Canada's largest automotive group is entering the United States for the first time by buying Ferrari and Maserati dealerships in the Washington, D.C., area.
Privately held Dilawri Group of Cos., which is the largest shareholder of publicly traded Automotive Properties Real Estate Investment Trust through its subsidiaries, said the deals for Ferrari of Washington and Maserati of Washington are part of its planned expansion stateside.
"Dilawri has built its reputation as an industry leader in Canada by successfully representing the world's most desirable automotive brands," said Kap Dilawri, company co-founder, in a statement. "We believe these dealerships will be an excellent opportunity to establish our presence in the U.S. market."
Both dealerships share the same address in Sterling, Virginia, minutes from Washington Dulles International Airport. Ferrari of Washington is one of the oldest U.S. Ferrari dealerships and the only authorized Ferrari dealership in Washington, D.C., Maryland and Virginia, according to the statement.
Terms of the deals were not disclosed.
Toronto-based Dilawri, which has 75 franchised dealerships representing 35 automotive brands in Quebec, Ontario, Saskatchewan, Alberta, and British Columbia, said the "high-profile" U.S. dealerships would allow the company to integrate established dealerships into its portfolio.
"We are confident that these dealerships will be an outstanding addition to the Dilawri Group," said co-founder Ajay Dilawri in the statement. "These iconic brands align with our strategy and open the door to exciting new possibilities in the vibrant North American automotive marketplace."
Ettore Gattolin, Dilawri Group's current vice president of mergers, acquisitions and special projects, will become vice president of U.S. operations.
"Our expansion into the U.S. market comes at an opportune time, as both manufacturers are planning to introduce strategically important new product offerings," said Gattolin in a statement.