Checkered Flag Auto Group purchases Pomoco dealership in Newport News
A Virginia Beach car dealership group has ventured onto the Virginia Peninsula with its latest acquisition.
Checkered Flag Auto Group has acquired Pomoco Chrysler, Dodge, Jeep, Ram, Alpha Romeo and Fiat in Newport News, according to a May 25 announcement. The acquisition is Checkered Flag’s first to include U.S. car brands and brings a new standard of customer care for the dealership’s customers, including renovation plans, company president Steve Snyder said.
“People are going to see this thing really blossom over the next 12 months,” Snyder said.
The opportunity for the sale happened because of an established relationship with the Pomoco owners, Snyder said. The dealership was an attractive prospect for Checkered Flag’s first Peninsula dealership because of its good reputation and company culture, he added.
Additionally, the sale presented an opportunity for advancement for several Checkered Flag employees, Snyder said. Even though every staff member at the dealership can retain their positions, he said some will be retiring. The dealership will have around 70 employees when fully staffed.
For customers, the dealership will now become a negotiation-free operation — meaning the company gives the best price up front, and product specialists are not paid on commission. Snyder said he believes the policy makes for a friendlier dealership experience.
Additionally, Checkered Flag will introduce several service policies for new vehicle purchases including free oil changes, state inspections and towing services for the life of the vehicle. The policies will not retroactively apply to vehicles sold under the previous owner, but Snyder said he will honor their existing service contracts.
Snyder declined to reveal the financial details or sale price of the acquisition. However, he did say that with the addition of Pomoco, the auto group now sells around 14,000 new and used vehicles a year.
Checkered Flag Auto Group was founded by Snyder’s parents Ed and Jean Snyder in 1964. The company now employs more than 600 full-time workers at 11 dealerships across Hampton Roads. In addition to the new brands, Checkered Flag also sells Toyota, Honda, Hyundai, Genesis, Volkswagen, Audi, MINI, BMW, Porsche, Land Rover and Jaguar vehicles.
Trevor Metcalfe, 757-222-5345, trevor.metcalfe@insidebiz.com
