Myers Auto Group of West Palm Beach, Fla. has acquired Mastro Subaru of Tampa, Fla. and Mastro Subaru of Orlando in Sanford, Fla.
New car dealership broker George Chaconas of Performance Brokerage Services announced the sale, and Performance said Mastro Subaru is known as “Florida’s original Subaru retailer.”
Family-owned-and-operated Mastro Subaru has served the Tampa Bay and Orlando area for more than 50 years.
The dealerships will remain at their current locations under their new names of Subaru South Tampa and Subaru North Orlando.
Stephen Mastro of Mastro Subaru said his dealership had been considering selling “if the number was right.”
“More important was finding the right partner to continue our legacy and allow us to stay on to transition our family business of 50 years,” Mastro said in a news release. “We had been approached to sell by several large Florida and out-of-state auto dealership groups and public companies.”
He said Chaconas of Performance Brokerage Services “brought us exactly what we had asked from him and what we were looking for in a buyer.”
Myers Auto Group’s current dealership holdings include Aston Martin Palm Beach, Jaguar Palm Beach, Land Rover Palm Beach, McLaren Palm Beach, Kia Delray Beach and its newest additions, Subaru South Tampa and Subaru North Orlando.
“After successfully acquiring a dealership last year with the help of George Chaconas, we engaged him to identify other potential opportunities,” said Stephen Myers Jr. of Myers Auto group. “Shortly thereafter, he introduced us to Mastro Subaru of Tampa and Orlando.”
Chaconas of Performance Brokerage Services said Myers Auto Group hired him to help identify additional acquisition opportunities in Florida after helping Myers acquire Grieco Kia of Delray Beach last year. “The opportunity to acquire the Mastro Subaru stores seemed like a natural fit and an excellent opportunity to grow the Myers Auto Group platform,” Chaconas said.
Performance Brokerage Services also provided additional information about Mastro Subaru, noting that Peter Mastro Sr. saw the vision for small cars after owning a small Volkswagen repair shop that was located next to the Tampa Subaru location. Since that time, Peter Jr. and Stephen Mastro continued their father’s legacy, keeping involved with their community. The company employs more than 100 people and supports causes such as Southeastern Guide Dogs.