FLAG Chevrolet in Grayslake to be sold; village incentives will be extended to new owner
The owners of a major car dealership in Grayslake, who received an economic incentive package from village leaders shortly after buying the dealership in 2018, are in the process of selling the company, according to village officials.
FLAG Chevrolet in Grayslake, a dealership at 1000 E. Belvidere Road, is expected to be sold in the coming months, Mayor Rhett Taylor said at a recent village board meeting.
Taylor said FLAG was in the process of being purchased by a company called SKA Motors Grayslake LLC. Associate Village Manager Chris Sparkman said the sale will happen within the next couple of months.
Frank Laskaris, the owner of FLAG, did not return an email Monday requesting information about the sale, and a FLAG representative reached by phone declined to comment.
In 2018, the village board approved a $1 million incentive for FLAG Chevrolet to help fund a renovation and keep the business in Grayslake. The plan had several conditions, all of which FLAG adhered to, according to officials. The conditions included completing a renovation project, maintaining a staff of 75 full-time employees and spending a certain amount of money in advertising.
Last week the village board voted to allow the incentive package to transfer from the old to the new owners when the sale is completed. Taylor said FLAG was three years into the seven-year agreement.
A representative of SKA Motors could not be reached for comment.
There has been a dealership at 1000 E. Belvidere Road since the mid-1990s when Rockenbach Chevrolet, which had operated elsewhere in Grayslake since the 1920s, moved there and became one of the largest dealers in the region, according to village staff. About eight or nine years ago, Rockenbach Chevrolet was purchased by Rock Chevrolet, officials said. FLAG Chevrolet bought the dealership in 2018 a few months before village leaders agreed to the incentive deal.