Sale of luxury car dealerships complete

By Andrew Gomes
Advertiser Staff Writer

A partnership of two Mainland auto dealers yesterday completed its purchase of six TheoDavies Euromotors dealerships in Hawai'i from Hong Kong-based Jardine Matheson Holdings Ltd.

Fletcher "Ted" Jones Jr. of Las Vegas-based Fletcher Jones Motorcars Inc. and South Carolina dealer Gene Reed, through Reed/Jones Acquisition HI LLC, paid an undisclosed price estimated to be $100 million.

The previously announced sale includes Mercedes-Benz, Jaguar, Porsche and Land Rover dealerships in Honolulu plus two Honda dealerships on the Big Island.

Reed said in a statement that he and Jones plan to retain current management and employees, who number about 300.

Fletcher Jones III, a new-car manager with Fletcher Jones Motorcars in Chicago, will move to Hawai'i as vice president of Mercedes sales.

Fletcher Jones Motorcars is the largest Mercedes retailer on the Mainland and, with sales of $971 million, was the 19th largest car retailer in the country last year, according to industry publication Ward's Dealer Business.

Jardine is also exploring opportunities to sell its other Hawai'i assets under Theo H. Davies & Co. Ltd., including industrial equipment distributor Pacific Machinery and about 50 Pizza Hut and 30 Taco Bell restaurants in Hawai'i, Guam and Saipan.

Jardine said its planned Hawai'i exit is part of a long-term strategy to focus on core businesses in Asia.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.