Please do not leave this page until complete. This can take a few moments.
Due to our new system upgrade, we are requesting all existing users to update their password. Create a new password
With recent purchases of Kia of East Hartford and Papa’s Chrysler Dodge Jeep Ram in New Britain, Memphis-based Dobbs Equity Partners is rebuilding a dealership inventory that was once the backbone of its business.
Dobbs paid $6.5 million for the 3-acre dealership property at 99 Ash St. in East Hartford in a sale recorded Aug. 3. The investor paid an undisclosed additional amount for the business.
The property includes a 36,287-square-foot concrete building. It was originally completed in 1980 but renovated several years ago for the Kia dealership.
“When we saw Kia of East Hartford, we jumped on it because we would like to expand our holdings up there,” said Rick Greene, chief operating officer for Dobbs. “We are really optimistic about the market. We love Hartford, Connecticut, and we want to grow the business.”
The limited liability company that bought 99 Ash St. was established in May, with Greene as its principal.
In December, another Dobbs-affiliated LLC paid $8 million for the 6.8-acre Papa’s property at 585 East Main St. in New Britain. That property hosts a 71,999-square-foot building erected in 1959.
Greene said the East Hartford dealership is the latest in a series of dealership purchases as Dobbs harkens back to its roots. The company traces back to 1921, when James K. Dobbs borrowed $25,000 to open his first Ford dealership, along with partner Horace Hull, according to Dobbs’ website.
The partners diversified during the Great Depression, when Dobbs and Hull invested in a chain of Jack Sprat hamburger stands. The partners disagreed with Jack Sprat Corp.’s decision to place managers on salary rather than incentive pay, and so they struck out on their own with a competing restaurant chain.
Dobbs built the new chain of Hull-Dobbs House restaurants to 50 locations before selling to Jack Sprat.
Over the decades, Dobbs branched out into airline catering, truck leasing, beer distribution and health insurance. At one point, Dobbs operated 55 auto dealerships from Hawaii to Puerto Rico, according to a post on Kia of East Hartford’s website.
In 1997, the company decided to focus on its health insurance business, announcing plans to sell off 20 or so dealerships to the parent company of AutoNation for $200 million in stock.
Today, Dobbs owns an Anheuser-Busch distributor with six locations covering the majority of New Mexico; a chain of veterinary hospitals in greater Washington D.C. and Philadelphia; automotive-parts supplier The Universal Group Inc.; orthopedic medical device and instrument manufacturer Finishing Innovations Inc.; and auto insurer Diamond Specialty.
Dobb’s portfolio now includes a dozen auto dealerships in Arkansas, Kansas, Texas, Indiana, Alabama and Connecticut.
In East Hartford, the most recent acquisition, Dobbs brought in a new general manager but otherwise kept existing staff, Greene said.
“We are typically a high-volume dealer,” Greene said. “We want to sell as many as we can. Our goal is to be the number one Kia dealer in the Northeast.”
This special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership. Don't miss out. Reserve your 2022 profile soon!
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
This special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership. Don't miss out. Reserve your 2022 profile soon!
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy