The deal is the second big acquisition completed so far this year for the nation's largest new-vehicle retailer.
Lou Cohen, president of Priority 1 Automotive of Towson, Md., confirmed the closing to Automotive News.
AutoNation previously said the acquisition, which includes three collision centers, will add $420 million in annual revenue. It comes in a region where the nation's largest new-vehicle retailer has several stores.
This transaction of luxury dealerships marks AutoNation's second large dealership purchase of the year. To date, AutoNation has acquired 20 dealerships in 2021. In September, AutoNation closed on the acquisition of 11 dealerships in South Carolina and Georgia from Peacock Automotive Group.
Three Priority 1 stores were renamed: AutoNation Acura Hunt Valley, AutoNation Cadillac Hunt Valley and Mini of Towson. The other six — Audi Ownings Mills, BMW of Bel Air, BMW of Rockville, BMW of Towson, Jaguar-Land Rover Hunt Valley and Porsche Towson — retain their names.
Kerrigan Advisors, a sell-side firm in Irvine, Calif., represented Priority 1 in the transaction.
AutoNation, of Fort Lauderdale, Fla., ranks No. 1 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 249,654 new vehicles in 2020.
Kerrigan Advisors is honored to work with auto retailers throughout the US to enhance the value of their enterprise. Learn more about our services below:
Customized and confidential sell-side services for higher value dealerships and dealership groups nationwide, with a proven record of achieving the highest sale price per transaction of any firm in the industry.
Capital raising and partnership structuring for growing dealership groups, supported by the largest investor database in the industry.
If you are a buyer in today’s market, Kerrigan Advisors welcomes the opportunity to learn about your acquisition criteria and include you in Kerrigan Advisors’ proprietary Buyer Database.
We welcome the chance to learn more about your acquisition criteria so that we can contact you in the event a client matches your investment profile.
Contact us to learn more about Kerrigan Advisors’ client services, or to have a conversation about the buy/sell market. All of our conversations are 100% confidential.