Foundation Automotive Corp. has acquired Medved Dealerships, enhancing its growing portfolio of North American auto dealerships to 18 along with three collision repair shops.
The new deal is expected to yield big dividends for locals, who could soon be on the receiving end of better prices, more choices and world-class service for their cars, trucks and sport utilities.
"Multiple suiters approached Mr. Medved over the years, and we immediately connected personally through values, principles and work ethic," said Kevin Kutschinski, chief executive officer of the Denver and Houston-based corporation.
Some marvel the merger almost seemed destined given Foundation’s growing reputation for innovation in becoming one of the fastest-growing automotive dealership groups in North America.
"These are good stores with good people running them,” said Chuck Kramer, chief operating officer for Foundation. “We like that. What we're doing is coming in and re-working some of the key processes, creating efficiencies and providing additional support."
Assuming the reins at Medved Autoplex in Wheat Ride will be 28-year-old Denver dealer Josh Letsis, widely celebrated as the youngest general manager in a dealership that's a Fortune 500 company. Another one of the bigger changes that’s already been etched in stone is the rebranding of the Castle Rock dealership to Castle Rock Autoplex.
"We intend to continue the amazing legacy that Mr. Medved fostered in the market, and although he has left us albeit large shoes to fill, we will take the challenge happily," Kutschinski added.
Foundation is also known for its practice of keeping its dealerships hometown dealers. As opposed to buying the dealership completely, they prefer local "dealer partners" with an equity stake. Kutschinski remembers even he started out that way.
"Our core company values are employee satisfaction, strong community involvement and excellent customer service," Kramer added.
Already, Foundation is looking for ways to give back to the community, planning monthly giveaways to residents, partnering with local charities, fundraising and endless community involvement.
Finally, as Foundation expands in the area, it’s expected to add new stores to their Front Range locations, bringing new jobs and opportunities for locals along with it.
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