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Eight-location dealership group sold to private holding company

The buy/sell transaction space has taken on a new look to end the month as Powersports Business has learned that the largest deal of 2022 has been finalized by Calculated Risk Motorcycle Group.

Adam Smith has sold his six Calculated Risk Harley-Davidson locations – including the largest Harley-Davidson dealership in Texas and two Lucky Penny Cycles locations – to Michigan-based Navigant Oak, LLC, a private holding company.

Adam Smith

The sale allows Smith to retain 20% ownership of all dealerships as well as a seat on the board of directors. The sale closed May 16. The sale to Navigant Oak represents one of the first dealership acquisitions by a financial buyer in the Harley-Davidson arena. The parent company has typically prevented family offices and private equity investors from acquiring dealership franchises. Recently Harley-Davidson has relaxed ownership restrictions to facilitate growth.

The Calculated Risk dealerships purchased include Smith’s flagship Texas Harley-Davidson in Bedford, Texoma Harley-Davidson in Sherman, Lumberjack Harley-Davidson in Nacogdoches, Roughneck Harley-Davidson in Longview, H-D Waco and Texarkana Harley-Davidson. It also includes Lucky Penny Cycles in Bedford and Houston, which specialize in pre-owned motorcycles. The new holding company for all stores will operate as Navigant Motor Group.

Smith, 48, opened his first Harley-Davidson dealership in Grand Prairie, Texas, in 1996, making him the youngest person to own and operate a Harley-Davidson dealership at the age of 22. Smith learned to ride a motorcycle before he learned to ride a bicycle. He has ridden over a quarter of a million miles across the U.S., including scenic rides through Alaska, Sturgis and Daytona.

In 2017, Smith opened Texas’ largest Harley-Davidson dealership. Texas Harley-Davidson is 72,000 square feet, sits on six acres and has two showrooms. Like all of the Calculated Risk dealerships, it has a full calendar of social events, riding classes and group rides for its customers.

Smith served as the 2018 Harley-Davidson Dealer Advisory Council president, representing the approximately 675 Harley-Davidson dealers across the nation. His dealerships have also earned multiple coveted Bar & Shield awards from Harley-Davidson.

Navigant Oak (NavOak) is a private holding company for a southeast Michigan family’s portfolio of businesses and investments. They are a family company that specializes in working with owners who are exiting companies while working to maintain the longevity and commitment to the business that the owner originally created. Navigant Oak currently has holdings in several industries including aerospace, HVAC, real estate, transportation, retail, industrial equipment, power generation, business services and automotive supply.

NavOak team members enjoyed success owning Cummins Bridgeway LLC, an exclusive distributor for Cummins, Inc. Experience in this space aligns with the objectives and future success of the company. Further, the Navigant Oak team has a demonstrated reputation of working synergistically with a solid and admired parent company. This will continue with Harley-Davidson.

“Navigant Oak was the best cultural fit for Calculated Risk and I appreciate that they are a family company,” said Smith. “I’ve been in this business 31 years – that’s a lot of friends and motorcycles and rides. I started with one 6,000-square-foot store with six team members and grew to eight locations with more than $100 million in annual revenue. I accomplished what I set out to accomplish in this industry. This is the right partner and the right time for me to find out what might be next in life for me and to take a back seat for once.” 

The existing dealer leadership team will remain and continue to be a driving force for the company. NavOak’s leadership will include managing partners Ethan Allen and Aaron Cozart under the guidance of the company’s Principal Greg Boll.

“Navigant Oak is excited to partner with Adam Smith and the incredibly talented team he assembled at each dealership location. To propagate the legacy of the iconic Harley-Davidson brand is a thrill for our team,” said Allen.


“Harley-Davidson is an iconic American brand with a promising future. As technology and customer desires evolve, the Navigant Motor Group intends to embrace and capitalize on H-D’s roots along with new ingenuity to create significant growth opportunities for all stakeholders – the dealer, the manufacturer and especially the customer,” added Cozart.

Dialing it back to the 2018 archives below. Congrats to Adam and best wishes for more success in the future.

2022 Dealership Transactions as provided to Powersports Business

January 2022

Addicted Powersports – Buys Cycle City Wyoming (WY)

MOMS – Buys Enfield Motorsports (CT) and Valley Motorsports (MA)

Hot Metal Harley-Davidson closes (PA)

Indian Motorcycle St. Paul – Buys Bison Thunder Motorcycle (MN)

Zia Powersports – Adds Lone Star Powersports (TX)

Storm Lake Honda – Buys Schuelke Powersports (IA)

RumbleOn – Buys RideNow Beach Boulevard (FL)

February 2022

Ken and Joe’s Powersports acquired (CA)

Four Corners Harley-Davidson and Four Corners Powersports acquired (CO)

March 2022

Rocky Mountain Harley-Davidson closes (CO)

Pocono Mountain Harley-Davidson acquired (PA)

Shelton’s Harley-Davidson acquired; second location closes (NC)

Doc’s Harley-Davidson sold (MO)

April 2022

Big Island Harley-Davidson closes (HI)

Open Road Harley-Davidson sold (WI)

I-5 Sports sold (OR)

May 2022

Big Rock Powersports & Marine of Elizabeth City acquires Askew’s Cycles (NC)

Big O Powersports LLC acquires Texas Yamaha Inc. (locations Webster and Texas City), Texas Powersports of Pasadena (TX)

Power Lodge acquires Miller Marine (MN)

Powersports Business, magazine, dealership, brick and mortar,

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