Bradenton-based Gettel Automotive has acquired Stadium Toyota in Tampa.
Financial terms of the deal weren’t disclosed. Ranked within the top 10% of Toyota dealerships in the U.S., Stadium Toyota was owned by the Parks and Couey families, according to a statement from Kerrigan Advisors, an auto dealership sell-side firm that consulted with the owners on the sale. Stadium Toyota is at 5088 N. Dale Mabry Highway.
Kerrigan Advisors, in the statement, says “Stadium Toyota was one of the last remaining unconsolidated Toyota points in the market, not already owned by a nationally-ranked dealership group. As a result, Stadium Toyota’s franchise value, particularly as compared to its revenue, was record-breaking.”
Gettel Automotive is the No. 57 largest dealership group in the U.S, the release states. It had $1.46 billion in revenue in 2022 and has some 20 dealerships spread from the west coast of Florida to Ocala, Gainesville and Georgia. Brands it sells range from BMW and Volkswagen to Acura, Nissan and Chrysler Dodge Jeep RAM.
“We’re very thankful for everything the greater Tampa community has done to help Stadium Toyota, its employees and customers achieve success, which is why we have always been committed to giving back to our community in every way that we can,” Ron Parks says in the statement.
The transaction marks the 206th dealership sold by Kerrigan Advisors since 2015, and the 36th Toyota/Lexus dealership.
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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