Union Park Automotive Group was founded in 1955 as a single dealership in Wilmington, Delaware. World War II had increased consumer demand for automobiles and dealers like Anthony Ursomarso were rising to the occasion. The subsequent move of major corporations to Wilmington enabled his continued success and expansion to six dealerships. Today, Union Park employs 165 people across 10 acres of land.
Frank Ursomarso, Sr. left a successful political career in Washington, D.C., to run the family business after his father passed. In 2007, he decided to reevaluate Union Park’s 50-year banking relationship. He saw difficult times ahead and wanted a bank he could trust to see them through. Bank of America joined and won the competition. “I concluded the company was going in the right direction,” said Ursomarso. “I talked to a lot of auto dealers who were also clients and they were extremely happy. To me, that was the most important thing.”
Also factoring into Ursomarso’s decision were Bank of America’s advanced computer systems and client relationship manager, Tim Redmond. He trusted Redmond’s ability to manage the partnership, which includes mortgages on dealerships, loans for car inventory, and other business operational needs. The two recently discussed a piece of real estate Ursomarso’s interested in buying with financial support from the bank. “We consider Tim to be part of our management team, our operating team,” said Ursomarso.
Union Park’s relationship with the bank goes beyond business to bettering their community. Ursomarso sits on Bank of America’s philanthropic committee, which directs support to Wilmington nonprofits. His company also supports a local organization that serves the elderly poor. It’s this commitment to community that earned Union Park the recent designation of Delaware Family Business of the Year.
The connection between Union Park and Bank of America is as strong as ever. Ursomarso knows he can count on Redmond to answer his calls and quarterback the solution to any issues he encounters. He also likes to refer Redmond to other auto dealers and, he jokes, “see if he can close them.”