Less than a year after filing suit over a failed attempt to buy Prestige Audi in North Miami Beach, national retailer Group 1 Automotive has sealed the deal.
After reaching a settlement, both sides feel like winners, attorneys say.
“The result of the suit is a mutually beneficial and favorable outcome…where both sides got what they wanted,” said Robert Zarco, founding partner of Zarco Einhorn Salkowski & Brito, who represented the local dealership. He said the deal did not include the land the Audi retailer sits on at 14780 Biscayne Blvd., Prestige Imports’ Lamborghini dealership or its used exotic cars business.
Group 1, a publicly traded company based in Houston, announced that it had acquired Prestige Audi on Thursday. The new owner said Prestige has been ranked in the top 10 new Audi dealerships in the country and is expected to generate $160 million in estimated annual revenues.
“My client got exactly what they were hoping for,” said attorney Abbey Kaplan of Kluger, Kaplan, Silverman, Katzen & Levine, who represented Group 1. “And Prestige got exactly what they were entitled to.”
The lawsuit, filed in June of 2014, accused Prestige Imports of backing out of a $72 million agreement to sell the Audi dealership. At issue was a dispute involving the value of the deal and the question of whether a final agreement had actually been reached.
Attorneys would not disclose the financial terms of the settlement.
Kaplan said Tuesday that Group 1 is operating the Audi dealership now. The company, which owns and operates 152 automotive dealerships and 197 franchises, also purchased land near the current site. It will operate from the Prestige property for two years while building a new facility on the other site, Kaplan said.
“It’ll be bigger, brighter and better,” he said.