Steve Corle, Director of the Plains Region for the Tim Lamb Group, the largest auto dealership sales and acquisitions firm in North America, has announced that they have brokered the sale of Folsom Lake Chrysler Dodge Jeep Ram (CDJR) in Folsom back to its original owners.
On April 3, the sale went through as Victory Automotive Group sold Folsom Lake CDJR back to its original owner of Fifth Wave Automotive Group from Carlos Hidalgo, President of Fifth Wave built the dealership in 2001, sold it in 2010 to York Capital who then sold the property to Victory Automotive Group, , according to a Tim Lamb Group press release
Hidalgo, is excited to have the dealership back in his family after 14 years, according to the release. The dealership, which will keep its name, Folsom Lake Chrysler Dodge Jeep Ram is located at 12545 Folsom Blvd.
“I built Folsom Lake CDJR from the ground up back in 2001. It was my first dealership, and I was sad to sell it, but the timing was right,” states Carlos Hidalgo. “When Steve Corle with the Tim Lamb Group reached out with this opportunity, I knew I had to jump on it. I have always liked the location and I know that the Bay area has become a truck market electrifying the rest of the world,” said Hidalgo. Staffing will include a mixture of current Victory Automotive employees as well as Fifth Wave employees, some of which who have been on staff since 2001.
Family-owned, Fifth Wave Automotive, currently owns Stockton Hyundai and San Leandro Chrysler Dodge Jeep Ram (Leandro, CA) where they are an excellent performer with the Chrysler Dodge Jeep Ram brands. “I was really looking for a store that would allow me to concentrate on trucks, and I believe I found it. I look forward to growing the brand even further, offering a bigger variety of vehicles, and concentrating more on trucks. This store was ranked number one in volume sales for 7 years in a row when I previously owned it, and my goal is to accomplish that again,” stated Hidalgo.
In approximately two years, Folsom Lake CDJR will undergo a series of renovations that will enlarge the 52,000 square foot space by an extra 9,000 square feet. The new space will allow for additional service stalls, and a new Jeep showroom on the property. “There are a lot of unique characteristics of the building, and I think it will be fun to play with the architecture to create an updated design that will fit all of our growing inventory,” stated Hidalgo.
“I can’t say enough about Steve Corle! His knowledge of the Chrysler brand is very impressive. Steve and I met years ago when he was working for Chrysler. When he left and started working with the Tim Lamb Group, we continued to stay in touch. He had done his research before he reached out to present me with the opportunity to purchase the Folsom Lake Chrysler store. He was extremely knowledgeable about the brand and was on top of the negotiations between me and Victory Automotive Group. We closed in about 45 days, and if it wasn’t for Steve, I don’t think that would have been possible,” stated Hidalgo.
Fifth Wave is more than just a dealership that will bring in a bigger variety of vehicles, they are a family-run company that is excited to come back to the neighborhoods surrounding Folsom, California. Folsom Lake CDJR will once again work with local organizations and initiatives to support and give back to the community.
Victory Automotive Group is a family-owned company, started over 25 years ago by Jeffrey Cappo, and is headquartered in Canton, Michigan. Cappo now works alongside his sons Eric and Michael, who are involved in the daily operations of their 50+ locations, in eleven states including Ohio, Michigan, California, Massachusetts, Florida, Texas, Indiana, Tennessee, West Virginia, North Carolina, and Illinois. Victory Automotive Group represents fourteen of the best automotive brands.
“Victory Automotive Group and Fifth Wave both had processes in place to handle buying and selling. Each team worked hard to ensure a smooth transaction. I would like to thank Victory Automotive Group for their continued trust in the Tim Lamb Group, and I wish Carlos Hidalgo and the Fifth Wave Group much success with their new dealership,” stated Corle.
