However, effective succession requires offspring who are both willing and fully able to take on the challenge of running dealership groups that need to pivot quickly in the ever-shifting auto retail environment, say dealers and an industry buy-and-sell executive.
“I have the perfect mix here,” Wyant said of his sons. “They’re best friends; they make the perfect team.” The sisters grew up in the business, starting in reception and then taking on increasingly senior roles, Laura Zanchin said. Coming up through the ranks helps them keep in touch with employees.The family connection gives the group a competitive edge because “we’re invested enough to know that we have to stay with what we do,”Zanchin said.“Andwe’re doing it.”
Both dealership groups say succession plans are in place, and shares are secured in a family trust. Laura Zanchin expects to continue in the business.No data exists on how many dealerships are family owned, but about half of Canada’s 3,000-plus franchised stores are single point, said Michael Lewicki of buy-sell company Lewicki Automotive Consulting. Until about 2000, nearly 95 per cent of dealerships were single point, but the consolidation has accelerated in the past 10 years, he said.