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El Monte Honda sold to Car Pros Automotive Group
Irvine, CA., Tuesday, November 20, 2019 – 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.
About Kerrigan Advisors
Kerrigan Advisors is a leading sell-side advisor and thought partner to auto dealers nationwide. 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. Kerrigan Advisors has represented on auto retail’s largest transactions, including five of the Top 100 Dealership Groups in the US, more than any other firm in the industry. Led by a team of veteran industry experts, the firm does not take listings, rather develops a customized approach for each client to achieve their goals. In addition to Kerrigan Advisors’ sell-side advisory and capital-raising services, the firm also provides a suite of consulting services including growth strategies, capital allocation, pro forma analysis, market value assessments, open point proposals, operational improvement and real estate due diligence.
Kerrigan Advisors publishes The Blue Sky Report®, which is received by over 9,000 industry recipients in 35 countries and is the auto industry's most comprehensive and authoritative quarterly report of dealership buy/sell activity and franchise valuations in the US. To access The Blue Sky Report®, click here. Kerrigan Advisors also publishes The Kerrigan Index™, the only monthly report tracking the seven publicly traded auto retail companies. To access The Kerrigan Index™, click here. In November 2019, Kerrigan Advisors released The Kerrigan Dealer Survey, the firm’s first-ever survey of over 650 franchised auto dealers, designed to gauge dealer sentiment about the future of their businesses and their perspective on franchise valuations. To read the Kerrigan Dealer Survey Report, click here.
Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors, is a recognized 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, Automotive News’ Canadian World Congress, AICPA, and NADC. She has also been quoted numerous times by the Wall Street Journal, CNBC, Bloomberg and The Economist and has been a keynote speaker for events hosted by American Honda Motor Company, Audi of America, US Trust, Bank of America, Ohio Automobile Dealer Association, and SunTrust Bank. Ryan Kerrigan, Managing Director of Kerrigan Advisors, is a sought-after industry expert. He is featured in a monthly column for Dealer Magazine and has written Op-Eds for Automotive News.
Kerrigan Advisors Media Contact:
Melanie Webber (email@example.com), mWEBB Communications, 949-307-1723