CLEVELAND, Ohio -- Bernie Moreno is gradually disassembling his car dealership empire to focus on his blockchain-based tech company, Ownum.
The car mogul sold seven car dealership franchises last week, leaving two locations to his name. He sold off his Volkswagen and Nissan dealerships in Streetsboro at the end of 2017 and a flurry of other locations, including those in Massachusetts and Kentucky, before that.
Moreno owned 15 dealerships in 2016, according to Automotive News. He told the publication in 2017 that he was selling the dealerships so he could focus on luxury brands instead of volume brands.
But Moreno is selling his car dealerships now so he can dedicate himself to growing Ownum, his recently-launched Cleveland blockchain technology company, he told cleveland.com on Thursday.
Ownum just announced its first product, CHAMPTitles, which will sell digital car titling products. His goal is to be in all 50 states in the next two years.
“I could do one or the other, not both,” Moreno said in a phone interview Thursday.
Moreno is a well-known advocate of blockchain technology, a digital hyperledger system used for recording transaction. The technology is still in early stages of adoption, but Moreno launched an effort last year called “Blockland” to try and make Cleveland a blockchain technology hub.
He founded Ownum and started Blockland last spring.
The sale on seven franchises, including those in North Olmsted, closed last Friday. The dealerships will go to Rafih Auto Group, based in Windsor, Canada, for an undisclosed amount. The group currently owns more than 15 locations in Canada.
Helder Rosa, who Moreno brought with him to Cleveland from Boston, will continue to manage the North Olmsted locations.
The two remaining locations are in Beachwood and Coral Gables, Florida. Moreno does not have plans to sell those dealerships yet and said he wants to keep some connection to the car business.