Sale of Jim Price’s flagship Chevrolet franchise, one of the industry’s strongest domestic brands, is final and third sale for the Virginia-based auto group, all represented by Kerrigan Advisors – and the 23rd franchise sale in Virginia for Kerrigan Advisors since 2020
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Charlottesville, Virginia-based Jim Price Auto Group in the sale of Jim Price Chevrolet to Malloy Auto Group, which has operated in the Virginia area since 1992. Kerrigan previously represented Jim Price in the sale of its Hyundai and Kia dealerships in 2023. This marks the 23rd franchise sale in Virginia completed by Kerrigan Advisors since 2020.
Jim Price opened Price Chevrolet 56 years ago in 1968 and it has operated with great success from its existing location on Seminole Trail for the past 46 years. In 2017, Price’s daughter, Sandra Price Amato, became the dealer principal for Jim Price Auto, continuing the family’s legacy as one of Charlottesville’s top dealer groups.
“This sale of our Chevrolet dealership, the final of our three auto group franchises to sell, represents the end of an era – as well as a new beginning for the dealership and for our family. For this very significant moment in our history, we wanted an advisor with a track record of completing high value transactions across the country, and one with particular expertise in the Virginia market. Kerrigan fulfilled that, and more,” said Amato. “They were there for us every step of the way, through all three transactions; and, for the sale of this, our flagship dealership, they found in Malloy a buyer well-suited to the needs of the franchise and the community. We are grateful for the attentive, hands-on, white glove service we received from Gabe Robleto and the entire Kerrigan Advisors team.”
In addition to the dealership’s legacy, its prime market location and real estate were key components in the transaction: Price Chevrolet is located on over 10 acres in a prime retail location on Seminole Trail and Charlottesville is a growing, affluent market with an attractive cost of living, a highly educated workforce, high quality of life and high median household incomes. Notably, in 2023, Virginia ranked as the #2 Top State for Business by CNBC, while Charlottesville was recognized on the Top 100 Best Places to Live in America by Livability.com.
“It was an honor to work on this transaction with Sandra Price, COO Sandy Fewell, and the entire Jim Price team. This is the 3rd dealership we have had the pleasure of closing with the group in the last 6 months,” said Gabe Robleto, Senior Vice President, Sell-Side Advisory at Kerrigan Advisors. “Jim Price Auto Group’s 50 years of auto retail success, their reputation for superlative service, the power of the Chevrolet brand and the dealership’s prime real estate made it a very attractive acquisition that generated strong interest from buyers. We were pleased to have been able to help transition the dealership to an auto group with the business values, scope and reputation to continue the Jim Price Chevrolet legacy.”
Chevrolet is the fastest growing volume domestic brand in the US by new unit sales, increasing US light vehicle sales by 13.1% in 2023. In 2023, J.D. Power ranked Chevrolet #4 for vehicle quality, far ahead of its biggest competitor, Ford, and 16% stronger than the US average.
“This transaction is another example of the appeal to buyers of high value franchises in growing, high quality-of-life and business-friendly markets. It also underscores that the buy/sell market is seeing more and more dealership groups adding scale to their regional platforms through local acquisitions,” said Erin Kerrigan, founder and managing director of Kerrigan Advisors. “We are proud to have closed what has been a record last twelve months of dealership buy/sells for both Kerrigan Advisors and the industry by helping the superlative Jim Price Auto Group sell its final dealership in a market that we know so well.”
Barrett Charapp Beaty of Mahdavi Bacon Halfhill & Young, PLLC served as legal counsel to Jim Price. Cari Lyn Pierce of Williams Mullens served as legal counsel to Malloy Auto Group.
About Kerrigan Advisors
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 over 225 dealerships representing more than $7 billion in client proceeds, including the third largest transaction in auto retail history – the sale of Jim Koons Automotive Companies to Asbury Automotive Group. 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 does not take listings, rather they develop a customized sales approach for each client to achieve their personal and financial goals. In addition to the firm’s sell-side advisory services, Kerrigan Advisors also provides a suite of consulting and investor 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 Dealer Survey, 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.
Kerrigan Advisors Media Contact:
Melanie Webber (firstname.lastname@example.org), mWEBB Communications, 949-307-1723