These are the 12th and 13th Florida dealerships sold by Kerrigan Advisors since 2015, making it the most active sell-side advisor in the state.
INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Alan Jay Automotive Network in its sale of Alan Jay Toyota in Sebring and Maserati & Alfa Romeo of St. Petersburg in Florida. Alan Jay Toyota was sold to the Doherty Automotive Group of Lakeland, Florida; the Maserati and Alfa Romeo dealerships were sold to Qvale Auto Group of West Palm Beach, Florida.
The sales mark the 156th and 157th dealership sales led by the Kerrigan Advisors team since 2015. Kerrigan Advisors, which focuses exclusively on sell-side representation, is the most active sell-side advisor on the highest value transactions in the auto retail industry, and has advised on the sale of 18 Toyota dealerships in the last seven years, more than any other firm in the industry.
"Throughout this transaction, the Kerrigan Advisors team was professional, diligent, and insightful, always putting our interests front and center" said Alan Jay Wildstein, Founder, President & CEO of Alan Jay Automotive Network. "For 30 years we've operated under a simple philosophy -- treat customers like family. So, I appreciated being represented by a firm who shares that philosophy and who treated us with the same kind of care and dedication."
The Alan Jay Automotive Network owns and manages 12 additional locations across 12 automotive brands in Central Florida which they will retain and continue to operate. Since Alan Jay Automotive Network's founding in 1992, it has contributed to hundreds of events, organizations, fundraisers, and individuals - with special emphasis on philanthropies helping children. This includes the local "Wheels for A's" promotion, held annually at each of the area's five high schools. In 2020, Founder and CEO Alan Jay Wildstein was honored as Highlands County Philanthropist of the Year; he has also been honored twice as a nominee for the Time Dealer of the Year award and is a past Chairman of the Florida Automobile Dealers Association.
"It was a genuine privilege to represent the Alan Jay Automotive Network in these important transactions" said Gabe Robleto, Vice President, Sell-Side Advisory of Kerrigan Advisors. "Alan Jay Wildstein's compassionate philanthropy in the Sebring and St. Petersburg communities, and his dedication to his customers, has created a legacy of commitment and business success that is sure to continue. We're happy to have helped the Alan Jay team transition these dealerships in a way that will ensure the continuation of their legacy of customer service and community support."The transactions are the 12th and 13th Florida dealerships sold by Kerrigan Advisors since 2015, making it the most active advisor in the state. "Florida dealerships are among the highest volume and most profitable in the nation, so it's no surprise that one out of every 3 buyers in Kerrigan Advisors' proprietary buyer database is seeking a dealership in Florida. This demand is driven by low regulation, an attractive business climate and incredibly strong population growth" said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. Kerrigan noted that blue sky multiples in Florida are one to two turns higher when compared to the published national multiples in The Blue Sky Report® published quarterly by the firm.
According to US Census Bureau data, Florida ranked second, behind Texas, in growth from 2020 - 2021, and had the highest rate of new business openings during that time. US Census Bureau data also ranked the Tampa-St. Petersburg-Clearwater metro area as one of the top ten greatest population growth areas nationwide.
"It is our business to know the buyers who are most interested in our clients and the best match for their personal and financial goals. When you combine these dealerships' Florida locations with strong brands, and an impressive company like Alan Jay, we had the ingredients for an ideal acquisition opportunity" continued Kerrigan. "Our team was honored to lead this transaction to a very successful outcome on behalf of Alan and his team."
Kerrigan Advisors is the most active sell-side advisor on larger transactions in the auto retail industry, achieving the highest sale price per client of any firm over the last five years. The firm attributes its success to its team's laser-focus on fulfilling each client's personal and professional goals. In addition to its sell-side advisory work, the firm offers strategic consulting services to dealers and their families, including growth planning, capital raising and valuation analysis, creating value at every stage of the auto retail lifecycle.