Lithia Motors acquires dealerships in third largest Florida metro; Sale marks the 114th Kerrigan-led dealership sale since 2015, and 6th Florida sale in 13 months.
INCLINE VILLAGE, NV – February 9, 2021– Kerrigan Advisors, a leading sell-side advisory firm to auto dealers in the U.S., represented and advised Fields Auto Group, one of the largest dealership groups in the US, on its sale of Land Rover Orlando and Chrysler Dodge Jeep Ram Sanford to Lithia Motors. This transaction marks the 114th dealership that Kerrigan Advisors has advised on the sale of since its founding in 2015, making the firm the most active sell-side advisor to the highest value transactions in auto retail. It is also Kerrigan Advisors’ seventh multi-dealership transaction since Q1 2020, and sixth Florida dealership sale since December of 2019.
“We were honored to represent Fields Auto Group in the sale of these valuable Florida stores,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “Orlando is one of the top growth markets in the country, and dealerships there are highly coveted by buyers – especially luxury brands like Land Rover and popular nameplates, such as Jeep and Ram. Kerrigan Advisors’ transaction experience and knowledge of the Florida market was key to making this sale seamless and beneficial for all involved.”
Florida dealerships are among the highest volume and most profitable in the nation, with average revenue per dealership 51.1% higher than the national average. Compared to the three other largest states (Texas, New York and California) by total dealership revenue, Florida boasts the highest revenue per capita. As the third largest metro area in Florida, Orlando, an emerging technology hub, is a key part of Florida’s success, and has population growth that’s over 50% higher than the rest of the Sunshine state, all of which has helped drive Land Rover Orlando to be the 33rd highest volume Land Rover dealership in the US (based on 2019 new unit sales).
“To successfully sell two highly profitable dealerships in Orlando, we hired Kerrigan Advisors because we knew they would not only find the right buyer, they would also actively manage the sale process and ensure a smooth closing,” said John Fields, Owner of Fields Auto Group. “No other sell-side advisor understands the fluctuations of the auto retail market the way Kerrigan Advisors does – and few if any understand the value of dealerships and blue sky as well as they do.”
Fields Auto Group began as a single Cadillac dealership in Evanston, Ill., in 1971. Today, the company operates 32 franchises at 20 locations in Illinois, Wisconsin, North Carolina, and Florida. Since its founding, the company has made philanthropy a central part of its mission, starting with The Earl and Betty Fields Foundation, the March of Dimes, and Make a Wish Foundation. In Orlando, Fields Auto Group is involved in New Hope for Kids, a pediatric cancer organization. Most recently, Fields Auto Group has reached out to those impacted by the pandemic through organizations such as Second Harvest.
“This transaction reaffirmed Kerrigan Advisors’ commitment to client service and their dedication to ensuring all our goals for the transaction were accomplished,” said Shermin Pelinski, General Counsel of Fields Auto Group. “When we decided to sell Land Rover Orlando and CDJR Sanford, it was imperative that we do so with an advisor who not only understood the Orlando market, but also how important this transaction was to us – and to our community. Kerrigan Advisors provided insightful counsel and worked tirelessly to make the transaction seamless and successful.”
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.
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 2020 Kerrigan Dealer Survey, click here.
About Kerrigan Advisors
Kerrigan Advisors is a leading sell-side advisor and thought partner to auto dealers in the US. 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 on some of auto retail’s largest transactions, including seven of the Top 150 Dealership Groups in the US, more than any other 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 publishes The Blue Sky Report®, which is the auto industry's most comprehensive and authoritative quarterly report of dealership buy/sell activity and franchise values, received by over 9,000 industry participants in 35 countries. To register to receive The Blue Sky Report®, click here. Kerrigan Advisors also publishes The Kerrigan Index™, the only monthly index tracking the seven publicly traded auto retail companies. To access The Kerrigan Index™, click here. To read the 2020 Kerrigan Dealer Survey, click here.
Kerrigan Advisors’ Founder and Managing Director, Erin Kerrigan, is a recognized expert on dealership valuation, real estate, and buy/sells, and is a frequent speaker at leading auto retail events and conferences, including NADA, JD Power Automotive Roundtable, Automotive News’ Canadian World Congress, AICPA, and NADC. She has also been quoted numerous times by The Wall Street Journal, CNBC, Bloomberg and The Economist and has been a keynote speaker for events hosted by American Honda Motor Company, Audi of America, US Trust, Bank of America, Ohio Automobile Dealer Association, and SunTrust Bank. Erin Kerrigan was named by Auto Remarketing as one of the leading women in Automotive in 2020. Kerrigan Advisors’ Managing Director Ryan Kerrigan is also a sought-after industry expert. He is featured in a monthly column for Dealer Magazine and has written Op-Eds for Automotive News.
Kerrigan Advisors is honored to work with auto retailers throughout the US to enhance the value of their enterprise. Learn more about our services below:
Customized and confidential sell-side services for higher value dealerships and dealership groups nationwide, with a proven record of achieving the highest sale price per transaction of any firm in the industry.
Capital raising and partnership structuring for growing dealership groups, supported by the largest investor database in the industry.
If you are a buyer in today’s market, Kerrigan Advisors welcomes the opportunity to learn about your acquisition criteria and include you in Kerrigan Advisors’ proprietary Buyer Database.
We welcome the chance to learn more about your acquisition criteria so that we can contact you in the event a client matches your investment profile.
Contact us to learn more about Kerrigan Advisors’ client services, or to have a conversation about the buy/sell market. All of our conversations are 100% confidential.