ExxonMobil Nears End of Its Direct-Served Business
Ken Shriber, managing director of Petroleum Equity Group Ltd., told CSNews Online that "the vast majority of dealers" are taking title to their locations. He represented several dealers and he said those transactions have closed within the past few weeks.
The news comes as one bidder of several of ExxonMobil's other locations in the Garden State prepares to close on a deal in early May. As CSNews Online reported on April 20, ExxonMobil divided its 200-plus sites spread throughout 13 New Jersey counties into four clusters to go out to bid. In compliance with New Jersey law, ExxonMobil's first step in the transaction was to offer eligible dealers a Right of First Refusal and bona fide offer to purchase their sites. Sites not bought by dealers are being sold to the winning bidders -- Group New Jersey II LLC, Lehigh Oil and NJ Energy Corp.
John Sartory, managing director of Petroleum Capital and Real Estate LLC, said his company is representing one of those three winning distributors which won the bid for two of the four clusters.
ExxonMobil began the task of selling all its company- and dealer-owned sites nearly four years ago. New Jersey was the last major market in which the company had a direct-served business. All the locations will continue to offer the Exxon gasoline brand.