Sale of Midtown Toyota in Chicago marks the 22nd Kerrigan Advisors-led transaction in Chicago since 2018
Incline Village, Nev.,--(BUSINESS WIRE)--Kerrigan Advisors, a leading sell-side advisory firm to auto dealers in the U.S., represented and advised Illinois-based Resnick Auto Group on its recent sale of Midtown Toyota in Chicago to Michigan-based Victory Automotive Group. The transaction is the 11th Toyota franchise sale Kerrigan Advisors has represented, the 22nd dealership sale in Chicago and the 104th dealership sale overall since 2015.
"Midtown Toyota has been part of our group of dealerships for over 20 years. We thank Kerrigan Advisors for their expert assistance in making this a successful transaction for our group" said Phillip Resnick, principal of Resnick Auto Group.
Resnick Automotive Group has owned and operated Midtown Toyota, located in Northwest Chicago in the Belmont Cragin neighborhood, since 1998. The dealership is one of Chicago's original Toyota franchises. Resnick Automotive Group also owns and operates Schaumburg Toyota and Woodfield Lexus (both in Schaumberg, Illinois) and Mercedes-Benz of St. Charles (St. Charles, Illinois), which they will retain and continue to operate."
It was our great pleasure to advise Resnick Auto Group in its sale of Chicago's Midtown Toyota" said Gabe Robleto, Vice President, for Kerrigan Advisors. "Our mandate was to match Midtown Toyota with a buyer who had the scale to further expand on Midtown's success and an understanding of operating in an urban market. Victory Automotive Group was the right buyer, given their presence in the Midwest and experience with Toyota"
"Toyota is an extraordinarily high demand franchise in today's active buy/sell market due to its popularity with consumers, consistent profitability, robust fixed operations and strong OEM relations" said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. "We appreciated the opportunity to work with the Resnick team on the sale of Midtown Toyota and to shepherd the transaction to a smooth closing."
Robert E. Neiman of The Neiman Law Firm served as legal counsel to the seller.
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.
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.
Contact us to learn more about Kerrigan Advisors’ sell-side services.
All of our conversations are 100% confidential.
