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A year ago, Rick Ford was COO of another dealer's group. Today, with the backing of private equity investors, he's leading a new 13-store dealership group poised to nearly double in size.
RFJ Auto Partners Inc. in Plano, Texas, wants to become one of the top 25 dealership groups in the U.S., said Ford, a 35-year dealership veteran and president of the group. In 2014, it acquired 13 dealerships and one auto auction in Texas and Alabama. It has another 11 store purchases under contract and scheduled to close during the first quarter, Ford said, with other potential deals in the pipeline.
"We're not anywhere close to done," Ford, 51, told Automotive News.
He formed RFJ in February 2014 after hunting among private equity firms and family offices for a financial backer and finally selecting Jordan Co., a New York private equity firm.
Jordan has invested more than $50 million, Ford said, adding the firm has committed to a nine-digit figure. That implies an eventual investment of $100 million...