A key source of ultra-luxury vehicles in the Carolinas is now in the hands of the country’s biggest privately owned auto group.

Hickory, N.C.-based Paramount Automotive sold its Foreign Cars Italia stores in Charlotte and Greensboro to Charlotte-based Hendrick Automotive Group.

The stores, which comprise the Carolinas’ only Ferrari franchises, plus Alfa Romeo, Aston Martin, Bentley, Maserati and Porsche stores, have been in Paramount’s hands since 1993.

Paramount owner Benny Yount told his broker for the sale, Kerrigan Advisors, that he “felt it was time to find the next owner for the marquis brands.”

“Having had a relationship with Mr. Hendrick as a customer for many years, it made a lot of sense for him to pass the baton, if you will, to a legacy in the car business,” said firm founder and Managing Director Erin Kerrigan.

Yount, who became enamored of cars as a teenager in the 1960s and worked a high school job at Paramount, will continue to operate eight dealerships and a classic-car store across Hickory, Asheville and Valdese in North Carolina’s Piedmont and mountains. His remaining franchised brands include Ford, Genesis, Hyundai, Kia, Volkswagen and Volvo.

“We have a lot of respect for the Hendrick organization and Rick Hendrick personally, a long-time customer and a good friend. We could not be more pleased to know that our luxury business will be shepherded by Hendrick Automotive Group,” Yount said in a press release on the sale.

Hendrick Automotive operates more than 100 dealerships across the country.

Both Yount and Hendrick Chairman and CEO Rick Hendrick started out in the business selling used cars from a small lot.

“Benny and his family have built something special, and it’s incredibly meaningful that they’ve entrusted us to carry it forward,” Hendrick said. “It’s a privilege to represent these world-class brands and welcome talented new teammates to our organization.”

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