IN THE NEWS
Foundation Automotive Corp’s Medved Autoplex Expands into Boulder, CO with Second Hyundai Dealership
BOULDER, Colo.--(BUSINESS WIRE)--Today, Foundation Automotive is pleased to announce the addition of Foundation Boulder Hyundai, the 23rd acquisition for the rapidly growing automotive group. Foundation Boulder Hyundai is Foundation Automotive’s second Hyundai dealership and 8th addition to the Denver market, it will join the Medved Autoplex family.
“We are very excited about our new acquisition to add to our platform in the greater Denver area. Boulder Hyundai was purchased from Jeff Baca, we truly want to continue his legacy. He was a pillar in the community of Boulder as well as an icon among his employees,” said Kevin Kutschinski, Chief Executive Officer and President of Foundation Automotive Corp. “Our relationship with Hyundai has been tremendous as well as our relationship with Hyundai Capital America.” Foundation is continuously looking for further growth and more acquisitions. They are expected to close on another 16 dealerships this year, which would make a grand total of 40 for the booming automotive group.
Josh Letsis, managing partner of Medved Autoplex within Foundation Automotive, is also very excited about adding the Boulder market to Medved’s group of now 5 dealerships. “Boulder is kind of a unique market. I think there’s an amazing opportunity in the Boulder area, especially the way that the Hyundai brand has been evolving. The quality has improved in the last few years, the technology has gotten better, and their electrification and hybrid technology is off the charts. I think it really fits well with the demographic in Boulder,” said Letsis. Foundation Automotive’s first Hyundai dealership was acquired only two months ago and has already seen a tremendous amount of success. The addition of Foundation Boulder will undoubtedly add to that success and fit in well with Foundation Automotive’s community focused business model.
The acquisition process for this deal has been a smooth one. Jeff Baca, prior owner of Boulder Hyundai, is looking forward to retirement with his wife of 36 years, Pam. “I’ve been in the car business for over 45 years and I’ve very much enjoyed working with the people I have in Boulder. I have the greatest group of people you’ll ever meet, Foundation is inheriting a great team. The Foundation Automotive team is the most professional, prepared group of people I have ever had contact with in my career. They’re down-home nice people that happen to be a big company,” said Baca.
Foundation Automotive Corp. is a growing international automotive group with stores in Canada and the United States. Their vision is to be the North American benchmark for top-tier automotive solutions and a company of trust, excellence, and innovation for their customers and employees. Find more information on their website www.foundationauto.com.