lovett at Bass Sox Mercer in Tallahassee, Florida. Sonic Automotive was represented by LaToya Parker and Noah Ganz at Parker Poe in Charlotte, North Carolina.
Motorcycles of Charlotte will remain at its current location at 731 Westinghouse Boulevard in Charlotte, North Carolina, and Motorcycles of Greensboro will remain at its current location at 2407 Greengate Drive in Greensboro, North Carolina.
