The Elway Dealer Group, John Elway’s house of six automotive dealership locations in Colorado and California, has acquired its first powersports dealership, according to news from Powersports Listings Mergers & Acquisitions.
The Elway Group has acquired Northern Colorado Powersports (NOCO), a leading BMW, Triumph and BRP dealership located on I-25 in Fort Collins, Colorado.
Michael Hendry, who purchased the dealership as a BMW only operation in 2008 at a former Loveland, Colorado, location, has decided to retire after 13 years of ownership.
Hendry added the Triumph Motorcycles line in 2008 and moved the dealership to its current Fort Collins location in 2013, which provided the additional space to add the full BRP lineup of Can-Am, Sea-Doo and Ski-Doo. Hendry, together with his son, Brad Hendry, as the onsite general manager, operated NOCO with a stated mission of "building lasting relationships with our partners and employees while serving the recreational and travel community with core values of Honesty, Integrity, and Service to the Community."
In his decision to retire, Hendry, a longtime successful powersports dealership operator of multiple locations in Colorado, contacted Mike Pate, managing director of PLMA, to consider handling the sale of his dealership assets in Fort Collins. Pate accepted the assignment and successfully connected with Michael Maledon, executive VP of the Elway Dealer Group, and hammered out a deal for the purchase and sale of NOCO.
The Elway Dealer Group operates its dealerships with a roster of over 1,000 individuals who demonstrate a passion for exceeding the expectations of customers. The Elway Group sells over 18,000 vehicles and services over 100,000 vehicles each year. The buy-sell transaction closed on Monday, June 7, and the Elway Dealer Group company took over operational control the same day.
“We are unbelievably excited to welcome the Elway Dealer Group to our powersports industry,” PLMA CEO Tom Macatee said.
Powersports Listings Mergers & Acquisitions (PLMA), the professional powersports industry dealership brokerage centrally located in Dallas, managed the transaction as the seller's representative with team members:
- Tom Macatee, CEO
- David Clay, CIO
- Mike Pate, Managing Director
- Jerry Szopinski, President of Sales & Networking