Sale of #1 and #3 ranked dealerships in Ohio to Ken Ganley Automotive Group underscores strength of luxury market; marks Kerrigan Advisors’ 16th Lexus transaction, 304th dealership sold, and 82nd top luxury franchise sold since inception.
CLEVELAND--(BUSINESS WIRE)--Kerrigan Advisors, the premier exclusive sell-side advisor and thought partner to auto dealers nationwide, represented Ascent Automotive Group in the sale of its award-winning Cleveland dealerships, Metro Lexus and Lexus of Akron-Canton, to Cleveland area-based Ken Ganley Automotive Group. The transaction marks Kerrigan Advisors’ 304th dealership sale, its 82nd top luxury franchise sold, and its 16th Lexus dealership sold since inception, cementing its position as the leading exclusive sell-side advisor to higher value dealerships nationwide.
Ascent Automotive Group has been part of Friedkin, a global family of brands spanning automotive, entertainment, hospitality, investments, and sport, since 2004. The group has operated a portfolio of Lexus, Toyota, and Subaru dealerships across Nevada, Ohio, and Pennsylvania and owns Lexus of Las Vegas, Lexus of Henderson, and Centennial Subaru. Headquartered in Brecksville, Ohio, the buyer, Ken Ganley Automotive Group, operates more than 50 dealerships representing over 30 brands and is ranked #18 on Automotive News’ 2024 Top 150 Dealership Group list.
“These are two of the most prestigious Lexus dealerships in the country driven by superior market positioning, and we were honored to guide Ascent Automotive through another important transaction,” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “By identifying an Ohio-based buyer, Ken Ganley Automotive Group, we were pleased to fulfill Friedkin's goal of ensuring continuity for both customers and employees, while positioning these market-leading dealerships for continued success.”
“We are grateful for Kerrigan Advisors’ guidance through the successful sale of our Toyota and Lexus dealerships this year. Their professionalism, deep knowledge of the buyer market, and track record with our brands were instrumental to our sale and exceeded our expectations. We highly recommend the Kerrigan team to any dealer contemplating a sale or divestiture,” said Josh Holm, Chief Financial Officer of Ascent Automotive.
Metro Lexus and Lexus of Akron-Canton are two of only three Lexus dealerships in the Cleveland CSA. Metro Lexus is ranked the #1 Lexus dealership in Ohio and #10 in the Central region, while Lexus of Akron/Canton is ranked #3 in the state. Together, they control nearly three-quarters of the Cleveland CSA’s Lexus market share and have earned 44 collective Elite of Lexus awards.
The Cleveland CSA, home to 3.7M people and nine Fortune 500 companies, is the largest region in Ohio and 18th largest in the US, and ranks #3 for the highest per capita GDP. It is considered one of the most attractive Lexus markets in the country with only three points in Northeast Ohio, compared to five for Mercedes and BMW, representing a population of more than 1.2 million per Lexus point.
Highly sought-after due to their superior sales per franchise, exclusive dealer network, growing sales and exceptional dealer-OEM relations, Lexus remains the most respected luxury franchise in the industry. Lexus’ US light vehicle sales grew 7.9% in 2024, significantly outperforming competitors BMW (+2.5%), Porsche (+1.0%) and Mercedes (+0.3%). Lexus was also the top luxury performer in the 2024 Kerrigan Dealer Survey, with nearly half of dealers surveyed expecting Lexus’ franchise value to increase in 2025.
“Buyers remain highly motivated to acquire top assets like Lexus, as evidenced by this being the 13th top luxury franchise Kerrigan Advisors has sold in the last two months. Stable earnings, limited supply of available dealerships, and Lexus’ best-in-class performance are driving record demand,” said Erin Kerrigan, who noted that Kerrigan Advisors leads the industry in Toyota and Lexus representation, having successfully advised on 53 of these high-value transactions since the firm’s inception. “The Kerrigan Advisors team is proud to have leveraged our deep experience with the brand to bring this transaction to a successful conclusion for Friedkin.”
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 300 dealerships generating more than $9.5 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 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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