n n n ‘. concat(e. i18n. t(“search. voice. recognition_retry”),’n
The sale of the Kia and Hyundai franchises, two of the industry’s non-luxury imported brands, in the fast-growing Charlottesville area, represents the 208th Kerrigan Advisors dealership sale.
CHARLOTTESVILLE, Va. , Nov. 8, 2023–(BUSINESS WIRE)–Kerrigan Advisors, the leading sales consultant and idea spouse for auto dealerships nationwide, represented Jim Price Auto Group, in Charlottesville, Virginia, in connection with the sale of Jim Price, Hyundai, and Price Kia to Winston-Salem, North Carolina, Flow Automotive, which has dealerships in North Carolina and Charlottesville. Since the company’s inception, Kerrigan Advisors has sold more than 225 dealerships. In 2023 alone, the company is on track to sell 52 dealerships, representing $2. 6 billion in visitor revenue, making Kerrigan Advisors the leading sales advisor in the automotive retail industry.
“We were proud to form Jim Price Auto Group in this transaction and were committed to living up to its more than 50-year legacy of providing exceptional service to the Charlottesville community,” said Gabe Robleto, vice president of Sell-Side Consulting at Kerrigan. “With any of those most sought-after brands in a business-friendly state, we knew that visitor demand would be higher and that a successful sale would be explained by locating a visitor with a history of commitment to visitor service. and the community, and that they knew and understood this area. Flow Automotive, with dealerships in Charlottesville, proved to be an excellent fit. “
Jim Price Auto Group, a family-owned brokerage group, founded in 1968 by Henry James “Jim” Price in Charlottesville. In 2017, his daughter Sandra Price Amato became the lead runner, continuing the legacy of the family as one. In 2022, Jim Price Auto Group named the number one new car dealership group in Charlottesville for the second year in a row.
“After 55 years of operating in this incredible community, this was a meaningful solution for our family and we could only achieve it with confidence if we knew we were transforming our brokerages in a way that served the family, workers and the community,” said Sandra Price Amato, owner and lead broker at Jim Price Auto Group. “The Kerrigan Advisors team was by our side every step of the way to make sure that all obstacles related to the transaction were successful and that our family met our personal and financial goals of the sale. Simply put, Kerrigan Advisors has been exemplary, and with Gabe Robleto at the helm, we not only exceeded valuation expectations, but the entire transaction was successful. Good luck to everyone involved. “
Sandy Fewell, partner and chief operating officer of Jim Price Auto Group, echoed this, saying, “I am very pleased to see our Kia and Hyundai dealerships serve a customer who shares the same core values of concern for workers and consumers that Jim Price. Auto Group has been protesting for more than a century. Thank you to Kerrigan Advisors for guiding the procedure from inception to successful closing.
Kia and Hyundai are among the top brands in the industry: in 2022, Kia and Hyundai had the highest market share of all imported non-luxury franchises, expanding by 15. 5% and 14. 6% respectively. Kia and Hyundai also had the best results in Kerrigan’s 2023 Racer Survey when it comes to expected valuation increases. Meanwhile, Charlottesville is a thriving and developing market, anchored at the University of Virginia, with a high standard of living and a highly professional workforce. high average income, and low living burden. In 2023, Virginia ranked as the second most productive state for business according to CNBC, while Charlottesville was identified as one of the hundred best places to live in America according to CNBC. Habitabilité. com. .
“Despite the current economic uncertainties, the existing market for the purchase and promotion of concessions remains strong, especially in developing population centers like Charlottesville and business-friendly states like Virginia,” said Erin Kerrigan, founder and managing director of Kerrigan Advisors. “This transaction, and its maximum valuation, demonstrates the price buyers see in leading franchises in growth markets, in this case, enhanced through Charlottesville’s position as a single market. We were very grateful to work with Price’s circle of family members to complete this transaction. Completed after over 50 years of hard work and investment in their community, painters and customers.
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 visiting products, adding up to the third-largest transaction in the history of automotive retail: the sale of Jim Koons Automotive Companies to Asbury Automotive. Cluster. The corporation advises the main broker groups in the sector, achieving better prices 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.
See the businesswire. com edition: https://www. businesswire. com/news/home/20231108616759/en/
Contacts
Kerrigan Advisors Press Contact: Melanie Webber (melanie@mwebbcom. com), mWEBB Communications, 949-307-1723