Mississippi Chevrolet Dealership Changes Hands
Ownership of Preston Hood Chevrolet in Biloxi, Mississippi has been transferred from Preston Hood to Ray Brandt of Ray Brandt Automotive Group, according to auto dealership broker George C. Chaconas of Performance Brokerage Services. The dealership will remain at its current location at 11325 Cedar Lake Road in Biloxi.
In 2003, Preston expanded the presence of the Hood family by opening Preston Hood Chevrolet in Biloxi, Mississippi. After 15 years of ownership, Preston hired George C. Chaconas of Performance Brokerage Services to facilitate the sale of his dealership in Biloxi.
As an aging dealer, Preston felt it was time to divest of the dealership and simplify life. Preston kept his ownership of Preston Hood Chevrolet in Fort Walton Beach where he resides and continues to operate the family business. Following the sale, Preston Hood commented, “After our first buyer walked away, George immediately identified another highly qualified buyer. After a lot of very difficult negotiations, we entered into an agreement. George did a fantastic job keeping me and the buyer on course as it took a lot of hard work, patience and diligence. I am very happy with the outcome and pleased to have hired him.”
Ray Brandt Automotive Group has more than 10 dealerships throughout Mississippi and Louisiana. This acquisition provides the Brandt Group with its first Chevrolet dealership and the only domestic franchised dealership owned by Brandt in Mississippi.
“It was a pleasure to work with George Chaconas of Performance Brokerage Services in acquiring Preston Hood Chevrolet,” Brandt said. “George was very diligent, honest and professional. If it wasn’t for his help and tenacity, this deal would not have happened.”
Background
At the start of the Great Depression, Arthur Hood believed the automobile industry showed promise and opened a Chevrolet dealership in 1929 in Amite, Louisiana to provide for his family and two sons, Arthur Hood, Jr., and Thomas Hood. After Arthur’s two sons served in World War II, they joined him in the automotive business and together purchased a dealership in Fort Walton Beach, Florida in 1962. Seven years later in 1969, Arthur Jr.’s son, Preston Hood, purchased the dealership from his father and grandfather and renamed the dealership to Preston Hood Chevrolet.
Meanwhile, Brandt started his career in the automotive industry in 1983 with a Nissan dealership. He has since served on the Nissan Regional and National Boards for more than 20 years, twice as the national chairman, and on Toyota and Hyundai Regional Boards. Brandt was a member of the Louisiana Automobile Dealers Association Board and is currently chairman of the Louisiana Motor Vehicle Commission.
