Investment group buys Lipscomb Auto

On Sept. 18, President Gary Lipscomb, 76, announced his plans to retire and sell his dealership at 3145 S. Campbell to an investment group from northwest Arkansas. The sale is expected to close by Dec. 1 pending approval from the company’s car brands – Mitsubishi, Suzuki, Porsche and Volkswagen.

“I just finally made the decision that the time had come for me to retire and smell the roses, before it’s too late for my wife and I,” Lipscomb said.

He plans to spend his retirement with two of his children – Charles and David – who live in Springfield and traveling to Toledo, Ohio, and Las Vegas to visit his two other children and grandchildren.

William Farmer, representing the investment group, has taken over as acting general manager and will be the general manager when the sale is complete. He is the only group member who will move to Springfield.

Neither Lipscomb nor Farmer would disclose a sale price.

Farmer said he doesn’t plan to make any personnel changes, but he does anticipate changing the auto group’s name, though the new name has not been chosen. Farmer also said some facility improvements will be made – including the separation of the Volkswagen and Mitsubishi showrooms.

“And, it’s possible we’ll seek some other similar brands in the future,” he said.

The investment group, which Farmer says is “relatively small,” has acquired two other dealerships in Arkansas and Mississippi. Farmer has 30 years of management experience.

Lipscomb said he had been considering retirement for about a year before moving ahead with the sale. He’s confident Farmer will make a smooth transition, he said.

Lipscomb started the Springfield business in 1993 after operating Branson Ford, Mercury, Chrysler and Plymouth for seven years. Before that, he was a certified public accountant for 25 years while serving as a partner with local automotive veterans Dwight Legan and Phil Church.

Earlier this year, Lipscomb purchased the Volkswagen dealership from Youngblood Nissan-Chrysler-Kia. [[In-content Ad]]