Local Auto Dealer Confirms Equity Ownership in New BMW Franchise

MINNEAPOLIS, Dec. 21, 2007 -- Peter Hasselquist, a local automotive dealer and former dealer principal and general manager of Motorwerks BMW in Bloomington, today formally announced that he is in the process of forming a limited liability company with the Carl R. Pohlad family to finalize the purchase of a BMW franchise from Sears Imported Autos, Inc. Hasselquist will have equity ownership in the new franchise and will serve as general manager of the new dealership.

"I'm excited to partner with the Pohlad family to purchase the Sears BMW franchise, a franchise that has a strong presence in the Twin Cities market," said Hasselquist. "Without question, the Pohlads bring decades of business savvy and success to the table as well as proven brand and franchise expertise. Together, I have no doubt that we can create one of the most successful BMW dealerships in the city, the state, and, likely, the country."

According to Hasselquist, he and the Pohlads are in the process of finalizing the purchase agreement with Sears Imported Autos. Terms of the deal, which is expected to close in the spring of 2008, are not being disclosed. However, the Pohlads and Hasselquist do plan to construct a new state-of-the-art BMW dealership in the west metro upon closing.

"The purchase of the BMW franchise from Sears Imported Autos was an opportunity we simply didn't want to pass up, " said Bob Pohlad, Carl Pohlad's son and an active investor in the Sears BMW franchise. "Getting Peter involved in the purchase from the ground up and keeping him involved in running the franchise was simply smart business. He's highly motivated and has proven he can take the BMW brand to new heights."

Pohlad and Hasselquist both confirmed that together they will pursue additional automotive franchise opportunities beyond the Sears BMW franchise. "Moving forward with the purchase of this BMW franchise is just the beginning of what I hope will be a long and successful career of purchasing and growing automotive dealerships throughout the metro area," said Hasselquist.

Hasselquist has 10 years of automotive and franchise experience for such brands as BMW, Lincoln Mercury, Nissan, and Chrysler. The Pohlad family is well recognized for its ability to invest in and successfully grow platform businesses, including Marquette Banks, Pepsi franchises, and the Minnesota Twins.