Used Car Dealer Closes Cool Springs Location

The Tennessean reports that one of the largest used-car dealerships in Williamson County has left Cool Springs.

Driver's Way closed Sept. 4, citing lower-than-expected profits. Most of the dealership's 40 employees were laid off. A few were given the option to take positions in Alabama, where Driver's Way is based and two dealerships are located.

"We had some success at this dealership, but it was not what we needed to justify the price for the wonderful piece of property we owned," said Rich Hodges of Driver's Way. "We averaged a little over 1,100 (sales) a year. That was 20 percent shy of what we wanted."

Driver's Way opened on Mallory Lane, across from Wal-Mart, in August 2004. The dealership occupied 11.6 acres owned by Automotive Real Estate, which paid $2.9 million for the property in 2003. The property, including a 29,500-square-foot building, could fetch more than $6.6 million today, according to a recent market assessment.

Located near the corner of Mallory Lane and McEwen Drive, the property is surrounded by new developments, including McEwen Place, a mix of residential, office and commercial buildings under construction, and a tract where car mogul R.C. Alexander plans to move his Alexander Toyota and Alexander Dodge/Chrysler showrooms.