Kerrigan Advisors Represents Spartan Auto Group, Criscuolo Family in Sale of Four Michigan Toyota and Lexus Dealerships

Written by:
Melanie Webber
mWEBB Communications
November 1, 2022

Sale of two Toyota and two Lexus dealerships marks the 170th—transaction led by Kerrigan Advisors, the leading advisor to Toyota and Lexus dealers nationwide since 2015

INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Spartan Auto Group and the Criscuolo family in its sale of Toyota and Lexus dealerships in Central and Southeastern Michigan: Spartan Toyota in Lansing, Wolverine Toyota in Dundee, Lexus of Ann Arbor, and Lexus of Lansing. The dealerships were sold to the Germain Automotive Partnership (Spartan Toyota, Wolverine Toyota, Lexus of Ann Arbor) and Serra Automotive (Lexus of Lansing). Serra Automotive is the 12th largest US automotive group. The transactions mark the 12th & 13th Lexus and 19th and 20th Toyota dealerships sold by Kerrigan Advisors since 2015, making the firm the leading sell-side advisor to Toyota and Lexus dealers in the industry.

"It was our honor to work with the Criscuolo family on this generational transaction" said Ryan Kerrigan, Managing Director of Kerrigan Advisors. "The Criscuolos have been prominent representatives for Toyota and Lexus in Michigan since the 1980s and were visionary partners for these OEMs in the Upper Midwest. Rosario Criscuolo will forever be remembered as a pioneer in automotive retail in the state of Michigan. These transactions further confirm the depth of interest amongst growing dealer groups for adding Toyota and Lexus dealerships to their portfolios."

Established in 1984, Spartan Auto Group has become an integral part of the communities it serves, thanks to the values instilled by founder Rosario Criscuolo. The group's legacy of high performance is evidenced by its award-winning history: Spartan Toyota has won Toyota's prestigious President's Award 10 times by excelling in sales satisfaction, service satisfaction, market share attainment, vehicle delivery excellence and employee training certification.

"Our father taught us to focus on relationships. His credo was 'relationships, not salesmanship.' That's what made doing business at our dealerships such a special and memorable experience" said son and co-owner Derek Criscuolo. "We are grateful to have experienced such a positive working relationship with Kerrigan Advisors, whose comprehensive, focused and sensitive approach throughout the process ensured that all our family's goals and objectives were met."

Rosario Criscuolo's personal approach to car sales and service helped to create a uniquely Michigan feel to Spartan Auto Group dealerships, whether in Ann Arbor, Dundee, or Lansing. "Our father created a small town feeling in all of our stores, and that was true even in dealerships that served larger cities like Lansing" said daughter and co-owner Deanna Criscuolo. "That family feeling of comfort and belonging is his legacy, and we're grateful that with Kerrigan Advisors' support through every phase of the transaction process - from sale preparation and marketing to negotiations and closing - that legacy will be successfully passed on to Germain and Serra, both highly regarded Midwest dealership groups."

Toyota and Lexus are the most sought-after franchises by buyers in today's active buy/sell market, according to Kerrigan Advisors' second quarter Blue Sky Report. Toyota's and Lexus' industry-leading sales per franchise, robust profitability, and strong dealer/OEM relations make these franchises highly attractive investments for most growing dealer groups. Kerrigan reports that nearly as many Toyota franchises have traded hands in the first half of 2022 as Chevrolet, Ford and Chrysler, Jeep, Dodge, and Ram (CJDR) franchises, despite having less than half of the number of US franchises. Also, Lexus has the highest sales per franchise of all luxury franchises, outperforming BMW and Mercedes by 31% and 46% respectively, and the fewest number of dealers in its network for top luxury brands, resulting in a highly profitable and valuable franchise network."We were proud to lead these transactions for Spartan Auto Group and guide them to well-established buyers with strong ties to the region" said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. "The success of these dealerships is a tribute both to the Criscuolo family and to the power of the Toyota and Lexus brands, illustrating how the combination of decades of dedication to building the business, exceptional dealer/OEM relationships, and a right-sized franchise network results in high valuations."The transactions mark the 167th, 168th, 169th, and 170th dealerships sold by Kerrigan Advisors since 2015, bringing the total number of franchise sales they have led in 2022 to 40, and marking their 8th multi-dealership transaction for the year.

To contact Kerrigan Advisors, the most active sell-side advisor on higher value transactions in the auto retail industry, click here.

About Kerrigan Advisors

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.

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