Porsche Of North Houston
As you may already know, Porsche of North Houston was recently purchased by indiGO Classic Cars. We're incredibly excited about our new ownership! Here is a recent press release detailing the whole story behind the purchase. Todd Blue, Founder of indiGO Classic Cars, recently announced his company鈥檚 purchase of the award-winning Porsche of North Houston automotive dealership located at 18111 North Freeway in Houston, Texas. Blue, a native of Louisville, Kentucky, who is also CEO of Cobalt Ventures LLC, will serve as Dealer Principal. The transaction, which was completed on January 15th, 2010, commences Blue鈥檚 life-long goal to own premier automotive franchises. Blue, who at the age of nine persuaded his father to buy the family鈥檚 first Porsche, has been an avid vintage and exotic car aficionado, as well as an automotive industry-student, for the majority of his life. Throughout his childhood, he was a devoted reader of Car and Driver and Road & Track Magazine and at the age of eighteen began his subscription to Automotive News.
In 1989 as a sophomore in the business school at George Washington University, Blue鈥檚 Entrepreneurship class was given an assignment to open any business of their choice as part of a class project. He chose 鈥淗ow to Open an Infiniti Dealership.鈥?The project received an 鈥淎鈥? which Blue says light-heartedly was one of his few 鈥淎鈥檚鈥?in college. Blue鈥檚 college internships focused on the financial side of the automotive industry. While working at Liberty National Bank in Louisville, Kentucky (now Chase Bank) in its Floor Plan department for two summers, Blue was responsible for auditing local car dealerships on behalf of the bank. After earning his business degree from GWU in 1992, Blue went to Chicago to work in the metals trading business. He had a large amount of exposure to steel mills and automotive stamping plants during this time which allowed for a different connection to the automobile industry. In 1994, he joined the sales department of Louisville Scrap Material Company, which was his family鈥檚 metal business, where he bought scrap from automotive assembly plants including Ford, Budd, General Motors, Tower Automotive and Toyota.
Blue traveled to foreign countries, such as Japan, to buy and sell metals, to and from the automotive business. In 1998, Blue and his family sold the business to utility company Progress Energy. At that time Blue, along with his brother Jon, Co-Founded Cobalt Ventures. Cobalt has made strategic investments in real estate, financial services, life insurance, restaurants, phone directories, event promotions and classic cars as well as many other industries. 鈥淢y original focus was to revitalize downtown Louisville (Kentucky). We focused our efforts on urban lofts, condominiums, retail locations, parking facilities, and office space,鈥?Blue said. In 2001, Blue met an automotive industry consultant and began evaluating car dealerships available for purchase. It was around that same time that Blue鈥檚 friendship with one of the top car collectors in the world started. At first, he accompanied his friend as a spectator to some of the largest vintage and collector events in the world, including The Pebble Beach Concours d鈥橢legance. Soon Blue was purchasing and selling vehicles in the United States and abroad. In 2007, Blue鈥檚 鈥榟obby鈥?became a legal entity, indiGO Classic Cars.
Buying and selling vintage collectable cars had become a big focus for his company. 鈥淚鈥檝e met some of the most wonderful and fascinating people in the world in this business. This was the perfect way for me to express my passion for historic European sports cars,鈥?Blue stated. 2 Million Dollars plus. Porsche of North Houston was the first dealership Blue鈥檚 automotive consultant recommended he proceed with purchasing after nine years of evaluations in Blue鈥檚 search for the right franchise. According to Blue, 鈥淲e knew this was the perfect opportunity for us. Houston is a great town and tier one market, with a pro-business attitude and wonderful (car) people. Porsche is one of the world鈥檚 greatest brands and we jumped at the opportunity to be their partner in Houston. We have a terrific and convenient location. This single point Porsche store gives us an opportunity to focus on our entry into franchised automotive business.