Charlottesville Chevy dealership sold to Malloy Auto Group
Charlottesville-based Jim Price Auto Group has sold its Chevrolet dealership — its final franchise — to Malloy Auto Group.
Financial terms of the transaction were not disclosed.
Price Chevrolet is located on more than 10 acres on Seminole Trail in Charlottesville, according to a Tuesday news release from auto dealer sell-side adviser Kerrigan Advisors, which represented Jim Price Auto Group in the sale. Malloy Auto Group has Chevrolet, Cadillac, Ford and Toyota dealerships in Winchester and Ford dealerships in Charlottesville and Alexandria.
Jim Price Auto Group sold its two other dealerships last year. In July 2023, Winston-Salem, North Carolina-based Flow Automotive acquired its Price Kia dealership. Flow Automotive then bought Jim Price Hyundai in November 2023. Kerrigan Advisors declined to comment on why Jim Price Auto Group divested its holdings.
Henry James “Jim” Price opened Price Chevrolet in 1968. In 2017, his daughter, Sandra Price Amato, became the dealer principal for Jim Price Auto.
“This sale of our Chevrolet dealership, the final of our three auto group franchises to sell, represents the end of an era — as well as a new beginning for the dealership and for our family,” Amato said in a statement. “For the sale of this, our flagship dealership, [Kerrigan Advisors] found in Malloy a buyer well-suited to the needs of the franchise and the community.”
The deal was Kerrigan Advisors’ 23rd franchise sale in Virginia since 2020. The company also represented Vienna-based Jim Koons Automotive, which owned and operated 20 dealerships in the mid-Atlantic, in its sale to Georgia-based Asbury Automotive Group for $1.2 billion, completed in December 2023.
Kerrigan Advisors is the leading sell-side advisor and thought partner to auto dealers nationwide. Since its founding in 2014, the firm has led the industry with the sale of over 280 dealerships representing $9 billion in client proceeds, including the third largest transaction in auto retail history – the sale of Jim Koons Automotive Companies to Asbury Automotive Group. The firm advises the industry’s leading dealership groups, enhancing value through the lifecycle of growing, operating and, when the time is right, selling their businesses. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, Kerrigan Advisors does not take listings, rather they develop a customized sales approach for each client to achieve their personal and financial goals. In addition to the firm’s sell-side advisory services, Kerrigan Advisors also provides a suite of consulting and investor services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.
Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report®, which includes Kerrigan Advisors’ signature blue sky charts, multiples, and analysis for each franchise in the luxury and non-luxury segments. To download a preview of the report, click here. The firm also releases monthly The Kerrigan Index™ composed of the seven publicly traded auto retail companies with operations focused on the US market. The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail. To access The Kerrigan Index™, click here. To read the 2023 Kerrigan Dealer Survey, click here. To read the 2024 Kerrigan OEM Survey, click here. Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.
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