Sale of Mercedes-Benz, Sprinter, Porsche, Jaguar, Land Rover, Volvo and Acura dealerships highlights strong buyer demand in the mountain states; marks 111th Kerrigan-led dealership sale since 2015
IRVINE, Calif.--(BUSINESS WIRE)--Kerrigan Advisors, a leading sell-side advisory firm to auto dealers in the U.S., represented and advised Lyle Pearson Auto Group of Boise, Idaho on its recent sale of five luxury dealerships to Spokane, Washington-based Gee Automotive. Franchises include Mercedes-Benz, Sprinter, Porsche, Jaguar, Land Rover, Volvo and Acura. The transaction is the 6th multi-dealership Kerrigan-led transaction in 2020 and 111th dealership sale since 2015. The firm is the most active sell-side advisor to the largest dealership groups in the U.S.
"We were proud to represent Lyle Pearson Auto Group, a constellation of retail brands that have defined luxury in Boise for decades" said Ryan Kerrigan, Managing Director of Kerrigan Advisors. "It was no surprise that demand for these well-established dealerships, with long and successful track records in their communities, was high. Booming population growth, and a market area that isn't over-dealered, accelerated this interest. Our role was to help navigate that interest, and pinpoint a buyer whose values and vision for the dealerships, and their future, meshed with those of our client."
"Since day one, Lyle Pearson Auto Group has been about how vehicle buyers and owners are treated when they visit a dealership, and prioritizing a modern, knowledgeable, sales and service experience" said Jim Cross, President and Owner of the Lyle Pearson Auto Group. "The legacy begun by my father-in-law has continued to thrive because we've ensured that our dealerships are premium in every possible way. Those values are reflected in our employee's commitment to our success and to offering a premier luxury experience to Boise car buyers"
Lyle Pearson first began selling cars in Treasure Valley over 50 years ago, when he was awarded Mercedes-Benz and Volvo franchises. In 1988, Pearson added a Land Rover dealership, with Acura and Porsche joining in the ensuing years. Pearson, who was named 2011 Time Dealer of the Year for Idaho, passed in 2012. His successor and son-in-law, Jim Cross, continued to build the auto group by adding Sprinter, completing several grand re-openings and the construction of new Jaguar Land Rover and Volvo stores. In addition, in 2018 Mercedes-Benz of Boise was awarded the Best of the Best Silver Laurel distinction.
"We are so pleased to pass the business on to another family-owned, service-oriented, growing dealership group" continued Cross. "We selected Kerrigan Advisors to represent us in this sale because they are the best in the business. Ryan and his team ran a seamless process from start to finish, making sure we were well-prepared for the sale process. They were able to bring the transaction together perfectly."
According to Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors, the Lyle Pearson Auto Group transaction symbolizes the strength of the automotive space, and specifically, the buy/sell market. "What we're seeing, in terms of the broader M&A dealership market, is the strength of the post-COVID comeback" said Erin Kerrigan. "This is driven by a bounce back in dealership earnings, low interest rates and increased buyer and investor demand. This has resulted in very strong buyer demand for top growth markets such as Boise, an example of a single point luxury market that is commanding higher value."
Stephen Dietrich of Holland & Knight served as legal counsel to the seller. Toby Hazen of Eide Bailly LLP served as the seller's accountant.
Kerrigan Advisors is the most active sell-side advisor on larger transactions in the auto retail industry with the most sale proceeds per transaction of any firm. 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.