Frank Kent Motor Co. is throwing in a little extra in April to people who purchase or lease new General Motors and Chrysler cars from the family’s dealerships: Shares of stock in the automakers.
Called “Drive a Piece of America, Own a Piece of America,” customers will receive 10 shares of GM stock with the purchase or lease of a new Cadillac, Chevrolet, Buick, or GMC vehicle; or 30 shares of Fiat Chrysler stock with the purchase or lease of a new Chrysler, Dodge, Jeep or RAM.
Will Churchill and Corrie Watson, the twin siblings who own the dealerships and the great-grandchildren of founder Frank Kent, said they wanted to give back to customers in an unusual way.
“We’re thrilled to be able to share this gift,” Watson said. “Our customers, employees and community are our most valuable assets and we will always invest in them. We stand behind Americans and believe in the strength of the FCA and General Motors brands. As our economy rebounds, we are hopeful that the value of the stocks will increase for the recipients.”
Watson and Churchill also own and operate Fort Brewery, Cadillac Wines and Grease Monkey Rubs, a seasoning line. Last year, they founded Dream Park Fort Worth, a playground for children of all abilities, in the city’s Trinity Park.
The automaker stocks, like the broader market, have been battered by fallout from coronavirus. GM shares closed Wednesday at $19.26 on the New York Stock Exchange, down $1.52 or 7.31%. They’re off 39.33% over the last month from $31.75 on March 2. Shares of Fiat Chrysler closed Wednesday at $6.82 on the NYSE, down 37 cents or 5.14%. They’re off 44.73% over the last month, closing at $12.34 March 2. A Frank Kent spokeswoman said the stock gifts will be from the dealership, with no help from the manufacturers.