Connecticut Harley dealer lists for nearly $20 million

The CT Insider reports that, according to a recent LoopNet listing, Harley-Davidson of Danbury is asking $19.5 million for the dealership. The listing includes the property on Federal Road, two dealership businesses and inventory, and an adjoining property.

Al and Carl Lucchino bought the dealership in 1994 when it was located in Brewster, New York, paying $900,000 for the business, according to the article and court documents filed in 1998 and published online.

After purchasing the Brewster dealership, the Lucchinos moved to a larger location in 2003 in Danbury, with nearly 28,000 square feet of space. The LoopNet listing includes Fairfield Powersports, which sells CFMoto models.

While Harley has been sliding in new unit sales recently, the company says that higher interest rates have put a damper on sales so far this year. However, it remains optimistic about the future and sees that demand and market share are strong indicators of the brand’s strength.

Lucchino is also optimistic about the future of the brand, as he told Ride-CT.com in 2020 to commemorate the store’s 25th anniversary: “Any businessman is going to be concerned about the future. The motorcycle business is cyclical. I absolutely believe Harley-Davidson will move up and move to a new high.”

We’ve seen that the sales environment for acquisitions remains strong as some dealers are looking for an exit after the pandemic and riding the highs of that period.

The article ends with highlights from an earnings call with Harley’s CFO Jonathan Root:

“If we look at dealers today — certainly from a Harley-Davidson perspective — there’s enthusiasm for what’s out there, and I think recognition that customers are showing up, taking a look at our new Street Glide and Road Glide motorcycles and then obviously the other 2024 model years. The one concern that probably is worth being open and honest about is, that in an environment where interest rates have moved up a little bit that certainly has an impact on dealers and dealer health. So from our perspective, we do pay a lot of attention to kind of the position that our dealers are in.”

Harley-Davidson CFO Jonathan Root

For more, check out the story on CT Insider’s website.