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Matt Bowers acquires Hyundai/Genesis store in Louisiana, Corwin Auto Group picks up Colorado Honda location
Dealership buy/sell deals heat up in Q4 despite profitability slide. (5 min. read)
Anna del Villar
December 20, 2024
Auto dealership mergers and acquisitions (M&A) are picking up steam in the second half of the year, even as profits continue to slide from their pandemic highs. Deal volume might be down compared to 2023, but 2024 is still shaping up to be the fourth busiest year for dealership buy-sell deals on record, according to Haig Partners. Here are five noteworthy M&A deals from the end of November and December.
1. Kelly Auto Group sells Florida Infiniti store.
Announced today via a press release, Jaime Vergara has acquired Infiniti of Melbourne from the Kelly Auto Group which now operates seven dealerships in Pennsylvania representing brands like Toyota, Ford, and Hyundai.
Kelly Auto Group took over Infiniti of Melbourne in January 2019 and moved it to a prime, high-traffic location in September 2020. Nestled next to a busy Toyota dealership, the group poured millions into upgrading the site.
Yet, after being approached by Vergara for a deal, Kelly Auto Group decided to divest the location after spending several years growing its portfolio and undergoing big building projects at other locations. Performance Brokerage Services facilitate the sale.
2. Corwin Automotive Group acquires Colorado Honda dealership.
Formerly known as Groove Honda, the dealership will now operate under the name Corwin Honda in the city of Colorado Springs, according to a press release from transaction advisor Pinnacle Mergers and Acquisitions. Honda remains a highly profitable and sought-after brand coming in just behind Toyota and Lexus with little to no erosion in earnings.
"Honda in Colorado Springs is a unique opportunity for us to expand in a market we love with a brand we believe in," said Dan Wilson, CFO and Partner of Corwin. "This is a great opportunity for our company as we continue to look for outstanding opportunities like this one."
Based in North Dakota, Corwin Automotive Group has been around for 100 years. It now has 17 store locations across the country in eight states with brands including Ford, Chevrolet, GMC and Cadillac among others.
3. Country Auto Stores offloads Buick GMC location in Northern Virginia.
Purchased by Jaffer Syed, Country Buick GMC of Leesburg in Loudoun County is the 7th highest volume Buick GMC dealership in the state (out of 38) and ranks in the top 35% nationally for Buick GMC.
“A welcoming and comfortable experience for the Leesburg community has always been our top priority, and I’m incredibly proud of our employees for consistently delivering on that promise. It was a very hard decision to sell; however, I am confident that under new ownership with Jaffer Syed, the community will continue to receive the same exceptional service,” said Andy Budd, Owner of Country Auto Stores.
Loudoun County, Northern Virginia, is a hotspot for growth and wealth. With a 39% population surge since 2010 — 8x the national rate — and the highest incomes in the U.S. for 16 straight years, it’s a magnet for opportunity. Add Virginia’s pro-business edge and its position in the bustling Washington, D.C. metro, and it’s no surprise this area outperforms even in downturns, said Kerrigan Advisors, the sell-side advisor of this transaction.
4. Bohn Brothers Automotive Group sells 2 dealerships in Louisiana.
In two separate transactions, publicly traded dealership group Sonic Automotive acquired Audi New Orleans (#1 in the state), and the Matt Bowers Auto Group purchased Hyundai Genesis of Metairie from Bohn Brothers Automotive Group.
With over 1.2 million residents and nearly 18 million visitors in 2023, the greater New Orleans area is a hotspot for tourism, events, and business. From the French Quarter to hosting the 2025 NADA Convention and Super Bowl, the city is rife with economic opportunity. Businesses and residents also enjoy living and operating here thanks to the area’s lower-than-average cost of living.
5. Warren Henry Auto Group adds Kia of Key West to its portfolio.
Marking its sixth acquisition in the past two years, Warren Henry Auto Group will add the dealership to the Keys Auto Center family, which now offers 15 automotive brands to the Lower Keys, according to a press release.
"The Kia of Key West acquisition represents our continued focus on growth and expansion within the automotive retail space," said Erik Day, CFO and Partner at Warren Henry Auto Group. "We are eager to share our expertise and 'customer-first' way of doing business with new customers and communities."
Established in 1976, Warren Henry Auto Group now has 11 locations and 24 brands across Florida and is one of the longest-standing, family-owned dealership groups in the state.
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