Bernie Moreno is back in the auto business — at the highest end.
In a telephone call, Moreno on Monday, Aug. 3, said he has bought back a 50% interest in a dealership in North Olmsted that sells the Aston Martin Lagonda, Bentley and Rolls-Royce marques.
Moreno had sold the dealership, along with his North Olmsted Maserati, Mercedes-Benz and Porsche dealership, to Rafih Auto Group of Windsor, Ontario, in March 2019. He now has bought back a half-interest in the dealership selling the three ultra-high-end makes. Specific financial terms of the transaction were not disclosed.
"It was just an opportunity to jump back in and be with the cars I love and get back to dealing with clients," he said. "It will just be me and three people."
Terry Rafih, chairman and CEO of Rafih Auto Group, was not immediately available for comment.
At its peak four years ago, Moreno's group had 15 stores representing 30 brands in four states with $1 billion in sales, according to Automotive News, a sister publication of Crain's Cleveland Business.
Since then, Moreno has been focused on building businesses around blockchain, the digital technology that manages transactions securely. His digital company, Ownum, is developing several products. CHAMPtitles digitizes auto titles and VitalChain turns birth certificates into digital records.
Moreno also is the force behind the annual Blockland Solutions conference, which has run for the last two Decembers at the Huntington Convention Center of Cleveland. He said he's planning for a digital conference this year.
He's also a partner in City Block, a planned center for startup and young businesses at the Avenue at Tower City Center. Bedrock Detroit LLC , the development arm of Cleveland Cavaliers owner Dan Gilbert, will be the developer of the center. Moreno said in the phone call that Bedrock continues to work on the development.
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August 04, 2020 at 06:12AM
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Bernie Moreno gets back in the auto business - Crain's Cleveland Business
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