Sale of eight dealerships to Asbury Automotive Group marks the largest dealership group transaction in Denver's history
Incline Village, NV - December 7, 2021 - Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Stevinson Automotive, the largest privately-owned dealership group based in Denver, Colorado, in the sale of its eight dealerships to Asbury Automotive Group. The transaction includes Porsche Littleton, Lexus of Frederick, Lexus of Lakewood, Stevinson Toyota East, Stevinson Toyota West, Hyundai of Longmont, Stevinson Chevrolet and Stevinson Imports (Jaguar).
Founded in 1962 by Chuck and Pat Stevinson, Stevinson Automotive became a pillar of Denver's auto retail market, starting with the acquisition of the group's first Chevrolet dealership in Golden, Colorado, followed by the addition of two Toyota dealerships, as well as a Jaguar and Porsche franchise. The group opened the inaugural Lexus dealership in Colorado in 1989 (one of the first 60 awarded in the US) and a companion Lexus franchise in 2006. In 2011, Stevinson acquired the Hyundai franchise in Longmont, Colorado. Stevinson built a long-standing reputation as a dealership group that always put the customer and community first. The group received numerous awards over its 59 years in business including Elite of Lexus (36 times) and Toyota President's Award (14 times). Kent Stevinson, President of Stevinson Automotive and one of Chuck and Pat Stevinson's eight sons, served on Lexus' National Dealer Council and was inducted into the Colorado Business Hall of Fame in 2020, the Colorado Automotive Hall of Fame in 2021, and was Colorado's nominee for the TIME Quality Dealer Award in 2000.
"My family built our business on the simple principle of treating every customer as if they were a guest in our home and delivering a little more than expected. For a family business like ours with long-term roots in the Denver community, making the decision to sell, and identifying the right buyer, were critical to me and my brothers." said Kent Stevinson. "Being in Kerrigan Advisors' capable hands to lead us through the sale process was priceless. Our sale would not have happened as efficiently, or as smoothly, without the relentless attention to detail and professionalism from Kerrigan Advisors' team, especially Erin Kerrigan, Marie Brashears and Mercedes Hendricks. For any group considering a sale, I strongly recommend Erin and her team."
"Kerrigan Advisors was honored to lead the Stevinson sale, knowing how important this transaction was to the family and their legacy in the Denver market. We identified Asbury as the ideal buyer to carry on our client's record of success and commitment to customer service and employees" said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. "Stevinson has long been considered one of the most valuable private groups in Colorado. Identifying a buyer who appreciated that value and could complete a transaction of this size was the goal for this transaction. We found that buyer in Asbury."
"The Denver market is one of the most economically vibrant in the US and an ideal market for strong automotive brands, such as those represented by Stevinson Automotive" said Ryan Kerrigan, Managing Director of Kerrigan Advisors. "Dealerships in the Denver area, particularly groups anchored by top franchises such as Porsche, Lexus and Toyota, are in very high demand by major consolidators. In today's active buy/sell market, it was critical to achieve a closing by the end of 2021. We were pleased to achieve this goal on behalf of the Stevinson family."
Stephen Dietrich of Holland & Knight served as legal counsel to Stevinson Automotive.
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.