First-time franchised dealer buys store in New Jersey
A new owner purchased his first franchised dealership a month after turning 28 in a deal that relocates the store.
George Georgeadis on Nov. 28 purchased Chevrolet of Jersey City in New Jersey from Sam DiFeo and Andy Shapiro of DiFeo Auto Group, Georgeadis confirmed to Automotive News.
He said relocating the dealership at the seller’s request benefited both parties, and that the chance to sell
Chevrolet vehicles was an opportunity that wouldn’t come around twice. Moving the store to his existing property and business in Jersey City, where he sells used vehicles, was another bonus, Georgeadis said.
“Chevrolet as a brand has been able to formulate a very competitive lineup and we’re excited to share that and to service the tri-state [area],” he said.
Stuart Lasser, of Lasser Advisory Services, brokered the transaction. Lasser said the sellers wanted to move the Chevrolet dealership from its former spot on a stretch of road that honors the founder of DiFeo Auto Group, who died in May 2006, according to a Hudson Reporter obituary. The founder’s name was also Sam DiFeo.
His son Sam DiFeo now leads a branch of DiFeo Auto, according to Lasser. DiFeo and Shapiro also own Hudson Subaru and Hudson Hyundai in Jersey City, which is part of the group, Lasser said.
Georgeadis, who renamed the dealership Axis Chevrolet, also operates Axis Motorcars, a used-car store. He said construction for a new building is expected to begin by early 2024. It may feature a showroom for new Chevrolet vehicles and pre-owned cars, he said.
His father, James Georgeadis, owned the used-car business for more than 20 years, Georgeadis said. Working there on and off as a porter, among other roles, inspired his love for the business, he added.
While studying at Saint Joseph’s University in Philadelphia, Georgeadis spent a month at the Automotive Dealership Institute in Scottsdale, Ariz., learning more about the automotive retail world. After working his way through the finance department at his father’s store, he started running the dealership in 2020. Georgeadis said his father still works in wholesale sales.
Georgeadis said he hopes to grow the business in the future.
“I think we have a little bit of a long road ahead of us with the building and everything, because it’s our first rooftop,” he said. “But we do plan to expand in the New Jersey area.”