El Monte Honda sold to Car Pros Automotive Group.
IRVINE, Calif. - Kerrigan Advisors, the leading sell-side advisory firm to auto dealers in the US, represented and advised on the sale of Los Angeles County-based El Monte Honda, owned by Steve Nelson and business partners, to Washington-based Car Pros Automotive Group. This is the first Honda dealership for Car Pros, a west coast-based automotive group with six dealerships located in Washington and Southern California.
This transaction marks the 81st dealership, and 10th Honda dealership, sold by Kerrigan Advisors since July 2015, making the firm the most active sell-side advisor in the auto retail industry."El Monte Honda has been serving the Southern California community for decades" said dealership partner Steve Nelson. "When it was time to sell, we needed an advisor who could discreetly and accurately represent the opportunity. Kerrigan Advisors has such deep experience representing Honda franchises, and they were able to successfully represent our interests and maximize the value of our business. My partners and I have operated many dealerships over the last 30 years. This has been among the smoothest transactions we have been party to, which would not have been possible without Kerrigan Advisors."
"Advising Steve and his partners on the sale of El Monte Honda was a real privilege. The buyer demand that we saw in the marketplace for El Monte Honda reflects the strength of today's buy/sell market for top franchises, such as Honda" said Ryan Kerrigan, Managing Director of Kerrigan Advisors. "El Monte Honda is known for its professional approach to automotive sales and service, so we were determined to represent the partnership the same way and bring a buyer who would offer a continuation of those values."
With this acquisition, Car Pros will now have six dealerships, including Kia in Huntington Beach, CA and Glendale, CA and Volkswagen in San Bernardino, CA, and Hyundai and Kia in Renton, WA and Kia in Tacoma, WA. "Car Pros is excited to expand our brand portfolio in Southern California with the Honda franchise" said Matthew Phillips, Chief Executive Officer and Owner of Car Pros Automotive Group."
El Monte Honda offered a unique opportunity to represent a top import franchise in one of the largest car markets in the US. It was important that Kerrigan Advisors identify the best buyer for El Monte Honda, particularly one that met all of our client's valuation expectations and transaction priorities" said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. "I am confident that Car Pros Automotive Group will continue to build El Monte Honda into one of the strongest Honda dealerships in the area."Kerrigan Advisors is considered one of the top advisors to auto dealers in the US. The firm exclusively represents on a select number of higher value transactions nationwide, such as El Monte Honda, overseeing and managing the process from beginning through a successful outcome. The firm's managing directors are fully licensed with FINRA and have specific expertise in navigating the complexities associated with selling large enterprises with multiple owners and dealerships.Brent Smith of Manning, Leaver, Bruder & Berberich served as legal counsel to the seller. Christian Scali, Bert Rasmussen and Rita Campanile of Scali Rasmussen, PC served as legal counsel and Jason Meersman of Rekdal Hopkins Howard, PS served as an accounting advisor to the buyer.
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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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