NEW ORLEANS – Well-known New Orleans businessman, Ray Brandt, has passed away at 72.

The Advocate reports Brandt was known for building a network of auto dealerships in the area and for spearheading a number of philanthropic endeavors.

His family announced his death on Friday morning, saying, "It is with great sadness that our family says goodbye to Ray Brandt, a man who was loved by many and cherished his family and the friendships he fostered over his well lived life."

The family also advised that funeral arrangements will be announced at a later date and time.