News Summary
Hendrick Automotive Group has achieved the top ranking on the BNC 125 list, showcasing its growth and significant position within the automotive industry in Charlotte, North Carolina. This year’s list includes diverse businesses, with Hendrick leading the charge, particularly noting a leadership transition with Jeff Brown stepping in as president. The article also highlights the philanthropic efforts of the group and how the business landscape in North Carolina continues to evolve with impressive expansions among various companies.
Charlotte Celebrates Hendrick Automotive Group’s Top Ranking
In the vibrant city of Charlotte, North Carolina, the excitement is palpable as the Hendrick Automotive Group secures the top spot on the annual BNC 125 list, which highlights the state’s largest private companies based on revenue. It’s a fantastic achievement that underscores the company’s growth and significant presence in the automotive industry.
A Closer Look at the BNC 125 List
This year’s list showcases an impressive twenty-five companies that reported at least one billion dollars in revenue over the past year. While Hendrick Automotive Group may be basking in the glory of being number one, there are other notable changes to the lineup. One significant shift is the fall of Leith Cars from the list after being acquired by New Jersey’s Holman in March. This reminds us just how quickly the business landscape can evolve!
Family-Owned Businesses Flourish
It’s fascinating to see that the BNC 125 primarily features closely held or family-owned businesses, with a notable uptick in companies owned by private equity groups. This trend highlights a diverse mix of traditional values and modern investment strategies thriving in North Carolina.
Joining the Ranks of Success
This year’s newcomers to the prestigious list include:
- Victra, a mobile-phone retailer which has substantially grown from a single store to over 1,700 locations in the last twenty years.
- Kimley-Horn, a respected engineering and design firm making waves in the industry.
- National Power, specializing in distributing generators and associated gear.
Leadership Transition at Hendrick Automotive Group
In an interesting turn of events, Jeff Brown took over the reins as president of Hendrick Automotive Group in October, succeeding Greg Gach. With a stellar background, including a tenure as CEO of Ally Financial and being named “Banker of the Year” in 2022, Brown’s experience is sure to usher in an exciting chapter for the company.
Expansions and Community Contributions
With over 11,000 employees spread across 94 dealership locations, 21 collision centers, and four accessory distributor installers in 13 states, it’s clear that Hendrick Automotive Group is a powerhouse! They are not just stopping at cars; they’re also in the process of constructing new facilities in five different cities.
Moreover, the company is making strides in community development, having recently donated approximately 23 acres of land to Central Piedmont Community College for their campus in southeast Mecklenburg County. This philanthropic effort shows their commitment to giving back to the community and supporting education.
Shifts in Other Big Players
While Hendrick Automotive Group is celebrating its success, other companies are also facing twists in their stories. For instance, Epic Games, famous for its franchises like Fortnite and Unreal, managed to secure $1.5 billion in capital from Disney but unfortunately laid off 16% of its workforce, affecting around 800 employees.
On the retail front, the Belk department-store chain has found financial breathing room by reducing its debt by nearly a billion dollars, giving it new controlling interest with its lenders. Meanwhile, Parkdale Mills, the largest consumer of cotton in the U.S., has appointed Charles Heilig as chair of the National Council of Textile Organizations, reinforcing its significance in the textile industry.
Growth and Development Across Various Industries
In the automotive sector, the Anderson Automotive Group has expanded by acquiring seven dealerships in South Carolina, contributing nearly $500 million in revenue. Not to be outdone, Fleet Feet, catering to running enthusiasts, operates 273 stores and has ambitious plans to open 15 new locations this year.
Lastly, companies like Strata Clean Energy, supporting solar and battery storage projects, are also making impressive moves, with new facilities ready to launch in Arizona. National Power has undergone a recapitalization, enhancing service capabilities for generator and battery solutions, while Tencarva Machinery boosts its industrial services through strategic acquisitions.
With the dynamic nature of North Carolina’s business landscape, there’s no telling what the future holds for these companies. The BNC 125 list is not just a snapshot but a promise of growth and innovation that continues to shape the economic fabric of the region.
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