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The sale of Jim Price’s flagship Chevrolet franchise, one of the industry’s most potent national brands, is the latest and third sale for the Virginia-based auto group, all represented through Kerrigan Advisors, and the 23rd franchise sale in Virginia for Kerrigan Advisors. since 2020.
CHARLOTTESVILLE, Va., January 09, 2024–(BUSINESS WIRE)–Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Charlottesville, Virginia-based Jim Price Auto Group in the sale of Jim Price Chevrolet to Malloy Auto Group, which has operated in the Virginia area since 1992. Kerrigan previously represented Jim Price in the sale of its Hyundai and Kia dealerships in 2023. This marks the 23rd franchise sale in Virginia completed by Kerrigan Advisors since 2020.
Jim Price opened Price Chevrolet 56 years ago in 1968 and it has operated with great success from its existing location on Seminole Trail for the past 46 years. In 2017, Price’s daughter, Sandra Price Amato, became the dealer principal for Jim Price Auto, continuing the family’s legacy as one of Charlottesville’s top dealer groups.
“This sale of our Chevrolet dealership, the last of our three automotive franchises for sale, represents the end of an era, as well as a new beginning for the dealership and for our family. For this vital time in our history, we were looking for an advisor with a proven track record of conducting high-value transactions across the country with specific expertise in the Virginia market. Kerrigan has met that goal and so much more,” Amato said. “They were there to help each and every one of us. every step of the way, all 3 transactions, and for the sale of our flagship dealership, they discovered in Malloy a customer who was a good fit for the desires of the franchise and the community. -Glove service we won from Gabe Roleto and the entire Kerrigan Advisors team.
In addition to the dealership’s heritage, its prime market location and real estate were key parts of the transaction: Price Chevrolet is located on more than 10 acres in a prime retail location on the Seminole Trail and Charlottesville is a wealthy and developing market with an attractive load. of a population with a higher standard of living, a highly skilled workforce, a superior quality of life, upper middle household income, and a low standard of living. Notably, in 2023, Virginia ranked as the second most productive state for business according to CNBC, while Charlottesville was identified as one of America’s top 100 most productive living options across Livability. com.
“It is an honor to work on this transaction with Sandra Price, Chief Operating Officer Sandy Fewell and their entire team. This is the third concession we’ve had the excitement of ending with the organization in the last 6 months,” said Array Gabe Robleto, senior vice president of sales consulting at Kerrigan Advisors. “Jim Price Auto Group’s 50 years of good fortune in auto retail, its reputation for exceptional service, the strength of the Chevrolet logo, and the dealership’s excellent genuine real estate made it a very interesting acquisition that attracted buyers’ interest. We are pleased to have been able to help grow the dealership into an automotive organization with the business values, success and reputation to continue the legacy of Jim Price Chevrolet. »
Chevrolet is the fastest-developing national logo in the U. S. in terms of new unit sales, expanding U. S. light vehicle sales. U. S. growth rate by 13. 1% in 2023. In 2023, J. D. Power ranked Chevrolet fourth in vehicle quality, ahead of its biggest competitor, Ford. and 16% more powerful than the U. S. average.
“This transaction is an example of the appeal to buyers of high-value franchises in growing, high-quality-of-life and business-friendly markets. He also notes that the buy/sell market is seeing more and more teams of brokers adding scale. to their regional business platforms through local acquisitions,” said Erin Kerrigan, founder and managing director of Kerrigan Advisors. “We are proud to have achieved what has been a record for brokerage buys/sales over the past twelve months, both for Kerrigan Advisors and the industry, helping the superlative Jim Price Auto Group sell its best brokerage in a market we know so well. “
Barrett Charapp Beaty via Mahdavi Halfhill
About Kerrigan Advisors
Kerrigan Advisors is the leading sales advisor and idea partner for automotive brokerages nationwide. Since its founding in 2014, the company has led the industry with the sale of more than 225 brokerages representing more than $7 billion in visitor products, marking the third largest transaction in retail franchise history. automobiles: the sale of Jim Koons Automotive Companies to Asbury Automotive Group. The corporation advises the main broker groups in the sector, achieving the best price in the life cycle of growth, operation and, where appropriate, promotion of their businesses. Led by a team of seasoned industry experts with experience in investment banking, equity, accounting, finance and real estate, Kerrigan Advisors does not settle for records, but rather develops an unadvertised sales strategy so that every consumer can reach his objectives. personal and monetary goals. In addition to the corporation’s sales advisory services, Kerrigan Advisors also offers a suite of advisory and investor services, adding expansion strategy, market valuation assessments, capital allocation, transactional due diligence, open proposals, operational improvement and real estate due diligence.
Kerrigan Advisors monitors buy/sell market situations and publishes in-depth quarterly research in The Blue Sky Report®, which includes Kerrigan Advisors’ iconic blue sky charts, multiples, and research for franchises in the luxury and non-luxury sector. To download an overview of the report, click here. The company also publishes the Kerrigan™ Index on a monthly basis, which consists of seven publicly traded automotive retail corporations whose operations are concentrated in the U. S. market. The Kerrigan Auto Retail Index is designed to track broker valuation trends while also offering key insights into the points influencing auto retail. To access the Kerrigan Index, click here. To read the Kerrigan Dealer Survey™ 2023, click here. To read the Kerrigan OEM 2023 survey, click here. Kerrigan Advisors is also the co-author of the NADA Dealer Buying and Selling Guide.
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Contacts
Kerrigan Advisors Media Contact: Melanie Webber (melanie@mwebbcom. com), mWEBB Communications, 949-307-1723