Twin Cities Automotive Enters into Agreement for Purchase of Dealerships from Denny Hecker Automotive Group

MINNEAPOLIS--Twin Cities Automotive Group has entered into an agreement for the purchase of the Inver Grove Heights Volkswagen and Hyundai dealerships from the Denny Hecker Automotive Group.

“We are very pleased to confirm that our discussions have brought us to this agreement. While there are several conditions to closing that we will be working through during the coming weeks, we are proceeding with operations with the expectation that all conditions will be resolved,” said Peter Hasselquist, chief executive officer of Twin Cities Automotive. “Given a successful outcome, we look forward to our relationship with Volkswagen and Hyundai and to serving the customers of Inver Grove Heights Volkswagen and Hyundai.”

Twin Cities Automotive, owned by Hasselquist and the Pohlad organization, purchased two well-known Twin Cities dealerships in May 2008. Sears BMW, located in Minnetonka, is a full-service BMW dealership offering sales of new and certified pre-owned BMWs, service, parts, financing and body shop services. Later this year, the BMW dealership will relocate to a new, state-of-the-art facility on Wayzata Boulevard and will become BMW of Minnetonka.

Coon Rapids Chrysler Jeep, located off Highway 10 and Foley Boulevard, is a full-service dealership featuring the full model lines of Chrysler and Jeep, an extensive inventory of pre-owned vehicles from a variety of manufacturers, as well as financing, parts and service.

The acquisition of the Inver Grove Heights Volkswagen and Hyundai dealerships is part of Twin Cities Automotive’s long-term plan to pursue additional automotive franchise opportunities. “We are excited to continue growing our presence in the Twin Cities automotive sales and service market by the addition of these well-regarded, strategically located dealerships,” said Bob Pohlad.

About the Pohlad organization

The Carl R. Pohlad family holdings include significant interests in financial services, beverage, entertainment and real estate industries, as well as ownership of the Minnesota Twins Major League Baseball team.