Ken Ganley Automotive Group acquired its first two Lexus franchises, both within miles of its Broadview Heights, Ohio, headquarters. They were purchased from Ascent Automotive Group, which has reduced its footprint to three dealerships in the Las Vegas area, for an undisclosed amount.

The transaction was reported by Kerrigan Advisors, which represented the Ken Ganley group. The former Metro Lexus of Cleveland has been renamed Lexus of Cleveland and Lexus of Akron-Canton will keep its name, according to a release.

A third Cleveland-area franchise, Classic Lexus, is owned by Ohio’s 16-rooftop Classic Auto Group.

“These are two of the most prestigious Lexus dealerships in the country, driven by superior market positioning, and we were honored to guide Ascent Automotive through another important transaction,” writes Ryan Kerrigan, managing director of Kerrigan Advisors. “By identifying an Ohio-based buyer, Ken Ganley Automotive Group, we were pleased to fulfill Friedkin’s goal of ensuring continuity for both customers and employees, while positioning these market-leading dealerships for continued success.”

Read more at Kerrigan Advisors