Retiring Cloninger Sells All Six Carolina Dealerships to Michael Family
Larry Cloninger announced the sale of his five Ford, Honda and Toyota dealerships and a collision center in North Carolina as well as Toyota of Florence (S.C.) to the Raleigh, N.C.-based Capital Automotive Group.
In a release, the retiring Cloninger says the family-run Capital was a “natural choice” considering the group’s co-founder, Tim Michael, is a close friend.
“When you spend your life building something, the people you ultimately entrust it to matter tremendously. I have known Tim and the Michael family for more than 40 years. I know the kind of people they are, the way they operate their dealerships and the importance they place on their employees and communities. There is a tremendous amount of comfort in knowing these stores and our people are being handed to a family we know, respect and trust.”
Michael says he plans to carry Cloninger’s “Just Better” mantra forward under the Capital banner.
“We have tremendous respect for Larry, his family, and the organization they have built,” he writes. “You don’t create a legacy like this overnight. It comes from decades of hard work, relationships, and doing the right thing for your employees, your customers, and your community. We are honored that Larry has trusted our family with what he has built, and we take that responsibility very seriously.”
