Bill Jacobs dealerships in Joliet, Plainfield to be sold
Karen Sorensen | 3/16/2015, 8:41 a.m.
Bill Jacobs Auto Group, with dealerships in Joliet, Plainfield and elsewhere, is being sold to two different dealers, the company announced.
John Crane, co-owner of Hawk Chrysler Dodge in Forest Park, Hawk Ford in Oak Lawn, Hawk Chevrolet in Bridgeview and Golf Mill Ford in Niles, will purchase Bill Jacobs Chevrolet, Cadillac, Mazda and Subaru, Nancy Jacobs announced in a statement issued to employees.
Crane, a Homer Township native, also purchased D'Arcy Volkswagen in Joliet in December.
Scott Falcone, who owns World Hyundai in Matteson and Rock Chevrolet in Grayslake, will buy Bill Jacobs Kia.
Nancy Jacobs took over ownership of the dealership chain in 2009 following the death of her husband, who was 55 when he died of cancer.
"I quickly found myself responsible for running several complex car dealerships with hundreds of employees, dealing with multiple car manufacturers concerned about the dealerships and fighting with lenders demanding repayment on all of the company and personal debt," Jacobs said in her statement, obtained by WJOL-AM.
"Needless to say, it was an overwhelming and exhausting experience."
Jacobs purchased his first dealership in Joliet from his father when he was just 23. In the ensuing three decades, he added BMW, Mini-Cooper, Volkswagen, Land Rover, Cadillac, Mazda, Subaru, Kia and Mitsubishi to his line with dealerships in Plainfield, Joliet, Naperville, Hinsdale and Hoffman Estates
After resolving the company's financial problems, Nancy Jacobs said she was ready to sell but wanted to find buyers who would "preserve the Jacobs legacy."
The sales are now contingent upon the "buy/sell" agreements that have submitted to each of the car manufacturers.
"While these transactions are complicated and take time, both John and Scott are committed to close on these contracts and I am confident they will remain true to their word," Jacobs said. "They have assured me the employees of Bill Jacobs are of utmost importance and recognize your unquestionable value."
Contact Karen Sorensen at Karen@TheTimesWeekly.com.