GoDaddy billionaire Bob Parsons followed suit, receiving an $8 million loan in April, but returning it to the government one month later. Saban is a partner in Dream Motor Group, which is run by CEO Joe Agresti. Dream Motor Group currently owns five Mercedes-Benz dealerships in Texas, Tennessee, Alabama and Louisiana and one Infiniti dealership in Hoover, Alabama, all of which are run by Agresti. Alabama head coach Nick Saban was asked about his favorite car. “I’m proud of the way we handled it,” Agresti says. The expert estimated that the group sells about 10,000 cars a year at an average price of $70,000. His average contract value is $9.4 million annually. Which brings us to Nick Saban. A Connecticut. Sure enough, outside of sports, he’s built up a successful business operating car dealerships. Saban did not reply to a request for comment.

Not surprisingly, Saban is far from the only one connected to the sport to benefit from the PPP program. This week, the United State Small Business Administration, which oversees the PPP, released data on the companies that applied for and received loans through the program. These are typically businesses that urgently need the money for payroll, rent and utilities, among other things. There were a few lulls throughout the game (…). The Irondale, Alabama, dealership received between $2 million to $5 million, according to SBA data. For the past few months, he has sold masks to sports teams, state governments, retailers and hospitals. By: Clint Lamb, Alabama moved to 6-0 on Saturday night in a 41-0 blowout against the Mississippi State Bulldogs. game against the Mississippi State Bulldogs at Davis Wade Stadium in Starkville, Mississippi. I cover all things related to careers, jobs and the workplace.

Before receiving the PPP loans, Agresti says he decided to transition his dealerships into selling masks to counter the dip in car sales. And, according to Forbes.com, Dream Motor Group received between $5 million and $11 in PPP loans the past few months. Welcome to Roll Tide Wire's European Union Experience. That year, the existing Birmingham, Alabama Mercedes dealership, Crown Mercedes-Benz, sued Mercedes-Benz USA to stop Saban’s new dealership from opening, claiming that it violated its franchise agreement. Several public companies, such as Shake Shack and Ruth’s Hospitality group, operator of Ruth’s Chris Steak House, returned their PPP loans in April. Before getting all bent out of shape, there’s more nuance to the story. Before joining Forbes, I reported for the Hartford Courant and the New Haven Register, covering breaking and local news. Agresti adds he hasn’t taken a salary since March. In May, Parsons told Forbes, “There’s many other businesses that needed it more than we do, so we felt like it was only right to give it back.”. In response to the coronavirus pandemic, the Paycheck Protection Program (PPP) has doled out in the neighborhood of five million loans to small businesses. You may opt-out by. There are multiple partners in this thing,” Agresti says of his company’s decision to take the loan. After months of secrecy, the SBA and the U.S. Treasury Department announced on June 19 that they would disclose the names of businesses that received PPP loans between $150,000 and $10 million—accounting for nearly 75% of the loan dollars approved. “We will let the good Lord tell us what to do in the end,” he says. He says the company has also donated 200,000 masks to local firefighters and police officers in the towns in which they operate. Agresti says that the loan money was used only for payroll purposes, and that it kept his and Saban’s 480 workers employed. Saban owns stakes in four out of the six dealerships — the Mercedes dealers in Nashville, Tennessee; Irondale, Alabama and Hoover, Alabama, as well as in the Hoover Infiniti dealership, Agresti says. Agresti would not confirm Saban’s exact stake in the dealerships but says Saban is a part owner. His response? Before joining Forbes, I reported for the Hartford Courant and the New Haven Register, covering breaking and local news. Saban, of course, has done quite well financially as a football coach. Saban doesn’t take a salary but instead receives a percentage of profits, Agresti explains. He told Forbes in 2008 that growing up, “I figured I would run a car dealership, that it was better to sell cars than to fix them up.”. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.

Agresti says that the loan money was used only for payroll purposes, and that it kept his and Saban’s 480 workers employed. Agresti adds he hasn’t taken a salary since March. In 2019, Saban’s $8.7 million salary was second in the country behind only the $9.3 million pulled in by Clemson’s Dabo Swinney. The Alabama head coach is part-owner of a string of car dealerships located in four states throughout the Southern U.S. called the Dream Motor Group. Both Saban and Agresti were subpoenaed, but the suit was ultimately settled out of court a year later. Alabama Basketball non-conference schedule released, WATCH: Tua Tagovailoa talks about Kyler Murray ahead of Week 9 matchup vs. Cardinals, Latest CBS 2021 NFL mock draft predicts 7 Alabama players in first round, Mac Jones now favorite to win Heisman on BetMGM, Marlon Humphrey confirms positive COVID test, WATCH: Damien Harris scores first career NFL TD, WATCH: Tua Tagovailoa throws first career NFL touchdown, Alabama continues to remain at No.