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Family owned and operated since World War II, Puente Hills Chevrolet changes hands with the retirement of co-owners Tom Hoffman and Gary Campbell; Pendragon’s first US acquisition since the early 2000s.
Irvine, CA, October 31, 2017 – Kerrigan Advisors, the leading sell-side advisory firm to auto dealers in the US, represented and advised Tom Hoffman and Gary Campbell, co-owners of Puente Hills Chevrolet, in their recent sale to Pendragon PLC. The dealership has been in the Hoffman family since 1944, originally doing business as Leo Hoffman Chevrolet. Pendragon PLC is a UK-based auto retailer with over 220 dealerships worldwide; the company currently operates five dealerships in the United States under Pendragon North America.
“It’s been an incredible experience to be connected so deeply to the greater San Gabriel Valley community,” said Tom Hoffman. “It’s been 73 years of selling and servicing cars for families, first as Leo Hoffman Chevrolet, and now as Puente Hills Chevrolet,” he said. “It has been a privilege to grow our business and be a part of this wonderful community.”
“Heading into this transaction, it was critical that our sell-side advisors understand our business, its value and opportunities,” said Gary Campbell. “When a family sells a dealership after 70-plus years of ownership, it brings with it a unique set of complexities. Our sell-side advisor had to know how to navigate through these potential challenges. That’s why we chose Kerrigan Advisors. They have deep experience and expertise in terms of representing multi-generational dealerships and dealer families.”
Kerrigan Advisors, headed by Erin Kerrigan and Ryan Kerrigan, has represented on the sale of 60 dealerships since July 2015, making it the most active sell-side advisor in the US auto retail industry. Ryan Kerrigan noted that the sale of Puente Hills Chevrolet was of particular note because the dealership is being acquired by an international buyer. This buy/sell trend, which was featured in Kerrigan Advisors 2016 Third Quarter Blue Sky Report®, is expected to continue for the remainder of 2017 and into 2018.
“We were privileged to work with Tom and Gary in creating the right transaction for their families. We are confident that this is a very positive outcome for the employees and customers of Puente Hills Chevrolet.” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “We are also happy to see Pendragon grow its footprint in Southern California and expect more international buyers to enter the US auto retail market in the future.”
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 the report, click here. The company 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.
Ryan Kerrigan is Managing Director of Kerrigan Advisors and an expert on US auto retail buy/sell transaction work. Prior, Ryan served as Managing Director at Serent Capital, a $250mm private equity fund investing in middle market companies and served as General Manager of the family’s auto dealership. Mr. Kerrigan began his career as a management consultant at McKinsey & Company, where he advised Fortune 500 companies on growth strategies, organizational issues, pricing, and business valuation.
About Kerrigan Advisors
Kerrigan Advisors is the leading dealership buy/sell advisory firm focused on providing a high level of client service for dealership sellers nationwide. Led by a team of veteran advisors, Kerrigan Advisors customizes each sale process to maximize the seller’s transaction proceeds. The firm has sold 60 dealerships since 2015. With the most comprehensive buyer database in the industry, Kerrigan Advisors has the industry context and expertise to match every seller with the right buyer.
In addition to the monthly Kerrigan Auto Retail Index, each quarter, Kerrigan Advisors publishes The Blue Sky Report®, a Kerrigan Quarterly, which is the auto industry's most comprehensive and authoritative quarterly report and analysis of dealership buy/sell activity and franchise values. Kerrigan Advisors’ Managing Director, Erin Kerrigan, is a recognized industry expert on dealership valuation, real estate, and buy/sells, and is a frequent speaker at leading auto retail events and conferences, including NADA, JD Power Automotive Roundtable, AICPA, NADC, and Driving Sales’ President’s Club. She has also been a keynote speaker for events hosted by American Honda Motor Company, Audi of America, US Trust, Ohio Automobile Dealer Association, and SunTrust Bank and has led webinars for NADA and Automotive News. Kerrigan Advisors’ Managing Director Ryan Kerrigan is also a sought-after industry expert. He is featured in a monthly column for Dealer Magazine and has written Op-Eds for Automotive News, among other outlets.
Kerrigan Advisors Media Contact:
Melanie Webber (firstname.lastname@example.org), mWEBB Communications, 949-307-1723