Exton-based Legacy Automotive Capital has raised $500 million in equity and plans to capitalize on the car dealership industry by buying and leasing dealerships back to their former owners, writes Natalie Kostelni for the Philadelphia Business Journal. 

Legacy Automotive’s CEO, T.J. Doyle, was a former executive with Preferred Real Estate Investments, Preferred Sands Inc., and other ventures. He wanted to return to real estate investment and took interest in automotive transactions. 

“I now look at dealerships as industrial outdoor storage for new and used autos with a service center cloaked in this retail façade, which is the customer acquisition point,” said Doyle. 

Legacy Automotive plans to provide funds to car dealership owners who are seeking to sell their property. The company wants to invest its $500 million over the next three years by purchasing new dealerships across the country, with a goal of having $1.5 billion in assets under management by 2027. 

“Our strategy is to aggregate a portfolio and sell,” he said. 

Read more about Legacy Automotive Capital in the Philadelphia Business Journal.