Sale of third highest volume Honda dealership in Illinois to Gerald Auto Group
INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Kerrigan Advisors represented Continental Motors in its sale of Continental Honda of Countryside, Illinois to Chicago-based Gerald Auto Group. This sale marks the third transaction for Continental Motors that Kerrigan Advisors has represented since 2019 and the 143rd dealership sale led by the Kerrigan Advisors team since 2015. Kerrigan Advisors, which focuses exclusively on sell-side representation, is the most active sell-side advisor on the highest value transactions in the auto retail industry.
Continental Honda is the third highest volume Honda dealership in Illinois and has won Honda's President's Award eight times since 2011, most recently in 2020.
"Once again, Kerrigan Advisors put their unique insights about our market to work and found us the right buyer. After their excellent work on our previous transactions, they were the obvious choice to shepherd us through this one" said Jay Weinberger, Owner, Continental Honda. "The team at Kerrigan Advisors understands the importance of community, tradition and family when it comes to a sale like this, and they put that into action with a buyer who exemplifies the importance of service to customers and employees alike. And, as always, Kerrigan Advisors' responsiveness and attentiveness, every step of the way, was best-in-class, resulting in a seamless transaction."
Continental Motors Group, founded in 1961, is one of the oldest and longest-running family-owned dealership groups in the Chicago area. Brothers John and Herman Weinberger opened their import repair shop in Lyons, Illinois in 1961 and quickly became new car dealers with their first franchise, Triumph, in 1962. From that point on, the family business grew through the brothers' legacy of customer support and service, ultimately transitioning to the next generation.
"Honda is the #1 selling brand in Chicago, and Countryside is the 3rd highest volume auto retail market in Chicago, so this was an exceptional acquisition opportunity with much interest in the market. It was critical that Kerrigan Advisors identify the right buyer to match Continental Honda's stellar reputation" said Gabe Robleto, Vice President, Sell-Side Advisory of Kerrigan Advisors. "We are honored to represent Jay Weinberger again and to successfully manage his sale process to the Gerald Auto Group, a family-owned business with same values and goals for their business."
"In 2021's incredibly active buy/sell market, buyers are especially interested in high volume dealerships and top brands like Honda located in large auto retail markets like Chicago" said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. "Our exclusive focus on the sell-side process means that all our market intelligence, analysis and consultation is steered to identifying a buyer whom our clients are completely comfortable with -- in every aspect of the sale. We are proud to have found that buyer for Jay Weinberger, and helped guide this high value transaction to a successful conclusion."
David Blum, Scott Wasserman, Larry Eiben and Jerrod Bevan of Akerman, LLP served as legal counsel to the seller.
Kerrigan Advisors is the premier sell-side advisor on larger transactions in the auto retail industry, achieving the highest sale price per client of any firm over the last five years. The firm attributes its success to its team's laser-focus on fulfilling each client's personal and professional goals. In addition to its sell-side advisory work, the firm offers strategic consulting services to dealers and their families, including growth planning, capital raising and valuation analysis, creating value at every stage of the auto retail lifecycle.
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.
Contact us to learn more about Kerrigan Advisors’ sell-side services.
All of our conversations are 100% confidential.
