Dealership mergers and acquisitions have remained remarkably active so far this year, even in the face of substantial economic challenges that gained steam in the latter half of 2022. Dealers are actively pursuing new paths in droves, whether exiting the market or expanding their operations. This heightened buy/sell activity reflects the industry’s resilience and dealers’ eagerness to embrace fresh opportunities. Here’s a closer look at four notable M&A deals that closed successfully this spring.
Kinsel Motors sells four franchises in Texas
Kerrigan Advisors announced on May 2 that it had advised Kinsel Motors in the sale of the Kinsel Toyota and Kinsel Ford, Lincoln, and Mazda dealerships to Doggett Automotive Group (“Doggett”). Kerrigan Advisors Managing Director, Erin Kerrigan, noted that Kinsel Motors’s success “drove tremendous buyer demand, with Doggett ultimately being the best match for the family.” Kinsel Motors President Craig Kinsel praised Kerrigan Advisors for making the process “smooth” and added, “The secret to [Kinsel’s] success is no secret — it has always been the people who come to work every day and provide stellar customer service.” With the latest sales, Kerrigan Advisors remains one of the most active sell-side advisors for major automotive dealership transactions.
Doggett has already won several prominent awards for the Houston-based Landmark Ford dealership it purchased in 2018. Speaking about the latest transactions, Doggett’s President and Chief Operating Officer, William Doggett, said his group is a “huge believer in the future of Ford given the current Ford strategy.” He added that Doggett is “extremely excited to be [a Toyota] dealer” and will “give Toyota automotive customers the same great service [Doggett has] provided industrial customers over the past 30 years.” Doggett’s Vice President and General Manager, Jason Mosley, said Doggett “expects these Ford, Lincoln, and Mazda stores to add over $200 million in sales volume to Doggett’s growing enterprise within 18 months.”
Morrie’s Auto Group acquires two dealerships
Morrie’s Auto Group has acquired Brandl Little Falls Chrysler Dodge Jeep RAM, Brandl Auto Connection, and Brandl Mobility Finance in St. Cloud, Minnesota. Morrie’s acquired the dealerships from auto dealers Joe Sexton and Gary Posch, who said they chose Morrie’s for its “professionalism, culture, and values.” The auto group now represents 21 brands across the Midwest with locations in Michigan, Minnesota, and Wisconsin, while its Mobility Finance sector operates nationwide. Morrie’s CEO Lance Iserman said his auto group is “excited to add these dealerships and to extend [its] financing expertise nationally to the mobility industry to assist the transition toward mobility freedom.”
Island Auto Group acquires Buick GMC dealership
New York-based Island Auto Group (IAG) purchased Dongan Hills-based Buick GMC dealership in April, making it part of what IAG partner Marcello Sciarrino refers to as IAG’s “supercenter” of car needs. The newly acquired dealership will feature the same special offerings as all of IAG’s other dealerships, including home delivery and self-check-in kiosks at the service department. With the addition of Buick GMC, IAG now owns 18 dealerships representing 14 brands and, according to Sciarrino, “is the one-stop shop for all your automotive needs.”
Pinnacle Mergers & Acquisitions facilitates Don Elliott Autoworld sale
Pinnacle Mergers & Acquisitions (“Pinnacle”) recently announced it had assisted Don Elliott in the sale of Don Elliott Auto World to The Khoury Group. Elliott referred to Pinnacle Executive Vice President Wes Hamilton as “very responsive and professional” and added, “Never was there an instance of contention with [Elliott] or the buyer.” The Khoury Group President Nick Khoury said Hamilton “displayed great service, knowledge, and most importantly, straightforward, and honest communication” and noted he looks forward to working together in the future. Pinnacle had previously worked with both Elliott and The Khoury Group in 2020 and 2022, and the latest transaction adds to Pinnacle’s portfolio of more than 750 successful deals.
