Business

Park Place Dealerships To Purchase Aston Martin Dallas

Ken Schnitzer is making the buy just weeks after a planned $1 billion sale of his luxury automotive group was called off.

Park Place Dealerships is set to add Aston Martin Dallas to its portfolio.

The news follows a March announcement that the luxury dealership had fallen out of a billion-dollar deal to be acquired by Asbury Automotive Group. According to Asbury’s SEC filing, the company paid Park Place Dealerships $10 million for terminating the agreement.

Park Place is purchasing the Aston Martin Dallas from John Eagle Auto Group for an undisclosed price. The dealership first opened its doors in 2000.

“Aston Martin is an iconic British brand that fits perfectly into our Park Place Premier Collection,” said Ken Schnitzer, chairman of Park Place Dealerships. “The brand is known as a marque that blends craftsmanship, art, design, and the latest technology to produce some of the world’s most ultra-luxurious vehicles. Our customer base will appreciate the passion, beauty, and speed of each model.”

Aston Martin Dallas is located at 5333 Lemmon Avenue in Dallas, directly across the street from Park Place Premier Collection, which features Rolls-Royce, Bentley, Maserati, McLaren, and Koenigsegg. The deal includes the purchase of assets from the Lemmon Avenue store.

Schnitzer founded Park Place Dealerships in 1987 with a single Mercedes-Benz dealership on Oak Lawn Avenue.

Park Place Dealerships employs more than 2,100 members and operates 18 full-service dealerships representing luxury brands Lexus, Mercedes-Benz, Porsche, Volvo, Jaguar, Land Rover, Koenigsegg, Rolls-Royce, Bentley, McLaren, and Maserati.

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