Gus Machado Ford sells in South Florida, Open Road Capital grabs 5 stores in Virginia

Even with dealership profits taking a hit so far this year, the market for acquiring lucrative franchises is still going strong, according to Haig Partners' latest research. While buy-sell activity has slowed compared to the past couple of years, 2024 is still shaping up to be one of the busiest ever for dealership sales, with around 500 stores expected to change hands. Here are some of the most significant deals from Sept. and Oct.

1. Beyer Automotive Group offloads Virginia dealerships.

One of the biggest moves was the sale of Beyer Automotive Group, an eight-dealership operation in Virginia. Open Road Capital took 5 stores an auto repair shop in the Washington, DC area, while Jim Keffer and Jon Alcorn grabbed the three Winchester locations. Beyer’s dealerships sell around 7,000 vehicles a year, bringing in over $400 million in revenue. Haig Partners helped close the deal, marking its 49th dealership transaction this year, according to a press release.

2. Toyota dealerships are hot nationwide.

Victory Automotive Group made a notable move into Missouri by purchasing Weiss Toyota of South County, one of the top-selling Toyota dealerships in the St. Louis area. The dealership sits on six acres and includes 35,000 square feet of space. This acquisition brings Victory’s total to over 50 dealerships in 11 states, including Michigan, California, and Florida. With Missouri’s metro hubs like St. Louis and Kansas City, Victory is tapping into new opportunities. Haig Partners also facilitated this transaction.

3. Ed Morse expands in the Arizona market.

Ed Morse Automotive Group isn’t slowing down either. They acquired seven franchised dealerships and a used vehicle store from Lawley Automotive Group in Arizona, which raises their total to 56 dealerships. This deal was handled by the Dave Cantin Group, and it helps push Ed Morse closer to breaking into the top 50 dealership groups in the U.S. With major operations already in Florida, Texas, and Missouri, expanding into Arizona gives Ed Morse a new market to grow its footprint.

4. AutoNation divests two Ford stores.

AutoNation, the largest auto retailer in the country, sold two of its Ford stores — one in Georgia and one in Minnesota — as part of a broader effort to refine its portfolio. AutoNation’s assets for sale rose from $21.3 million at the end of 2023 to $195.1 million by mid-2024, indicating it may sell more stores soon. Dave Cantin Group helped Stivers Automotive Group pick up the Georgia store, growing its presence in the Southeast, where it now has eight dealerships.

5. Gus Machado Ford dealership sells.

In South Florida, the Gus Machado Ford dealership in Hialeah sold for $19.3 million. Victor Benitez, already a majority owner, bought the 5.7-acre property. This sale follows the Machado family’s gradual exit from the auto business after Gus Machado’s passing in 2022. The deal is part of a trend of high-value dealership sales in South Florida, including the $20 million sale of a Ford dealership in Kendall last year.

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