Hendrick Automotive Group didn’t have to travel far to add a bit of Europe to its lineup.
The North Carolina-based dealership group, said to be the largest privately owned auto retailer in the U.S., has acquired Foreign Cars Italia Charlotte and Foreign Cars Italia Greensboro.
Hendrick, which is headquartered in Charlotte, purchased the stores from Hickory, N.C.-based Paramount Automotive, according to a news release from Kerrigan Advisors, which represented the sellers.
The deal includes eight total franchises: Foreign Cars Italia Charlotte features Ferrari of Charlotte, Alfa Romeo of Charlotte, Aston Martin Charlotte, Bentley Charlotte and Maserati of Charlotte, while Foreign Cars Italia Greensboro includes Ferrari of Greensboro, Maserati of Greensboro and Porsche Greensboro.
“Benny and his family have built something special, and it’s incredibly meaningful that they’ve entrusted us to carry it forward,” Hendrick Automotive chairman and CEO Rick Hendrick, referring to Paramount Automotive president and CEO Benny Yount.
“It’s a privilege to represent these world-class brands and welcome talented new teammates to our organization. We also appreciate Erin Kerrigan and Kerrigan Advisors for helping facilitate a smooth and successful transaction.”
Foreign Cars Italia has been the exclusive Ferrari retailer for the Carolinas since 1993. Paramount will continue running stores in Asheville, N.C.; Hickory; and Valdese, N.C.
“Paramount has always stood for excellence and doing right by our customers, employees and community. This is why Kerrigan Advisors, whose track record reflects these same values, was the only firm we considered to guide us through this momentous transaction for our family,” Yount said.
“We have a lot of respect for the Hendrick organization and Rick Hendrick personally, a long-time customer and a good friend. We could not be more pleased to know that our luxury business will be shepherded by Hendrick Automotive Group going forward and are excited to see our franchises flourish with their leadership.”
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 445 franchises generating more than $10 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 2025 Kerrigan Dealer Survey, click here. To read the 2025 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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