Two dealership groups ventured into new territory with acquisitions in states outside their previous footprint.
Texas-based Casa Auto Group, which operates 11 dealership locations in its hometown of El Paso and Southern New Mexico, has taken a step to the west with its first acquisitions in Arizona.
Casa purchased Chevrolet/Cadillac and Nissan dealerships in Prescott, Ariz., from Lamb Auto Sales, according to Kerrigan Advisors, which represented the seller in the transaction.
Casa, founded in 1969 by Wally Lowenfield, has renamed the dealerships, which share a location at 400 Prescott Lakes Parkway, Casa Chevrolet/Cadillac of Prescott and Casa Nissan of Prescott.
Kerrigan noted Prescott, about 80 miles north of Phoenix, is Arizona’s third-largest metropolitan area and the state’s fastest-growing metro area.
Lamb Auto Sales sold the dealerships because CEO Ted Lamb is retiring, Kerrigan said. The company was founded in 1957 when Theo Lamb acquired a Chevrolet Oldsmobile Cadillac dealership in Prescott. Ted Lamb purchased half of the business from his father 10 years later and added the Nissan franchise in 1996.
“After more than 60 years in business, we are pleased to be able to pass the torch to the Lowenfield family who, I have no doubt, will uphold our legacy with integrity,” Lamb said.
Hoffman Auto Group just bought a pair of aces.
The Connecticut-based company has acquired Burlington Subaru and Burlington Hyundai in Burlington, Vt., from 802 Cars. Kerrigan, which represented the seller and announced the deal, said both dealerships rank No. 1 in Vermont for sales of their brand.
Hoffman operates 10 other dealerships and two collision centers, all in Connecticut. 802 Cars continues to operate 802 Honda, 802 Toyota and 802 Subaru in Berlin, Vt.
“In today’s buy/sell market, buyers are increasingly prioritizing higher volume dealerships, and Burlington Subaru and Burlington Hyundai stood out,” Kerrigan Advisors senior vice president Gabe Robleto said. “Vermont’s exceptionally strong Subaru market share and Burlington’s growing economy made this a highly attractive opportunity.”
Kerrigan Advisors is the leading sell-side advisor and thought partner to auto dealers nationwide. Since its founding in 2014, the firm has led the industry with the sale of more than 290 dealerships generating more than $9 billion in client proceeds, including two of the largest transactions in auto retail history – the sale of Jim Koons Automotive Companies to Asbury Automotive Group and Leith Automotive to Holman. 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. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, Kerrigan Advisors is the only firm in auto retail exclusively dedicated to sell-side advisory, providing its clients the assurance of a conflict-free approach.
Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report®, the industry authority on dealership buy/sell market trends and valuations and 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 The Kerrigan Index™ comprised 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 2024 Kerrigan Dealer Survey, click here. To read the 2024 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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