Hyundai and Tesla join Libertyville Mile of Cars, boosting village income
The upcoming opening of two new dealerships will expand the brand’s offering on the Libertyville Mile of Cars, a well-known destination for vehicle buyers along bustling Milwaukee Avenue.
Happy Hyundai was recently given the green light for entrance and construction signs at 1119 S. Milwaukee Ave., a former Mitsubishi dealership that has been vacant for about four years.
The newcomer joins Tesla, who has reassigned the old Gregory Infinity spot immediately south to 1121 S. Milwaukee Ave. Both are expected to open in early October.
“It fills the Mile of Cars,” said Heather Rowe, the village’s economic development manager. “We have added brands to the mix and additional dealers.”
The Mile of Cars is an association currently made up of 12 dealerships representing 17 brands.
“Both of these brands will increase the income of the village,” said Glenn Bockwinkel, Libertyville Lincoln director of operations and the village contact for the Mile of Cars.
Tesla is an industry leader in electric vehicles and Hyundai is a high-volume mass brand, Bockwinkel noted. The pair are expected to attract many buyers not only for cars, but also for other goods and services.
“I think this is really a big deal for the future of auto dealers and Libertyville,” Bockwinkel said.
Vehicle sales as part of the village’s general fund income fell from 71%, or $ 5.7 million, in 2001 to 57%, or about $ 4.5 million, in 2019, according to records. from the village. Revenue from vehicle sales was approximately $ 3.9 million in 2020.
“It’s still the biggest part of our sales tax revenue,” Rowe said.
Sales peaked in the early 2000s and have since adjusted due to a combination of factors, she said, including economic conditions and changes in the auto industry nationally and regionally.
The village’s tax base has also diversified, boosting sales in other categories, according to Rowe.
“Over the past few years, we have seen renewed growth in the automotive category,” she added.
Bockwinkel said there were “not a lot of cars on the grounds at the moment” due to a shortage of computer chips used in vehicles. He doesn’t expect the situation to be completely resolved for about a year.
The Tesla dealership will be the second in Lake County. Other suburban locations include Highland Park, Lisle, Chicago, and Westmont.
Hyundai is currently leasing the property, “but I think they have longer term plans in Libertyville,” Rowe said.