A new car dealership is headed to some vacant land near Lake Nona. The proposed 31,439-square-foot dealership is slated to be built on five vacant acres north of Highway 417 and east of Wyndham Lakes Boulevard, according to Orange Countydocuments filed Feb. 15 by Orlando law firm Kimley-Horn & Associates. The developer of the project called Massey Cadillac South is listed as Sonic Automotive in North Carolina.
Massey currently has two Cadillac dealerships in Orlando, including one on Orange Blossom Trail called Massey Cadillac South. The flagship dealership, called Massey Cadillac, is on John Young Parkway. Massey Cadillac, Sonic Automotive and developer Tavistock, whose headquarters are listed for the owners, were unavailable for comment before deadline.
“The auto retail market continues to see acceleration, especially in high-growth states such as Florida,” said Erin Kerrigan, managing director of Las Vegas-based analytics firm Kerrigan Advisors.
While the name of the dealership may change, a luxury dealership makes sense near one of Orlando’s most prosperous neighborhoods. The median household income in Lake Nona is $100,890 a year, according to Point2Homes.com, nearly twice the household income for Orlando as a whole. Kerrigan said luxury dealerships have grown less than midrange or economy brands, though she acknowledged that Cadillac faces more competition than other luxury brands.
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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