Baxter Auto, Martin Management and AutoNation among Q1, Q2 dealership buyers

Written by:
Automotive News
June 16, 2023

Three auto retailers ranked on ' top 150 dealership groups list completed first- and second-quarter acquisitions, while a regional group bolstered its presence in Ohio in February.

Three of the largest auto dealerships in the country, including a publicly traded retailer, expanded their footprints with first- and second-quarter acquisitions, while a regional group bolstered its presence in Ohio in February.

Here's a look at the deals involving luxury, import and domestic dealerships in Kansas, Ohio and California.

Three transactions involved auto retailers ranked on—Automotive News'—list of the top 150 dealership groups.

Baxter Auto buys Audi store

Baxter Auto Group bolstered its presence in Kansas with the purchase of a luxury dealership from another large auto retailer last month.

Baxter Auto, of Omaha, Neb., on May 8 bought Audi Shawnee Mission in Merriam, Kan., southwest of Kansas City, from Holman Inc. Holman originally acquired the Audi store—when it bought Kuni Automotive—in 2016.

The dealership's name remains, Baxter Auto confirmed. The group now has two Audi dealerships in its portfolio, the company said.

It marks Baxter Auto's first acquisition—since it bought a Toyota store in Colorado—from Asbury Automotive Group Inc. in March 2022, the company confirmed. In October, Baxter Auto—sold four Stellantis dealerships.

Baxter Auto ranks No. 33 on—Automotive News' list of the top 150 dealership groups based in the U.S., retailing 21,889 new vehicles in 2022. Holman, of Mount Laurel, N.J., ranks No. 26 on that list with sales of 23,902 new vehicles in 2022.

Kerrigan Advisors, a sell-side firm in Incline Village, Nev., represented Holman in the Kansas transaction.

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About Kerrigan Advisors

Kerrigan Advisors is the premier sell-side advisor and thought partner to auto dealers nationwide. The firm advises the industry's leading dealership groups, enhancing value through the lifecycle of growing, operating and, when the time is right, selling their businesses. Kerrigan Advisors has represented some of auto retail's largest transactions and advised more of the largest dealership groups in the US than any other buy/sell firm in the industry. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, the firm does not take listings, rather they develop a customized approach for each client to achieve their personal and financial goals. In addition to Kerrigan Advisors' sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.

Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report®, which includes Kerrigan Advisors' signature blue sky charts, multiples, and analysis for each franchise in the luxury and non-luxury segments.—To download a preview of the report, click here.—The firm also releases monthly The Kerrigan Index™ composed of the seven publicly traded auto retail companies with operations focused on the US market. The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail.—To access The Kerrigan Index™, click here.—To read the—2023 Kerrigan OEM Survey, click here.—Kerrigan Advisors also is the co-author of NADA's Guide to Buying and Selling a Dealership.

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