Troy-based Elder Automotive buys Jaguar of Novi
Elder Automotive Group said Friday it has purchased Jaguar of Novi, bringing to 11 the company’s portfolio of auto dealerships. Troy-based Elder Automotive purchased the Jaguar dealership from Nathan Conyers, the former owner of Riverside Ford in Detroit who opened the Novi dealership in 2002. Terms of the deal were not released. A message and an e-mail from Business Review on Friday seeking comment from an Elder spokswoman were not answered.
Conyers, who sold Riverside in 2003 after 33 years of ownership, intends to retire, Elder Automotive said in a release. “When my dear friend and colleague, Nate Conyers, phoned to tell me that he was thinking of retiring and would I be interested in purchasing his dealership, we began the discussion,” CEO Irma Elder said in the release. “He is a fine gentleman and a strong business leader in the community.
We will most certainly take good care of the dealership he established.” Jaguar of Novi includes a used car lot and a 20,000-square-foot building housing the showroom, offices and service facilities. With the deal, Elder Automotive now owns eight dealerships in Michigan - including four in Troy - and three in Tampa, Florida.