Started by Bruce Lynton in 1974 as a BMW dealership on the Gold Coast, the company grew to buy Sunshine Jaguar from the Warren Group in 2015 to create a major JLR franchise. Last year, it opened a new $9 million showroom facility for JLR.
It had sold the BMW and Mini businesses in 2016 after 42 and 15 years respectively.
The buyer is Nick Polites’ NGP Pty Ltd. No price was disclosed but it includes two properties.
“We decided it was time,” Mr Lynton said.
“My parents said they had had enough and we discussed it and I agreed. There was always going to be a time where a small business like ours would be absorbed into a bigger corporation.
“In the metro area, you have to build big facilities and I guess having multi brands like we had previously, and then going back to one, it makes it hard in terms of economies of scale and balancing things such as costs, staff and expenses.”
Mr Lynton said the family would retain the panel shop, and he would continue with his investment in three Bridgestone Select tyre outlets in the region, with a fourth soon to be opened in Currumbin.
Mr Lynton said it would be “a sad day” to leave the business at the beginning of July, especially with the 60 staff and the long-term relationships with the OEMs and fellow dealers.
“Some of our staff have been with us 25 years and more for 20 years,” he said.
“The good news is that the deal we did with Nick and Dan is that they have taken nearly every staff member.
The company has been a significant contributor to local, state and national charities.
“We are weighing up what happens to our continued involvement in the six charities,” Mr Lynton said.
“We have raised about $2 million for charity through the balls and the golf days over the years.
“I have proposed to our fellow Gold Coast Bridgestone store owners and Bridgestone Australia to see if we can employ someone to organise the charity events over the seven months. That’s one idea.”
Mr Lynton said he was now looking forward “to a break and do things like have school holidays with my daughter”.
By Neil Dowling