Powersports Listings Mergers & Acquisitions has revealed the latest buy/sell transaction at the dealership level, with the former owner stepping aside after 17 years at the helm.
Mark Magarian, along with the existing Wild West Harley-Davidson general manager Michael Keeton, have acquired the assets of Wild West Harley-Davidson of Lubbock, Texas.
The Lubbock Harley-Davidson dealership has roots back to the 1950s and has been at its 58th Street address since 1988. Selling owner Larry Hay (a prominent West Texas entrepreneur, investor, and former Mack Truck dealer) acquired the dealership in 2005 and implemented an aggressive expansion, doubling the size of the facility to over 32,000 square feet. He also constructed a massive 1.25-acre, all-concrete Rider Academy lot.
Hay's decision to retire from the Harley-Davidson dealership operation was not a quick decision, as in fact he has been in communications with the Powersports Listings Mergers & Acquisitions (PLMA) team since 2014.
"Selling my dealership was a tough decision, but the Powersports Listings team brought me a deal that made sense and ensures that my employees will be well taken care of,” Hay said.
PLMA began working with a San Antonio-based entrepreneur Magarian, who possessed a keen interest in acquiring a Harley-Davidson dealership and the match was made for the Lubbock location. Magarian and his wife, Heather, own and operate one of the most successful pre-schools in Austin.
"My core values are honesty and integrity, taking pride, working hard and being the best, which translates to any business and is tantamount to the Harley-Davidson brand,” Mark said.
Mark made the decision early on to partner with the existing general manager Michael Keeton for the acquisition of Wild West Harley-Davidson. Keeton has been with the dealership since 1993 and was the active GM when Hay purchased the dealership back in 2005 and changed the name from Graves H-D to Wild West H-D. Twenty-nine years later, ownership is a reality for Michael Keeton.
Jerry Szopinski, PLMA's President of Sales & Networking, managed the introductions and initial deal discussions.
"Larry Hay is a friend first as we have been in conversations for many years and I am overjoyed that the timing worked out to do this win-win deal with Mark Magarian,” Szopinski said.
Powersports Listings Mergers & Acquisitions (PLMA), the professional powersports industry dealership brokerage centrally located in Dallas, Texas, managed the transaction as the Seller's representative with team members:
Tom Macatee, CEO; David Clay, CIO; Jerry Szopinski, President of Sales & Networking; Mike Pate, Vice President; and Jaye Sanders, Managing Director.