MD Johnson Inc Advises David Broadus on the Sale of Michael's Toyota Subaru and Magic Toyota
SEATTLE, July 1, 2021 /PRNewswire/ -- MD Johnson, Inc. announces the completion of the sale of Michaels Toyota Subaru and Magic Toyota. Michaels was purchased by Lithia and Magic was purchased by Jeff Swickard. The dealerships had pre covid new and preowned unit sales of 13,221 and total sales of 500 hundred million dollars. No sales price was disclosed.
The Broadus family has a lengthy track record of success in the automobile business, especially with Toyota. The Broadus family has owned and operated Michael's Toyota for over 44 years. David Broadus, President, and owner of Michael's Toyota took over management from his father, Bruce Broadus. David then opened Magic Toyota in Edmonds, Washington, north of the Seattle metro, in 1997 and added Michaels Subaru of Bellevue Washington to the Toyota site, in 2017. Magic and Michaels are consistently award-winning dealerships for retail sales as well as customer satisfaction.
Erik Paulson and Peter Chung, operating partners with Broadus, will continue to run Michaels and Magic, respectively, day to day. Magic will be rebranded as Swickard Toyota, Lithia will continue to operate as Michaels, an iconic name in the market. Swickard will be opening a Porsche dealership and BMW dealership within 2 miles of the rebranded Swickard Toyota in Edmonds, WA. Lithia will be building a new state of the art Subaru dealership on the Michaels site in the near future.
Mark Johnson and Mark Topping of MD Johnson, Inc. managed the transaction on behalf of Broadus. Cliff Spencer Esq. of Lane Powell provided legal services to Broadus in the transaction. In the past 7 years, MD Johnson, Inc has worked with Jeff Swickard on numerous projects and has sold Swickard several dealerships including Mercedes Benz of Wilsonville (Oregon), Jaguar Land Rover in downtown San Francisco as well as Land Rover of Redwood City in the Bay Area. The company also sold Swickard Mercedes Benz of Seattle and the Lexus Dealership in Fremont California as well as Audi of Oakland. MD Johnson Inc also advised Roger Jobs on the sale of Roger Jobs Porsche Audi VW to Swickard, in Bellingham WA. Mark Topping and Mark Johnson also have a lengthy relationship with Broadus and Paulson, advising on their acquisitions and sales over the past decade.
Mark Johnson and MD Johnson Inc have worked with Lithia on numerous transactions, most recently representing Tim Ciasulli, earlier this year in the sale of one of the largest Honda dealerships in the US, Planet Honda, located in New Jersey.
MD Johnson, Inc. for the past 20 years, has provided automotive dealers with buy sell, strategic planning, and financial advisory services. The firm advises dealers, both public and private on the purchase, sale, analysis, succession and valuation of automobile dealerships as well as dealership real estate through their wholly owned real estate entity, MDJ Realty Inc. The firm represents clients nationwide supporting their buy sell activities and has advised on several Billion dollars in transactions. The firm has also worked extensively as the advisor to court appointed receivers.
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SOURCE MD Johnson Inc.
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