Auto mogul Michael Maroone bought the Roger Dean Chevy dealership in West Palm Beach for $12.5 million.
Records show Maroone’s Maroone USA, through its affiliate, PD-MM Opco, bought the dealership at 2235 Okeechobee Boulevard from Roger Dean Chevrolet.
The buying entity is led by Michael Maroone and his nephew, John Hoctor. The group took out a $10.6 million acquisition loan from Truist Bank.
Property records show the property, built-in 1965, has three structures totaling 65,297 square feet and a parking lot, spanning a total of 7.4 acres.
The Maroone and Dean names are some of the biggest in auto retail. Maroone, chairman and CEO of Maroone USA, started out working at his family’s New York Ford dealership and then became general manager of the family’s first dealership in South Florida. He served as Maroone Auto Group president from 1977 to 1997. He was president, chief operating officer and board member of AutoNation from 1999 to 2015, according to his LinkedIn.
Dean, who died in 1999, also started as a Ford dealer. He established his first Chevrolet dealership along Palm Beach County’s Dixie Highway, later moving it to Okeechobee Boulevard. Dean is the namesake of Roger Dean Chevrolet Stadium in Jupiter.
His daughter, Patty Dean, continued to lead her father’s business, and in 2017 partnered with Maroone USA to jointly own and run the West Palm Beach dealership, according to a media release. Marrone now assumes full ownership and has rebranded the dealership as Mike Maroone Chevrolet West Palm Beach.
The dealership offers new and pre-owned cars as well as services for all makes and models.
Several dealerships have sold in South Florida in recent months, including a few in Palm Beach County. Last month, Wayne Akers Fort and Wayne Akers Truck Rentals in Lake Worth Beach traded for $21 million. In October, Pebb Enterprises sold a West Palm Beach Tesla dealership for $13 million.
Elsewhere, Bomnin Automotive Group scooped up a closed Mitsubishi dealership in Pinecrest in January for $7.3 million.