The Spitzer Honda and Spitzer Hyundai names have replaced Rick Case on the two well-known car dealerships off I-90 in Cleveland and Euclid.
The purchase of the last two Ohio stores from Rick Case Automotive Group of Sunrise, Fla., also marked the end of a familiar name in Northeast auto and motorcycle sales.
Alan Spitzer, chairman of the Elyria-based Spitzer Management Group, said in a phone interview he had approached Rick and Rita Case about the purchase years ago. The sales were consummated last month. Spitzer announced the purchases on his LinkedIn account.
"We've not had Honda and Hyundai brands before, although we have Acura and Kia brands. We're very excited about it," Spitzer said.
The locations also complement those of Spitzer and fit a strategy to use acquisitions to build economies of scale.
"They're also well-known dealerships with high-profile locations by the highway," Spitzer said, but noted that internet sales have somewhat dimmed the value of locations in the car business.
Rita Case, who has succeeded her late husband as CEO of Rick Case Automotive Group, said in a phone interview that the company will focus on its dealerships in southern Florida and Atlanta. Rick Case died in September of last year.
Case also said it was important to her and her husband to sell to another family-owned company that would have similar values about the brands, customers, employees and communities.
Terms of the sales were not disclosed. However, the Hyundai dealership at 19991 Villaview Road, Cleveland, sold for $2.25 million on Jan. 27, according to Cuyahoga County land records. The larger Honda dealership at 915 E. 200th St., Euclid, sold for $4.25 million.
Spitzer stressed that the real estate was only part of the transaction cost for the well-established franchises. Neither he nor Case would disclose full financial terms of the sales.
The purchase showed the Spitzer family connections that have marked its operations since the early 20th century.
The Cleveland and Euclid properties were both acquired through Spitzer A-Team LP, a family limited partnership.
Spitzer said the name was inspired by the 1970s television show "The A-Team." However, it also reflects that all of his six children have names that begin with the letter A.
Case said she and her husband had retained the Cleveland and Euclid stores long after they relocated to Florida in 1985 to launch an Acura dealership because they are good, profitable locations.
"It wasn't sentimental," she said.
However, for many Clevelanders, the old Rick Case name by the East Shoreway might be.
The highly visible Cleveland dealership originally sold both cars and motorcycles, she said.
Spitzer said all of the roughly 50 employees at both locations will be retained. Some updates to the properties are being planned, he added, such as upgraded lighting.
Case said her husband enjoyed visiting Northeast Ohio often because he grew up in Akron and continued to have friends and family in the area.
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