K. Neal Truck and Bus Center has acquired Powell's Truck & Equipment Inc. of Lynchburg, Va. The acquisition was facilitated by Performance Brokerage Services, North America’s highest volume dealership brokerage firm.
Powell’s Truck & Equipment was founded in 1963 in central Virginia and has been family-owned and operated for three generations. In 2001, Powell’s Truck & Equipment expanded to form Powell’s Idealease, a rental and leasing division. The company is a full-service dealership representing International Trucks and Isuzu.
“We would like to thank the Powell Family for building this company over the last 60 years with an incredible team of talented individuals, strong OEM relationships, and best-in-class customer experience,” says Korey Neal Sr., President of K. Neal Truck and Bus Center. “We are excited to align with a family-based company that shares our values to employees, customers and the community as much as we do.”
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The company says customers can expect an even wider selection of top-tier new and used vehicles, enhanced service capabilities, competitive pricing, and unparalleled customer experience. With this acquisition, Powell’s Truck & Equipment will become a subsidiary of K. Neal Truck and Bus Center, serving medium and heavy-duty commercial truck and bus fleets with six locations throughout Washington, D.C., Maryland, and Virginia.
The same dedicated team will remain under the leadership of Reggie Powell and continue supporting its customers, while investing in the future. By leveraging an expanded market coverage, the business looks to provide additional benefits to employees and customers alike. In Virginia, Powell’s Truck and Equipment will continue to do business with the same name, leadership, and commitment to excellence, the company says.
Over the last five years, Performance Brokerage Services has advised on the sale of over 300 dealerships, making it the highest volume dealership brokerage firm in North America. In 2022, the company consummated 92 transactions, marking a record-breaking year. This transaction was exclusively facilitated by Dan Argiro and Patrick Albero, Senior Partners of the Commercial Truck & Equipment Division for Performance Brokerage Services.
“Since day one, we have worked hard to become a trustworthy advisor to Reggie and it has been an incredible journey. Reggie and his team are steadfast in their belief that customer experience is top priority, and Powell’s has a longstanding reputation of providing quality products and services in their market,” says Argiro.
Albero adds, “I consider it a tremendous honor to have had the opportunity to advise Reggie Powell in the successful sale of Powell’s Truck & Equipment. Our team devoted themselves wholeheartedly to offering steadfast guidance throughout the entire process. Collaborating with Reggie has been truly inspiring, as he demonstrated unwavering commitment to the legacy of his family business. I look forward to witnessing the continued success of Powell’s Truck & Equipment with K. Neal Truck & Bus Center.”
