Noting the dealership was in its backyard, Dimmitt Automotive Group has acquired Cycle Springs Powersports in Clearwater, Florida. Once billed as “the world’s largest Yamaha dealership,” Cycle Springs has been serving the Tampa Bay area for the past 30 years. Owners Noel Hughes and Marty Skapik started off in the industry doing business out of a garage off the Dunedin Causeway in 1989, and eventually purchased Cycle Springs Powersports in 2001.
“Dimmitt Automotive Group was presented with an opportunity to acquire Cycle Springs Powersports, which is located in our backyard in Clearwater,” said Scott Larguier, CEO of Dimmitt Automotive Group. “We reached out to industry expert George Chaconas of Performance Brokerage Services. I knew George was the guy to hire as our consultant to help us navigate unknown waters with our first powersports dealership acquisition.”
Although this is DAG’s first powersports store, the family owned dealership group has a long history in the area for 99 years across four generations! The group started when Lawrence Dimmitt, Sr. purchased a Ford dealership in Clearwater in 1924. As the town grew, so did the business, and Lawrence expanded his portfolio to include other brands including LeSalle, Lincoln, Chevrolet and Cadillac. In 1952, Lawrence Dimmitt, Jr. took over the business from his father, and eventually passed it on to his son, Richard Roth Dimmitt. The group expanded their offerings to include several luxury brands in the 1990s and early 2000s. Richard Dimmitt’s sons have since joined the family business, becoming the fourth generation to continue the family legacy.
Dimmitt Automotive Group currently operates 13 dealerships across the Florida Gulf Coast. The acquisition of Cycle Springs Powersports marks the family’s first venture into the powersports market, and the group looks forward to continued growth.
“I am so happy to have helped Dimmitt Automotive Group acquire Cycle Springs, their first multi-line powersports dealership,” commented Chaconas upon closing the sale. “I am grateful to have had the opportunity to guide them through evaluation, the intricacies of structuring the deal, understanding how to value a very large parts inventory and working with the OEMs to help facilitate this transaction. It brought me great joy to help the Dimmitt family grow their portfolio and help make their dream of owning a powersports dealership come true.”
Over the past 5 years, Performance Brokerage Services has advised on the sale of more than 300 dealerships, making it the highest volume dealership brokerage firm in North America. In 2022, the company consummated 92 transactions, marking a record-breaking year.
The dealership will remain at its current location at 29703 US Highway 19 North in Clearwater, Florida and will be renamed Cycle Springs Powersports, Part of the Dimmitt Automotive Group.