Recently sold, Mel Rapton Honda will change its name to Capital City Honda on Monday. The dealership’s main location at 3630 Fulton Avenue, the collision center at 2329 Fulton Avenue, and the Downtown Service and Collision Center on 12th and H Streets are all included in the acquisition.
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Who bought Mel Rapton Honda recently?
In a news release on Monday, Houston-based Group 1 Automotive Inc. (NYSE: GPI) announced that it has purchased Mel Rapton Honda, now known as Capital City Honda.
Capital City Honda’s owner?
18 October 2021, Houston / PRNewswire — Group 1 Automotive, Inc. (NYSE: GPI), a Fortune 500 automotive retailer with 191 dealerships spread across the United States, the United Kingdom, and Brazil, today announced the purchase of Capital City Honda in Sacramento, California. This deal is anticipated to bring in about $85 million in annualized revenue.
Group 1 has completed $655 million in acquired revenues so far in 2021. With the addition of this store, Group 1 now has 120 U.S. dealerships in total. The previously disclosed pending acquisition of Prime Automotive Group by the Company is anticipated to close in November 2021, bringing Group 1’s total dealership count to 221 locations worldwide, including 150 in the United States. At that time, the Company expects to have acquired revenues of approximately $2.5 billion.
Mel Rapton Honda is still in operation?
Beginning on October 18, a long-standing family-run auto business in Sacramento will change ownership and adopt a new name. Recently sold, Mel Rapton Honda will change its name to Capital City Honda on Monday.
Mel Rapton is it closing?
California (CBS13) – A family-run company that has been in Sacramento for almost 60 years is closing its doors.
The owner of Mel Rapton Honda claims she is prepared to explore retirement after nearly 60 years.
Mel, Katina’s father, began selling automobiles in Sacramento in 1962. On the lot, she and her brother Curtis essentially grew up.
“I progressed through the ranks alongside my brother. We worked as porters, service consultants, vehicle washers, and salespeople before moving up the management ladder “Katina added.
However, they will hand the keys over to Capital City Honda, a new ownership group, the following week. Why then are the Raptons selling at this time?
My brother will turn 62 in March, and I will turn 60, so it is time, she added.
“It’s a little bit more difficult for us because the corporate stores are moving in, they’re fiercely competitive, and they have all the advantages of truly running a very lean kind business.
It costs a lot of money to run this firm, “She spoke.
The owner of Capital Confections, Teresa Higgins, said, “It’s been a legacy of compassion for the community.”
Higgins, who is in charge of the neighborhood’s commercial zone, expects that the new corporate occupants will keep attracting visitors.
Higgins stated, “I just hope that they can maintain relationships with everyone that the Rapton’s had.
The formal transfer takes place on Monday. The 120 present employees will remain on staff, according to the new dealership owners’ promise.