Lake Michigan Credit Union Sells Auto Center
The $3.3 billion Lake Michigan Credit Union has sold its Hudsonville Auto Center.
The Grand Rapids, Mich.-based cooperative confirmed with CU Times Wednesday that the center was sold to Todd Wenzel dealership group, also headquartered in Grand Rapids.
The Todd Wenzel dealership was originally intended as a retail outlet for the credit union’s lease vehicle returns, said Sandy Jelinski, CEO of Lake Michigan CU, in a statement provided to CU Times Thursday. The credit union's Hudsonville Auto Center opened in 2005.
“Now that we’re no longer as focused on leasing, we felt this business segment would be better served by those who specialize in automobile retail sales,” Jelinski said. “Partnering with Todd Wenzel Automotive has been a pleasure and we wish them the best of success going forward.”
The dealership in Hudsonville, Mich., will have an inventory of more than 400 pre-owned vehicles when it opens Oct. 1.
The store, currently operated as Lake Michigan Auto Center, will be remodeled and updated, according to the credit union.
The dealership will add about 20 new jobs and include a car wash that will be open to the public. Many of the staff will stay on with LMCU and others have found employment with Todd Wenzel, according to LMCU.
“I was delighted to partner with LMCU in this transaction,” said Wenzel in a statement. “They were very professional. We enjoy a fantastic relationship and look forward to having them as our neighbor at their branch next door.”