IndiGO Car Team of Houston, a expanding luxurious and effectiveness dealership team that just additional 3 merchants in Northern California, is now wholly owned by Pon Holdings, a mobility and transportation conglomerate in the Netherlands.
Todd Blue, indiGO’s founder and CEO, mentioned Pon bought an 80 % stake in his then-10-store dealership group in Oct 2017 and about 3 months in the past exercised its legal rights to purchase the remaining 20 % stake.
Blue explained to Automotive Information that Pon’s leaders were being psyched by indiGO’s effectiveness due to the fact having a stake in the dealership team. Blue mentioned he is been “thrilled with their stewardship and possession and their monetary power to make it possible for us to mature.”
With the most the latest acquisition, indiGO has 18 dealerships in 7 U.S. marketplaces, mainly offering luxurious-model cars.
Pon, which distributes and retails most Volkswagen Team makes in the Netherlands, desires to extend its U.S. dealership enterprise organically and as a result of strategic acquisitions, Paul van Splunteren, senior vice president of Pon Luxurious Autos, wrote in an electronic mail to Automotive Information.
“We are extremely satisfied with our sector entrance in the U.S. luxurious and effectiveness sector,” he mentioned. “We have a excellent staff of folks and are increasing our functions, generally on the lookout for outstanding expertise to enhance our area groups. We are actively taking part in the changeover of mobility solutions and companies with our consumers and the makes we characterize.”
This thirty day period, indiGO acquired Porsche, Audi and Volkswagen dealerships in Mill Valley and San Rafael, Calif., from Peter Sonnen, who opted to retire.
“We think strongly in California, and we think strongly in the Volkswagen Team, and Porsche in unique, and we assumed this was an prospect to do what we do, [which is] progress the ball on and boost revenue and convey our society to this sector and mature it,” Blue mentioned.
Two of Sonnen’s merchants, Sonnen Volkswagen and Audi Marin, were being central to a multimillion-greenback embezzlement plan. The buy arrived just times just after the alleged embezzlement mastermind was sentenced to jail.
In January 2018, Amir Bakhtiari, common supervisor of the Volkswagen and Audi merchants from 2009 to 2016 Arlette On line casino, Sonnen Motorcars controller from 2013 to 2016 and Austin Caba, a Burlingame, Calif., resident, were being arrested for allegedly bilking additional than $six million from Sonnen Motorcars as a result of a phony promoting plot.
Bakhtiari, 51, of Newport Seaside, Calif., who in March pleaded responsible to wire fraud and submitting a phony tax return, was sentenced to 4 and a 50 % yrs in federal jail past thirty day period for embezzling $six.six million from Sonnen Motorcars in excess of 7 yrs, in accordance to the San Francisco Chronicle.
Bakhtiari, in accordance to the indictment, organized for Sonnen to shell out fraudulent invoices to phony promoting suppliers, who then gave most of the dollars back again to Bakhtiari. The Division of Justice claimed On line casino and Caba, who managed just one of the phony suppliers, conspired with Bakhtiari due to the fact at minimum 2013. Caba pleaded responsible to wire fraud and awaits sentencing, when On line casino of Santa Rosa, Calif., pleaded not responsible and that circumstance proceeds, in accordance to the Marin Impartial Journal.
Blue, who continues to be at indiGO’s helm to emphasis on progress, which include merger and acquisition options, indicated the chance for mobility partnerships amongst Pon firms and makes in the U.S.
Pon owns many bicycle firms, these types of as Santa Cruz Bicycles, in close proximity to the merchants just bought in Marin County.
“We are extremely psyched to mixture the Pon enterprises in the Bay Region and in the San Francisco sector and go on to mature and improve mobility options as mobility proceeds to merge jointly in all new approaches,” Blue mentioned.
Haig Companions, a Fort Lauderdale, Fla., purchase-provide organization, represented the vendor in the transaction.