Ken Schnitzer, the founder and chairman of Park Place Dealerships, has decided to sell all but two of his dealerships, according to a Park Place news release. The dealerships will be sold to Asbury Automotive Group, with the sale expected to be finalized in March. Schnitzer cited spending time with his family and friends and exploring new opportunities as his reason for selling the 14 dealerships, according to the release.

As a result, the Park Place brand and the following dealerships will be under the Asbury Automotive Group's ownership: Lexus Plano and Lexus Grapevine, Jaguar/Land Rover DFW and an Austin location currently under construction, Mercedes-Benz stores in Dallas, Fort Worth and Arlington, Porsche Dallas, Volvo, Bentley Dallas, Rolls-Royce Motor Cars Dallas, McLaren Dallas, and Maserati Dallas. Park Place BodyWerks in Dallas and Fort Worth are also included in the sale.

Schnitzer will maintain ownership of the Mercedes-Benz and Porsche dealerships in Grapevine, as well as a body shop there, the news release said.
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