Print
Retail

Longtime Car Dealer Bruce Cavenaugh Sells Market St. Property, Retires

By Cece Nunn, posted Apr 29, 2021
DriveTime will replace Bruce Cavenaugh's Automart on Market Street in Wilmington. (Photo by Cece Nunn)

Longtime Wilmington car dealer Bruce Cavenaugh recently sold his Market Street property to national firm DriveTime and is retiring from the business.

Cavenaugh, a Wilmington native who will be 70 in August, started selling cars in the Port City in 1973, he said, starting his own business in 1990.

In the midst of the Great Recession, Cavenaugh shut down his dealership for six months in 2009 before reopening.

Of his time leading Bruce Cavenaugh’s AutoMart, 6321 Market St., Cavenaugh said, “I just enjoyed the people a lot. You get to meet the complete spectrum of people.”

At its peak around 2006, Cavenaugh’s business had 105 employees but was down to just four this week as they prepared the 4,400-square-foot building on the Market Street property for its new owners to take over Friday. All the cars Cavenaugh had have been sold.

“It’s actually the best I’ve ever seen it really,” Cavenaugh said of the current demand for used cars. “The reason is because the manufacturing had to slow down the production of new cars [because of COVID-19]. It was real easy for me to sell all my inventory and get to retire.”

Part of his plan for retirement is to play golf and travel.

“My wife [Alice] and I have been married 49 years, and we plan on traveling some,” he said.

DriveTime, a used car seller based in Arizona, is expected to add 11,000 square feet to the existing building at 6321 Market St., said Kevin Jankunas, director of real estate for DriveTime, which has 127 dealerships across the U.S.

Company officials are looking at a potential August or September opening

DriveTime bought the property from the Cavenaughs on April 19 for $2.3 million, according to property tax records.

Peter Vinal of Wilmington-based Vinal Realty represented the Cavenaughs in the transaction while Jake Brewer of SmartSite Commercial Real Estate out of Knoxville, Tennessee, represented DriveTime.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Mel profilephoto

Influencer Marketing: Tap Into Your Audience On A Budget

Mel Beasley - Wide Open Tech
Mikestonestreetcropped 862150530

Community Member Filing Bankruptcy? Here’s What HOA Boards Should Know.

Mike Stonestreet - CAMS (Community Association Management Services)
Jeremytomlinson enfuse headshot

Defend And Invest You Technology Strategy For 2022

Jeremy Tomlinson - Enfuse Technology Solutions

Trending News

Ice Storm Expected To Cause Power Outages

Scott Nunn - Jan 20, 2022

Monteith Construction Announces New CEO

Staff Reports - Jan 20, 2022

Officials: Ice Storm Delayed But Still On Way

Scott Nunn - Jan 21, 2022

Finalists Announced For Commercial Real Estate Awards

Staff Reports - Jan 21, 2022

Cugino Forno To Open In Soda Pop District

Scott Nunn - Jan 19, 2022

In The Current Issue

Meet The Region's On-call Utility Engineer

One man and one team are behind nearly every major public water and sewer infrastructure project in the Cape Fear region....


Info Junkie: Kimberly Lupo

The founder and CEO of Portrett Pharmaceuticals, Kimberly Lupo, shares her top tech and info picks....


App Enhances Guest Interactions

After taking a personal trip that included a stay at a hotel, Jose Quiros was surprised to find that the hotel industry was still using trad...

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100