Mike Jorgensen and Thom Buckley announced Monday afternoon they have acquired all stock in the Red Noland Automotive Group. The company owns and operates multiple Colorado Springs dealerships, including Cadillac, Infiniti, Jaguar and Land Rover.
In a separate transaction, Jorgenson and Buckley also acquired the company’s
buildings and real estate, including a collision center and a pre-owned sales center.
“Thom and I acquired some stock in the company back in 1999,” said Jorgensen, “and became junior partners with Red. About a year ago, Red told us he was ready to go ahead and sell, so we’ve been putting this together ever since.”
Jorgensen and Buckley will continue to lead the company’s operations.
“Nothing will change,” said Jorgensen. “The name will stay the same, and our company philosophy won’t change.”
Jorgensen characterized the price as “substantial,” but emphasized that he and Buckley are the sole equity partners.
“I hate to say it’ll be business as usual,” said Jorgensen with a smile. “With the kind of debt we’re taking on, Thom and I will be working even harder.”
Red Noland Cadillac, the company’s first dealership, was formed when Noland purchased the assets of Silver State Cadillac in February, 1974, exactly 40 years ago.
“It was right after Red bought the dealership that we had the gas moratorium in Colorado Springs, and the economy just came to a halt,” Jorgensen said. “And there was the gas crisis (nationally) and you remember what Cadillacs looked like in 1974 – they weren’t exactly fuel efficient.
“Somehow Red got through it. I know that it was important to Red that the company remain in local hands, and we’re extremely pleased with the deal – it’s our vote of confidence in our community,” Jorgensen said.