All three business partners in the ownership group died within five months of each other in 2022 leading to the sale of their dealerships
Kingsport, Tenn.—Pinnacle Mergers & Acquisitions, an auto dealership brokerage firm, has facilitated the sale of four dealerships in Kingsport, Tenn. Pinnacle represented the estates of John King and Sam Anderson in the sale of Fairway Ford, Fairway Volkswagen, Courtesy Subaru, and Courtesy Chevrolet Buick GMC.
King and Anderson were longtime partners with Bill Gatton. All three partners passed away within five months in 2022.
“We are all truly unaware of our future in this world, and we were dealt with the ‘perfect storm’ last year with the passing of our father and his partners,” said seller Sarah King Nelms. “When we decided to sell each dealership, we could not have been more blessed with the introduction of Mike Sims at Pinnacle and Brian Nolen of Nolen PLLC to help us through this process.”
The Courtesy Chevy Buick GMC dealership, now Champion Chevy Buick GMC, was purchased by Andy Dietrich and Tim Copenhaver. Dietrich is Sam Anderson’s grandson; he and Copenhaver used to work at the dealership.
Now called Wallace Ford and Wallace Volkswagen of Kingsport, the former Fairway Ford and Fairway Volkswagen were purchased by Wallace Automotive, owned by the Baker family.
TC Baker of Wallace Automotive said, “Wallace Automotive is excited about our acquisition of Ford and VW in Kingsport. Opportunities to grow close to home don’t come often. Mike and the sellers, Sarah Nelms and her brother John King, were great to work with through the entire process and made the transition as easy as possible for all parties.”
The parties worked with Subaru to close the sale in Kingsport.