Performance Brokerage Services announced October 29 that Willis Automotive's 11 Iowa locations had been sold to Collin Sewell and Jason Willis as Rich Willis retires.
The adviser said Jason Willis will become chief executive. He joined the dealership group's executive leadership in 2013 and became dealer principal in 2019.
The transaction includes Lexus, Volvo Cars, Land Rover, Cadillac, Infiniti and Mini franchises in Des Moines, Chevrolet in Granger and Nissan in Urbandale. Two pre-owned dealerships in Waukee and Urbandale and a Jaguar authorized service location in Des Moines are also included.
Willis Automotive will keep its established name and remain independent from the Sewell Family of Companies, according to the announcement. Dealerships will continue operating at their current locations under their existing names.
The business traces its roots to a Des Moines dealership founded in 1947. Performance Brokerage Services served as exclusive sell-side adviser. The announcement did not disclose a purchase price or specify the closing date.
Sources: Performance Brokerage Services October 29 announcement: https://www.prnewswire.com/news-releases/performance-brokerage-services-advises-on-the-sale-of-willis-automotive-with-11-locations-in-iowa-from-rich-willis-and-willis-automotive-to-collin-sewell-and-jason-willis-302924357.html