Earnhardt Buick GMC and Earnhardt Mazda of Las Vegas sold to Utah-based Jerry Seiner Dealerships marking the 151st dealership sale led by Kerrigan Advisors since 2015
INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Phoenix, Arizona-based Earnhardt Auto Centers in its sale of Earnhardt Buick GMC and Earnhardt Mazda in Las Vegas to Utah-based Jerry Seiner Dealerships. Earnhardt Auto Centers is one of the largest, family-owned dealership groups in the US, and was named by Automotive News as the 23rd Largest Dealership Group in the US by 2020 new unit sales.
"The sale of these stores was not an easy decision for our family, but it was the right one as we increase our focus on our highly successful core group of stores in Arizona. Once again, Kerrigan Advisors not only identified an excellent new owner for the stores, but they also ensured a smooth, harmonious transaction" said Dodge Earnhardt, President of Earnhardt Auto Centers. "We are very grateful to the Kerrigan Advisors team, especially Erin Kerrigan and Marie Brashears, for their hard work to ensure this sale was a success."
"It was an honor to represent the Earnhardt family and work with their executive team again" said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. "We were pleased to identify the right buyer for the Earnhardts' valuable Las Vegas dealerships. The Jerry Seiner executive team, and owner Chris Hemmersmeier, recognized the value of entering the Las Vegas market with these franchises, and the opportunity the city's tremendous economic expansion offers for continued sales growth."
Las Vegas is fertile territory for automotive dealerships: Nevada's auto retail market has grown 65% since 2008, and now totals $8.3 billion in overall dealership revenue. Las Vegas is home to 2.3 million people, is the 4th fastest growing MSA by population since 2017 and is one of the fastest growing metros in the US. Furthermore, Nevada is regarded as one of the most pro-business states in the US due to its business friendliness, low taxes and attractive operating costs.
"The Earnhardt dealerships were sold in a very competitive buy/sell landscape where there is high buyer demand particularly in growth markets. Las Vegas is just that - experiencing tremendous expansion, as well as being business-friendly" said Ryan Kerrigan, Managing Director of Kerrigan Advisors. "In fact, the Centennial market, where Earnhardt Buick GMC and Mazda Las Vegas are located, is one of the highest volume auto markets in Las Vegas. We are confident the Jerry Seiner group will carry on the Earnhardts' legacy of success with these franchises."
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.
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.