Arroway Chevrolet in Mount Kisco will change hands this fall.
“Not to mince words,” Lou Roberti, the dealership president said, “I got a lot of money for it. I sold it.”
He did not identify the buyer, but said it is a hedge fund that operates dealerships in Pennsylvania and New Jersey.
“I guess they want to get into this market,” he said. “They contacted GM and GM contacted me. It’s a substantial amount. Otherwise, I wouldn’t have done it.”
He said Arroway Chevrolet has been very profitable, but selling it will allow him to focus more attention on two dealerships he acquired in the past few years. Just up the street on Bedford Road he operates Arroway Ford and Arroway Chrysler-Dodge-Jeep-Ram.
Technically, 80 Arroway employees will lose their jobs on Nov. 7. But Roberti said he will take a few of his managers to the other dealerships and he expects the buyer to rehire the rest on the same day. Anyone the new owner doesn’t employ, Roberti will hire.
“So there will be no loss of jobs.”
Roberti described himself as a car addict. He houses a collection in an 11-car garage at home.
One of his cars, a 1955 Corvette, was to be driven today by Gov. Andrew Cuomo as the first car to cross the new Tappan Zee Bridge, now known as the Gov. Mario M. Cuomo Bridge.