Boulder Hyundai owner sells, enters retirement

BOULDER — Foundation Automotive Corp., a group of nearly two dozen auto dealerships, has acquired Boulder Hyundai from owner Jeff Baca, who is retiring. 

The deal marks Foundation’s eighth dealership in the Denver area, and Boulder Hyundai, now Foundation Boulder Hyundai, will be a part of the company’s Medved Autoplex group.

“I’ve been in the car business for over 45 years, and I’ve very much enjoyed working with the people I have in Boulder,” Baca said in a prepared statement. “ I have the greatest group of people you’ll ever meet; Foundation is inheriting a great team. The Foundation Automotive team is the most professional, prepared group of people I have ever had contact with in my career. They’re down-home nice people who happen to be a big company.”

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Terms of the acquisition were not disclosed.

“Boulder is kind of a unique market. I think there’s an amazing opportunity in the Boulder area, especially the way that the Hyundai brand has been evolving. The quality has improved in the last few years, the technology has gotten better, and its electrification and hybrid technology is off the charts. I think it really fits well with the demographic in Boulder,” Medved managing partner Josh Letsis said in a prepared statement. 

Foundation expects to close on 16 more dealership acquisitions this year, bringing its holdings to 40 such businesses. 

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