SALT LAKE CITY, April 16, 2018 /PRNewswire/ -- Ken Garff is buying out New York-based Leucadia National Corp. from its Garcadia dealership partnership.
Ken Garff and Leucadia partnered in 2006 to form Garcadia, which has since acquired and operates 28 dealerships in Texas, Michigan, Iowa and California. In addition to being part-owner of Garcadia, Ken Garff has managed the Garcadia business in conjunction with its Utah based dealerships, which are 100% owned by the Ken Garff family.
"We've had a strong relationship with Leucadia for years and are excited about the opportunity this allows both companies," said Brett Hopkins, CEO of Ken Garff Automotive. "The move allows Ken Garff to continue to focus on our core automotive business and allows Leucadia to move forward and focus more on their core business of financial services and global investment banking."
Nothing in the Ken Garff strategy, staffing, operations or culture will change as a result of this purchase.
"As an 86-year-old family company, we see this as a great sign of strength at our foundation," said John Garff, CEO of Ken Garff Enterprises. "We are proud of the company we've become and the opportunity this provides for the future."
Terms of the deal were ratified by Leucadia's board and Ken Garff's board in early April 2018 and the transaction is expected to close in the 3rd quarter of 2018.
About Ken Garff Enterprises
Ken Garff founded his automotive business in downtown Salt Lake in the year 1932 upon principles of honesty, integrity and personalized customer service. Ken was extremely community oriented and best known for his personal dealings with customers.
Ken's legacy lives on, as the Ken Garff Automotive Group has over 50 stores throughout Utah, Texas, Iowa, Michigan, Nevada and California. The brand slogan, "We Hear You," shows the Ken Garff Automotive Group's commitment to giving each customer an exceptional experience.
Matt Jensen – VP of Marketing, Ken Garff
SOURCE Ken Garff Enterprises