Stacy Cummings says Priority Automotive focused on acquiring top-tier dealerships with a future.
on acquiring top-tier
dealerships with a future.
That's a lesson shared by Stacy Cummings, vice president and chief financial officer of Priority Automotive Group in Chesapeake.
"From 2002 to 2008, it looked like the good times were never going to end.
Then, in August 2008 it looked like somebody turned the spigot off.
"We downsized personnel and rearranged the salary structure.
In the end, it turned out to be a good thing.
We learned how tight we could run things - what's necessary and what's not," Cummings
says that Priority
"hit the skids" as did many automobile dealerships, it was in a good cash position and knew opportunities would come if it persevered.
During the economic recovery, Priority
has focused on acquiring top-tier dealerships with a future.
"We just purchased Hampton Honda, and we're aggressively looking for other opportunities," Cummings
"But for every one deal you put together, we probably look at 15 to 20."
With 1,100 employees, Priority hopes to generate revenue of a billion dollars this year.
"Thankfully, the market has caught fire," Cummings