Family Car Group is set to buy Moffitt Automotive in Louisiana in a deal that is expected to close this month, a source close to the transaction said.
Moffitt Automotive's dealerships are Audi Shreveport and Porsche Shreveport, and Moffitt Mazda and Moffitt Volkswagen, both in Bossier City, just outside Shreveport.
Family Car Group, of Dallas, owns Family Toyota of Arlington, along with Family Toyota of Burleson and Family Volkswagen Burleson, both in the suburb south of Fort Worth, Texas.
"The Moffitt family has built an incredible organization that perfectly aligns with ours, and we look forward to welcoming their employees and customers into our family," Skip Jabbar, Family Car Group owner, said in a statement.
A second generation of the Moffitt family operates the dealership group launched in 1964 by Fred Moffitt, who died in 2016. In 2020, Fred's daughter Susan Moffitt became the fourth woman to receive the Time Dealer of the Year award.
"We chose Family Car Group because of their operational excellence, and because they share our values, including a strong commitment to employees and meaningful community involvement," Susan Moffitt said in a statement.
Erin Kerrigan, managing director of Kerrigan Advisors, a dealership sell-side firm in Incline Village, Nev., is representing the Moffitt family in the sale.
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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