“In business, relationships are everything.” — H. Carter Myers III, 2024
By 1924, the automobile was reshaping America. That December, H. Carter Myers, who had co-founded Stockdell-Myers Hardware Co. in 1902, decided to expand his business horizons by opening a Ford dealership: Petersburg Motor Co. (PMC). It was the start of a journey—which has spanned generations, states and brands—and is now known as Carter Myers Automotive (CMA).
Those early years were tough. The Great Depression hit just a few years after the dealership opened. Money was scarce. But Myers' sister, Elizabeth P. Myers, was a successful Northwestern Insurance representative in New York City and understood her brother's need for cash to keep the business viable. So Elizabeth began buying shares of stock in the company.
Then in 1933, H. Carter Myers Jr., a graduate of the University of Virginia Commerce School, took a leave of absence from General Electric to help the family business. But Carter Jr. had been home only about a year when his father died in October 1934. A few weeks later, at the age of 26, Carter Jr. was elected president.
By 1937, Elizabeth owned 75% of PMC. With two other women—Mary Gee Myers (H. Carter Jr.’s wife) and Mrs. Gabriella Gilbert (a Petersburg resident)—the female-owned stock shares totaled 92.5% of the company. The other shares were held by H. Carter Myers Jr. and his uncles, John C. Myers and Douglas Gee Myers. This cash infusion, along with the family’s determination, kept PMC going.
While World War II brought its own set of challenges, the family expanded operations, navigating the postwar boom and the burgeoning car culture that swept America.
Adding Dealerships and Innovation
By the 1960s, the third generation of the family was stepping into leadership. H. Carter Myers III graduated from the University of Virginia in 1965 and joined the family business. In 1974, he became president.
Carter III brought a vision for the future that extended beyond cars. In 1979, he and the board launched one of the earliest Employee Stock Ownership Plans (ESOPs) in the dealership world. The decision was radical. It meant that CMA employees would become partial owners of the business, investing in the company and sharing in its prosperity. This model would become a cornerstone of CMA's identity and growth (employees now own some 26% of the company).
Throughout the 1980s and 1990s, CMA diversified and expanded. New franchises—Honda, Chevrolet, Nissan, Cadillac and Mitsubishi—joined the fold. The company launched AutoLease and AutoRent, reaching customers in new ways and staying ahead of market trends.
Carter III's leadership earned national recognition. In 1995, he became president of the Virginia Automobile Dealers Association and in 2002, chairman of the National Automobile Dealers Association. He was named the 2011 TIME Magazine’s Virginia Dealer of the Year and has received a Lifetime Achievement Award from the American International Automobile Dealer Association.
Dynamic Duo
While Carter III was building the company’s national profile, a fourth-generation leader was preparing to carry the legacy forward. Daughter Liza Myers Borches had grown up around the business but initially carved her own path. She worked as a district sales manager at American Honda before returning to CMA in 2003. With her return, a new era began.
Digitally savvy and community focused, Borches began as president and general manager of CMA’s Volvo Cars of Charlottesville in 2004. With her father, she helped steer the company through challenging times, including the 2008 recession when CMA stood firm and refused to sell off operations. By 2011, Borches was president of CMA itself, and in 2012, she became CEO.
During the 2010s, CMA expanded in the Richmond market with new stores like Colonial Kia and Colonial Subaru while entering new markets—Staunton and Williamsburg.
In 2021, the company made its largest acquisition to date, absorbing the Miller Auto Group and adding five dealerships in Winchester, Va., and Martinsburg, W.Va. Nearly 250 new employees joined the team, expanding CMA’s footprint to more than 20 stores and 1,200 associates across three states.
All About People
Also in 2021, Borches launched the "Real Relationship" campaign, reinforcing how human interactions differentiate CMA from online-only car retailers. The campaign reflected CMA’s belief that technology should enhance—not replace—the personal experience of buying and servicing a car.
This culture of strong customer service remains at the forefront. So does community involvement: From pediatric cancer fundraisers to rooftop solar panel installations, CMA continues to lead with its strong values. Borches herself has served in leadership roles with United Way and the UVA Children’s Hospital, and she co-founded Women United in Philanthropy.
“Through every decade, every economic shift and every leadership transition, one thing has remained constant: our commitment to people—our customers, employees and community,” Liza says. “This is a ‘people’ business, and our mantra is ‘moving lives forward.’”
Today, Carter Myers Automotive operates 24 locations across Virginia, West Virginia and North Carolina, representing 18 vehicle brands. The company remains both family-operated and employee-owned, a rarity in the fast-consolidating automotive retail industry.
(CMA, which celebrated its 100th anniversary at the end of 2024 with a series of events, will be featured in an upcoming NADA Century Award blogpost highlighting this impressive milestone.)
