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 wideopentech headshot

5 Essential Tips To Boosting Your Search Engine Rank

Mel Beasley - Wide Open Tech
Jasonpathfinder3

Aligning Your Investments And Your Heart

Jason Wheeler - Pathfinder Wealth Consulting
Connorkeller headshot

Patience Pays Dividends

Connor Keller - Live Oak Private Wealth

Trending News

Biotech Startup Names New CEO

Johanna Cano - May 4, 2021

Bites And Sips At Catawba Brewing In Wilmington

Jessica Maurer - May 5, 2021

NCino Sports Park Perks Include Boosting Economy, Leaders Say

Cece Nunn - May 5, 2021

Driftwood Apartments Under Contract With Cape Fear Collective

Staff Reports - May 4, 2021

Shark Bar And Kitchen Floats New Items For Summer

Jessica Maurer - May 5, 2021

In The Current Issue

Gym App Does Some Of The Lifting

President and founder Albert Steed explained that the app came from years of working in software development while actively engaging in vari...


Tech Firm Tackles Opioid Crisis

One Wilmington startup is leading efforts in the region to help treat the disease by using data and technology....


Vaccination 'passports' Come Into Focus

CastleBranch, the Wilmington-based consumer reporting agency, touts its status as “one of the first companies in the world” to issue a COVID...

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