Mike Rosvold, owner of Michael Automotive Group in Fresno, CA decided it was time to sell his dealerships and retire. This month, four rooftops owned by the group were purchased by Steve Cornelius and they are now Blackstone Toyota, Blackstone Chevrolet, Blackstone Cadillac, and Blackstone Volkswagon.
Assisting Mike with the transaction was Bill Scrivner, CEO of Pinnacle Mergers & Acquisitions, a nationwide automotive dealership brokerage firm out of Frisco, TX. Bill was able to connect with Mike through a recommendation from Larry Van Tuyl, who had originally helped Mike get into the business decades ago. Bill said “When Mike decided to sell his dealerships and retire he hired The Presidio Group to assist him in finding a buyer. After several months without any offers, Mike called Larry Van Tuyl to ask him who HE uses to buy and sell dealerships. Larry advised Mike to call Pinnacle M&A for help. Once Mike listed with Pinnacle Mergers and Acquisitions, he had a full-price offer in less than one week.” The transaction closed June 1st, 2022, and Mike Rosvold will be staying on as a consultant for a while before he retires.