Bob Althoff has sold a majority ownership in his three Columbus, Ohio A.D. Farrow Co. Harley-Davidson stores to Ricart Automotive - owner of 67 acres of new and used car inventory with Ford, Genesis, Hyundai, Kia, Mazda, Mitsubishi and Nissan franchises.
Established in 1912, A.D. Farrow is America's oldest Harley dealership and has been owned by Althoff for 18 years - it is reported that he will keep minority ownership "until he's ready to give the remaining shares to Ricart" and will stay on as a partner.
The A.D. Farrow name will be retained, but the stores re-branded as "A.D. Farrow powered by #1 Ricart."
Ricart and Althoff confirmed that the two sides had been discussing a deal for more than a year. "My kids aren't in the business," Althoff is quoted as saying "and I can't live forever, but family can. That's the A.D. Farrow name, the Ricart name. I could have brought this to the national market, but I needed to hand this off to better, strong hands. They're going to do just fine."
|Bob Althoff had owned A.D. Farrow, America's oldest Harley dealership, for 18 years and will retain a minority stake and remain as a partner|
The deal includes the operating company consisting of the three stores and real estate at NorthStar in Sunbury. The Centennial Park dealership in Pataskala will be relocated to a nearly 3-acre site owned by a Ricart affiliate.
"Harley-Davidson is a brand our family is passionate about," President Rick Ricart said in an interview. "This is an opportunity for us to diversify." This will be Ricart's first expansion away from the Ricart Automotive 'Mega Mall' in Columbus, OH, in 10 years.
"We're beyond thrilled to be growing the Ricart brand with A.D. Farrow Co. Harley-Davidson. Harley is one of the oldest and strongest brands in our country, and the Ricart family have been avid Harley-Davidson riders for years. We're excited to get to know the A.D. Farrow employees and their families and to take on the next chapter of this historic brand."
"I have known and admired the Ricart organization all my life," said Althoff. "The family have been Harley riders for years, and I couldn't imagine better stewards of this legacy business in the decades to come. Their passion for motorcycles and the people who ride them convinced me that they will dominate the Harley-Davidson dealer ranks as they have the Ford ranks."