Carvana Buys Seventh CJDR Franchise
Carvana has acquired Avon Lake (Ohio) Chrysler Dodge Jeep Ram from Elliot Schor and Scott Zuckerman, who owned the point for less than a year, according to multiple outlets, including Automotive News.
The suburban Cleveland store was formerly known as Ed Tomko CJDR. It is the seventh franchised dealership acquired by Carvana, America’s second-largest used car retailer, likely as part of a long-term strategy to create a proprietary inventory channel. All are Stellantis dealerships.
Stephens Inc. analyst Jeff Lick tells AN’s Gail Kachadourian Howe that Carvana’s focus on the brand likely comes down to availability and affordability, estimating an average price of $25 to $50 million per store.
“There can only be two reasons. One is they don’t want to buy any others, and/or it’s the only one that they can buy easily. … Nobody wants to sell a Lexus store, whereas with Stellantis, there’s a ready supply.”
