Last month, Steve Hatchett told Have You Heard? that he and his Wichita Luxury Collection partners do not have a buyer for their business, nor are they trying to find one.
The talk of a potential buyer hasn’t ended, though. That’s because the company, which has a number of high-end dealerships near the northwest corner of 13th and Greenwich, is in talks about a sale. That doesn’t mean there’s going to be one, though.
“We’re listening to some folks right now, yeah, but that doesn’t mean squat,” Hatchett says.
In the dealership’s last eight years, he says, “We’ve probably had 20 people trying to buy us. Nobody has yet. That gives you a pretty good picture.”
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He says so many people are interested because of the kinds of dealerships the Luxury Collection has: Acura, Audi, BMW, Jaguar, Land Rover, Lexus, Mini, Porsche and Mercedes-Benz brands.
“Those are the ones that are the most sought after,” Hatchett says. “If we had been really hot to trot to sell them, we could have sold them a long time ago.”
Hatchett, who has been in the business for more than four decades, says he’s not eager to sell.
“I spent my whole lifetime building this deal. I’m not just real anxious to not have it anymore.”
He says it always makes sense to listen to offers, though.
“A lot of them are national public companies,” he says. “A lot of them are regional big guys trying to expand.”
A lot of times, Hatchett says, what brokers initially discuss isn’t what’s offered in the end.
“When it gets down to the nitty-gritty, it doesn’t even come close.”
Which is fine, he says.
“We don’t dwell on this at all,” Hatchett says. “We’re building buildings, hiring people and training people. Everybody’s working their tail off.”
He says he doesn’t think a sale will result from any of the current talks.
“Like I said, I’ve been through it 20 times. Hasn’t happened yet.”