AutoNation Expands in Chicago with Acquisition of Fletcher Jones Dealerships, Guided by The Presidio Group
The Presidio Group LLC an independent merchant banking firm specializing in mergers and acquisitions, capital raising, and investments in the automotive retail and consumer mobility sectors, has announced its exclusive role in advising AutoNation, Inc. (NYSE: AN) on a landmark acquisition. AutoNation has completed the purchase of Mercedes-Benz of Chicago and Fletcher Jones Audi, two highly prominent dealerships in Chicago, from Fletcher Jones Automotive Group. The transaction, which closed on September 15, 2025, also included associated real estate assets.
This move significantly bolsters AutoNation’s presence in the metro Chicago market, expanding its network to nine dealerships in the region. The addition of Mercedes-Benz of Chicago and Fletcher Jones Audi also strengthens AutoNation’s luxury portfolio in the area, bringing its footprint to three Mercedes-Benz stores and two Audi stores in greater Chicago.
A Strategic Expansion in a Key Market
AutoNation, the largest automotive retailer in the United States, has been strategically expanding its presence in top metropolitan markets. Chicago represents a particularly valuable region, not only because of its economic strength but also due to its consumer base’s strong appetite for luxury vehicles.
“We are excited to expand our presence in the Chicago market with the acquisition of these flagship dealerships,” said AutoNation CEO Mike Manley. “The Presidio team’s M&A expertise, professionalism and ability to facilitate a seamless process were invaluable throughout this transaction.”
This acquisition gives AutoNation access to two dealerships that have long been considered flagship stores within the Fletcher Jones portfolio. Both locations have a reputation for high sales volumes, premium customer service, and a strong base of loyal clientele.
By integrating these dealerships into its operations, AutoNation gains not just brick-and-mortar assets but also the human capital, institutional knowledge, and customer relationships that come with them.
Fletcher Jones Refocuses on Core Markets
For Fletcher Jones Automotive Group, the decision to part ways with its Chicago stores was not made lightly. Fletcher Jones has long been recognized as one of the country’s most prestigious luxury vehicle dealer groups, with roots dating back more than 50 years. Known for its flagship locations in California and Nevada, particularly in Los Angeles and Las Vegas, the group is often ranked among the highest-volume dealers for brands such as Mercedes-Benz and Audi.
“Fletcher Jones rarely sells stores, but when The Presidio Group approached us about this opportunity, we listened,” said Keith May, president of Fletcher Jones Automotive Group. “These dealerships are outside our core West Coast markets, and our longstanding relationship with and trust in Presidio gave us confidence that the transaction would be handled with the utmost discretion and professionalism. We thank AutoNation’s leadership for their partnership and wish the team members and customers at our Chicago stores continued success under their stewardship.”
After the sale, Fletcher Jones will concentrate on its remaining 13 dealerships, nearly all of them luxury-focused, in California and Nevada. By streamlining its operations, the group is positioning itself to further strengthen its dominance in regions where it has already achieved scale and brand leadership.
Presidio’s Role: Bringing the Right Parties Together
The Presidio Group has established a reputation for advising on some of the most complex and high-profile automotive retail transactions in the country. Its involvement in this deal highlights its ability to match leading buyers with iconic sellers, particularly in off-market transactions where discretion and relationship management are key.
Guiding a transaction between AutoNation, one of the country’s foremost public retailers, and Fletcher Jones, one of the most iconic luxury-brand groups in the U.S., truly came down to our ability to match the right buyer and seller in an off-market deal,” said George Karolis, president of The Presidio Group. “This is a great fit for AutoNation as it grows its presence in Chicago and a smart portfolio management move for Fletcher Jones as it focuses on markets where it has more scale. This transaction is emblematic of what we’re broadly seeing in the industry — the most sophisticated public and private dealers in the country actively managing their portfolios.”
Presidio’s philosophy emphasizes relationships over transactions. Brodie Cobb, CEO of The Presidio Group, underscored this point:
“It all comes down to relationships. We’re honored to have served as the trusted advisor to AutoNation on this important acquisition, and our long-term relationship with Fletcher Jones was instrumental in making this transaction possible. This is another example of how our extensive and enduring relationships with some of the biggest and most respected dealers in the country enable us to deliver successful outcomes. At Presidio, we focus on being relational, not transactional — it’s one of our guiding principles and a core value that shapes everything we do.
Legal Counsel and Transaction Support
Transactions of this scale involve extensive legal and financial coordination. AutoNation’s legal team included in-house counsel Coleman Edmunds, Thomas Mila, and Julie Morgan, supported by David R. Clark of Skadden, Arps, Slate, Meagher & Flom LLP, one of the world’s leading law firms specializing in corporate transactions.
On the seller side, Fletcher Jones Automotive Group was represented by Jeff Roberts and Emily Dillow of Underwood & Roberts LLP, a firm well-regarded for its expertise in dealership transactions.
Presidio’s wholly owned investment bank, Presidio Merchant Partners LLC, provided exclusive M&A advisory services to AutoNation throughout the process.
Broader Industry Context: Consolidation and Portfolio Optimization
The acquisition also reflects broader trends in the U.S. automotive retail industry. Over the past several years, consolidation has accelerated as large public dealer groups — including AutoNation, Lithia Motors, Penske Automotive Group, and Group 1 Automotive — have pursued acquisitions to increase scale, optimize brand portfolios, and expand into lucrative markets.
Luxury dealerships remain especially attractive assets, given their strong margins, brand prestige, and stable customer base. In metro areas like Chicago, where demand for premium brands such as Mercedes-Benz and Audi is robust, the value of these stores extends beyond immediate profitability. They enhance brand presence, attract high-net-worth customers, and build long-term competitive advantages.
For Fletcher Jones, divesting its Chicago assets reflects another industry-wide theme: portfolio optimization. Leading private groups are increasingly evaluating whether their geographic spread aligns with their operational strengths. By focusing on California and Nevada, Fletcher Jones can deepen its dominance in regions where it already operates at scale, while also investing in innovation and customer experience improvements.
AutoNation, one of the largest automotive retailers in the U.S., offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for customers and their automotive needs. With a nationwide network of dealerships operating under a recognized brand, the company offers a wide variety of new and used vehicles, customer financing, parts and expert maintenance and repair services. Through its DRV PNK initiative, AutoNation has raised more than $40 million for cancer-related causes, demonstrating a commitment to making a positive difference in the lives of associates, customers and the communities in which it operates.
