Crystal Hartwell's Posts - DealerELITE.net2024-03-19T14:00:47ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwellhttps://storage.ning.com/topology/rest/1.0/file/get/2535864395?profile=RESIZE_48X48&width=48&height=48&crop=1%3A1https://www.dealerelite.net/profiles/blog/feed?user=2byk9r75r79js&xn_auth=noCredit Union Leasing of America Experienced Double-Digit Growth in 2023tag:www.dealerelite.net,2024-02-29:5283893:BlogPost:13750672024-02-29T15:31:46.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>In a challenging auto finance environment, CULA grew its portfolio as well as Credit Union and Dealer Partners, while expanding national footprint</em></p>
<p> </p>
<p><strong>San Diego, CA</strong> <strong>– February 29, 2024</strong> – Credit Union Leasing of America (CULA) experienced double-digit growth in its portfolio, credit union and dealer partners in 2023, even in the face of a challenging auto finance environment, the company announced today. CULA drove 24% growth in credit…</p>
<p><em>In a challenging auto finance environment, CULA grew its portfolio as well as Credit Union and Dealer Partners, while expanding national footprint</em></p>
<p> </p>
<p><strong>San Diego, CA</strong> <strong>– February 29, 2024</strong> – Credit Union Leasing of America (CULA) experienced double-digit growth in its portfolio, credit union and dealer partners in 2023, even in the face of a challenging auto finance environment, the company announced today. CULA drove 24% growth in credit union partnerships year-over-year, with four of those additions driving expansion into multiple states.</p>
<p> </p>
<p>In addition, the Company grew active dealers 17%, adding 274 new dealers to the program. CULA now offers vehicle leasing through credit unions in 23 states and more than 40 credit unions are currently active on CULA’s innovative leasing platform.</p>
<p> </p>
<p>“While vehicle prices have been trending down, the average transaction price remains $6500 higher than in January 2021 according to Kelly Blue Book,(1)” said Ken Sopp, President of CULA. “High prices, coupled with an elevated interest rate environment, continues to make it challenging for consumers to afford cars, which is why leasing remains a strong option for credit unions to offer members in the market for a new or used vehicle – and why we expect to see continued growth in 2024.”</p>
<p> </p>
<p>According to CULA’s January 2024 “<span><a href="https://www.cula.com/nearly-40-of-credit-unions-expect-auto-finance-portfolio-growth-in-2024/">Future of Auto Finance</a></span>” survey, nearly 60% of credit union professionals say they believe vehicle leasing would be a positive addition to their finance portfolio in 2024 – data that is borne out by the uptick in new vehicle leasing reported by Experian: from 21.15% in 2022 to 27.37% in 2023(2).</p>
<p> </p>
<p>Sopp also noted that the growth CULA has seen in its dealer partnerships is something they expect to continue in 2024. In fact, over 70% of credit unions in the CULA survey reported that they plan to deepen/increase those relationships in 2024. “Dealer partnerships have been core to a credit union leasing program’s success and it makes sense as it offers dealerships yet another financing option for its customers.”</p>
<p> </p>
<p>“Vehicle leasing enables dealers and credit unions to provide relief from the high price of vehicles to their members, as well as term flexibility, without the risks of longer-term loans,” continued Sopp. “Leasing has, quite simply, become a necessary portfolio offering to help credit unions remain competitive in the current environment – and for the long term.”</p>
<p> </p>
<p>According to Vince Nowicki, Chief Lending Officer of Mission Federal Credit Union in San Diego, California, a CULA partner since 2018: "Since we have partnered with CULA on vehicle leasing, we have been able to open up an important, more affordable alternative to help our members get into a vehicle without taking on an extended loan. And the benefits to us, in addition to helping our members, are higher yield, greater portfolio diversity and staying relevant with our members’ preferences, as well as being able to rely on CULA to navigate the back-end complexities of leasing for us so we can focus on member service. Offering a lease product was a new strategy for Mission Federal. We were fortunate to have partnered with CULA who helped us every step of the way.”</p>
<p> </p>
<p>CULA has been the leader in indirect vehicle leasing for credit unions for over 35 years. Its innovative leasing program is analytically driven, high-value and handles all the intricacies of leasing for its clients – including insurance, operations, compliance and more. CULA’s understanding of the credit union financial model has resulted in long-term business relationships with top-tier credit unions, including nine of the top 10 credit unions offering leasing in the U.S. The program enables credit unions to easily add leasing to their portfolios and dealers to offer their customers more finance options, especially as affordability becomes their main concern.</p>
<p> </p>
<p> </p>
<p><strong>About Credit Union Leasing of America</strong></p>
<p>Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 35 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit <span><a href="https://www.cula.com/">https://www.cula.com/</a></span> to learn more.</p>
<p> </p>
<p><strong>Media contacts:</strong></p>
<p>Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776</p>
<p>Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723</p>
<p></p>
<p><span>(1) <a href="https://www.kbb.com/car-advice/when-will-car-prices-drop/#link1">https://www.kbb.com/car-advice/when-will-car-prices-drop/#link1</a><u> </u></span></p>
<p><span><a href="https://news.cuna.org/articles/123161-vehicle-loan-terms-decrease-as-interest-rates-rise">(2) https://news.cuna.org/articles/123161-vehicle-loan-terms-decrease-as-interest-rates-rise</a></span></p>Kerrigan Advisors Represents RRR Automotive Group in Sale to Group 1 Automotivetag:www.dealerelite.net,2024-02-13:5283893:BlogPost:13750502024-02-13T13:32:25.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12378909492?profile=original" rel="noopener" target="_blank"><img class="align-center" src="https://storage.ning.com/topology/rest/1.0/file/get/12378909492?profile=RESIZE_710x" width="400"></img></a></p>
<p><em>Transaction expands Group 1’s presence in the Washington-Baltimore metropolitan region; represents Kerrigan Advisors’ 50<sup>th</sup> franchise sold in the Mid-Atlantic since 2020, making the firm the undisputed leader in dealership sell-side advisory in the region</em></p>
<p></p>
<p><strong>COLLEGE PARK, MD – February 13, 2024 –…</strong></p>
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12378909492?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12378909492?profile=RESIZE_710x" width="400" class="align-center"/></a></p>
<p><em>Transaction expands Group 1’s presence in the Washington-Baltimore metropolitan region; represents Kerrigan Advisors’ 50<sup>th</sup> franchise sold in the Mid-Atlantic since 2020, making the firm the undisputed leader in dealership sell-side advisory in the region</em></p>
<p></p>
<p><strong>COLLEGE PARK, MD – February 13, 2024 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented College Park, Maryland-based RRR Automotive Group in the sale of its five new car dealerships, including the #1 and #2 volume Honda dealerships in the state of Maryland, to Houston, Texas-based Group 1 Automotive (NYSE: GPI). This transaction underscores Kerrigan Advisors’ industry-leading track record selling the most valuable auto retailers nationwide and marks the 50<sup>th</sup> franchise sale in the region completed by the firm since 2020. With this transaction, Kerrigan Advisors has represented on the sale of over seven billion dollars on behalf of their dealership clients in just the last nine years, making the firm the leader in auto retail sell-side advisory nationwide.</p>
<p></p>
<p>RRR Automotive Group, founded by Dick Patterson and Robert Hisaoka in the 1990s, is one of the most valuable import groups in the Mid-Atlantic. The group includes Toyota of Bowie, Kia of Bowie, Honda of Owings Mills, Honda of Greenbelt, College Park Hyundai and Toyota Certified at Capital Plaza (one of the nation’s few stand-alone Toyota certified centers). RRR Automotive Group has served its community for over 27 years through its guiding principles - <em>Reliable, Responsible and Respectful</em>.</p>
<p> </p>
<p>“Kerrigan Advisors’ expertise selling the most valuable dealership groups and their impeccable track record of success, particularly in the Mid-Atlantic region, made them the perfect partner for this transaction. We could not have asked for a better advisor to ensure we identified the right buyer for our group and that the transaction ran smoothly from start to finish,” said Dick Patterson, CEO of RRR Automotive Group. “Gabe Robleto and the entire Kerrigan Advisors team were in lock step with us at each stage of the process, and we couldn’t have been more satisfied with the final result.”</p>
<p> </p>
<p>“It was a true pleasure working with RRR Automotive Group whose premier import brands and location in one of the nation’s top economies were leading drivers of the strong buyer demand for the group,” said Gabe Robleto, senior vice president, sell-side advisory at Kerrigan Advisors. “We are proud to have shepherded this important transaction to such a successful conclusion and appreciate the trust Dick Patterson and Robert Hisaoka placed in Kerrigan Advisors. I also want to congratulate Group 1 Automotive on adding these exceptional franchises to their network.”</p>
<p> </p>
<p>The transaction expands Group 1’s presence in the region and in the non-luxury import brand market. The Washington metropolitan region is an import-dominant market with market share at 72% – 24% higher than the US average, and RRR Automotive Group dominates the markets in which it operates, capturing 48% of Bowie, College Park, Greenbelt and Owings Mills’ import non-luxury sales since 2019. Additionally, the area is one of the nation’s most economically vibrant and fastest growing with a population of 10 million. The region’s GDP has grown at a 4% CAGR since 2001, far outpacing the US, and boasts high median household incomes, high educational attainment rates and superior quality of life rankings.</p>
<p></p>
<p>“This transaction highlights the continued strength of the buy/sell market for top import franchises in economically vibrant markets. Despite an elevated interest rate environment and cooling industry profits, dealerships remain one of the most lucrative retail investments in the country,” said Erin Kerrigan, founder and managing director of Kerrigan Advisors. “Leading consolidators continue to reinvest their tremendous profits into acquisitions, attracted to the high return on investment achievable with auto dealerships, particularly import franchises in growing economies like the Baltimore-Washington metro. We expect this sizable transaction is an indicator of another active buy/sell market in 2024.”</p>
<p></p>
<p>Steven H. Schram of Shapiro, Lifschitz & Schram served as legal counsel to RRR Automotive Group. Brian Nolen of Nolen, PLLC served as legal counsel to Group 1 Automotive.</p>
<p></p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>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 230 dealerships generating more than $7 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 acquisition and expansion strategies, valuation assessments and benchmarking, open point proposals and real estate advisory.</p>
<p> </p>
<p>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. <a href="https://www.kerriganadvisors.com/reports/bsr-quarterly-preview"><strong>To download a preview of the report, click here.</strong></a> 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. <a href="https://www.kerriganadvisors.com/our-reports/kerrigan-index"><strong>To access The Kerrigan Index™, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/our-reports/dealer-survey"><strong>2023 Kerrigan Dealer Survey, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/our-reports/oem-survey"><strong>2023 Kerrigan OEM Survey, click here.</strong></a> Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>Car Pros Honda El Monte Achieved Best Sales Year Ever in 2023tag:www.dealerelite.net,2024-02-01:5283893:BlogPost:13747332024-02-01T14:52:05.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12372573477?profile=original" rel="noopener" target="_blank"><img class="align-center" src="https://storage.ning.com/topology/rest/1.0/file/get/12372573477?profile=RESIZE_710x" width="600"></img></a> </p>
<p><em>Dealership ranked #6 in California for 2023; #24 in the nation, up from #40 in 2022</em></p>
<p> </p>
<p><strong>RENTON, WA – February 1, 2024 –</strong> Car Pros Automotive Group, one of the fastest growing automotive groups in the United States, announced today that Car Pros Honda El Monte delivered its best year ever selling 3,242 new Hondas,…</p>
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12372573477?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12372573477?profile=RESIZE_710x" width="600" class="align-center"/></a> </p>
<p><em>Dealership ranked #6 in California for 2023; #24 in the nation, up from #40 in 2022</em></p>
<p> </p>
<p><strong>RENTON, WA – February 1, 2024 –</strong> Car Pros Automotive Group, one of the fastest growing automotive groups in the United States, announced today that Car Pros Honda El Monte delivered its best year ever selling 3,242 new Hondas, an increase of nearly 60% from the prior year. Since Car Pros acquired Honda El Monte in 2019 the dealership has experienced unprecedented growth with a 4-year CAGR of 22.43%. In April 2023, the dealership was awarded the 2022 <span><a href="https://www.prweb.com/releases/car-pros-honda-el-monte-awarded-the-honda-masters-circle-890154457.html">Honda Masters Circle</a></span>, given to the top 50 Honda dealerships in the United States in recognition of new vehicle sales volume and outstanding customer service. The dealership was ranked #40 in 2022, rising to #24 in 2023.</p>
<p><strong> </strong></p>
<p>In addition to the success at Car Pros Honda El Monte, 2023 was another outstanding year for the Car Pros Automotive Group as a whole, which achieved record sales of more than $1,126 billion, up from $1,031 billion in 2022.</p>
<p><strong> </strong></p>
<p>“I am so proud of the progress the Car Pros Honda El Monte dealership and its talented team have made since we acquired them in 2019, locking in a record year of sales and being honored with the prestigious Honda Masters Circle Award in 2023,” said Matthew Phillips, CEO of Car Pros Automotive Group. “When we acquired the dealership, we saw in its combination of high-quality brand, community and terrific team, a tremendous potential for success. And that success came, in no small part, because of the El Monte team’s commitment to fostering a culture of inclusivity, focusing on understanding and knowing their customers, and creating a safe environment and a positive workplace where all people can grow and thrive.”</p>
<p> </p>
<p>Founded in 1993 by the Phillips family, Car Pros began as a small used car lot with just two employees. Together with his family, Matthew Phillips built Car Pros into a leading automotive sales and service group with more than 700 employees and nine dealerships in Western Washington and Southern California, selling over 2,400 cars per month. Car Pros is the 45<sup>th</sup> largest auto group in the nation, and serves customers in the communities of Renton, Tacoma, Glendale, Los Angeles, Huntington Beach, and Moreno Valley.</p>
<p> </p>
<p>Matthew Phillips was named one of Automotive News Notable Champions of Diversity in 2023, and winner of the Silver Stevie® Award for Maverick of the Year in the 2023 American Business Awards®. He is a next-generation leader who brings in-the-trenches experience to his vision of changing lives through high performance dealerships and creating opportunity through excellence. His philosophy is based on five core competencies: professionalism, expertise, development, accountability, and leadership.</p>
<p> </p>
<p>“As I reflect on the incredible year we’ve had, with records set at all of our Car Pros dealerships, I can clearly see that our vision of changing lives is translating into making our auto group a great place for our employees to work and a great place for our customers to shop," concluded Phillips.</p>
<p> </p>
<p><strong>About Car Pros Automotive Group<br/></strong> Car Pros Automotive Group is a leading automotive sales and service group, with dealerships representing Kia, Hyundai, Honda, BMW and MINI. Founded in 1993 by Ken Phillips, Car Pros currently has annual sales of $1 billion and is the top selling Kia retailer in the nation, having retailed over 175,000 new Kia models. The retailer is committed to changing lives through high-performance and values-led dealerships. Led by CEO Matthew Phillips, Car Pros is shaping the future of automotive retail: Franchise, professional, tech-savvy, values driven, and people focused. Visit <span><a href="https://www.carpros.com">https://www.carpros.com</a></span> to learn more.</p>
<p> </p>
<p><strong>Media Contacts:<br/></strong> Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776<br/> Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723</p>Nearly 40% of Credit Unions Expect Auto Finance Portfolio Growth in 2024, But Most Expect Liquidity Crisis to Continue through First Half of 2024tag:www.dealerelite.net,2024-02-01:5283893:BlogPost:13750252024-02-01T14:30:00.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p></p>
<p> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12372574294?profile=original" rel="noopener" target="_blank"><img class="align-center" src="https://storage.ning.com/topology/rest/1.0/file/get/12372574294?profile=RESIZE_710x" width="600"></img></a></p>
<p style="text-align: center;"><em>CUs show some optimism for the 2024 auto finance market, predicting an easing of extended loan terms and interest rates dropping, according to a new CULA survey; most CUs plan to leverage the benefits of auto dealer relationships by increasing them in 2024</em></p>
<p> </p>
<p><strong>San Diego, CA…</strong></p>
<p></p>
<p> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12372574294?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12372574294?profile=RESIZE_710x" width="600" class="align-center"/></a></p>
<p style="text-align: center;"><em>CUs show some optimism for the 2024 auto finance market, predicting an easing of extended loan terms and interest rates dropping, according to a new CULA survey; most CUs plan to leverage the benefits of auto dealer relationships by increasing them in 2024</em></p>
<p> </p>
<p><strong>San Diego, CA</strong> <strong>– January 31, 2024</strong> – Credit Union worries about liquidity will continue into 2024, according to Credit Union Leasing of America’s (CULA) recent “Future of Auto Finance” snapshot survey of credit union professionals, with 48% anticipating the liquidity crisis will last for another one to two years or more, and only 9% seeing signs of it abating.</p>
<p> </p>
<p>Nevertheless, the online survey, which was fielded in January 2024, also indicates that 59% of credit unions are viewing 2024 with some optimism (although over one-third are ‘apprehensive’), with 39% expecting growth in their auto finance portfolios in 2024 and only 16% expecting it to decline. There will also be a significant change/drop in interest rates in 2024 predict over 74% of credit union professionals surveyed, although one in four don’t expect that change until 2025.</p>
<p> </p>
<p>And one thing respondents were nearly unanimous about (95%) is the benefit to their members of credit union relationships with auto dealers, with over 70% saying they plan to deepen/increase those relationships in 2024.</p>
<p> </p>
<p>“While our survey indicates that there is still some apprehension among credit unions about the auto finance landscape in the year ahead, there are many positive signs – especially that 85% expect no decline in their auto finance portfolios in 2024, and most are indicating that the trends of extended loan terms as well as high interest rates are easing up,” said <span>Mark Chandler</span>, Vice President of Business Development for CULA. "Many of the credit union professionals we surveyed are looking to further enhance their relationships with auto dealers, which we see as significant because those relationships offer many benefits, including streamlining the loan approval process, more customized loan packets for CU members, and allowing dealers to offer <span>more options, greater lending solutions, and more flexibility.”</span></p>
<p> </p>
<p>The results of the survey are in line with recent data from Experian which reported continuing stabilization in the auto finance market, with more consumers opting for shorter term loans on new vehicles.<a href="#_ftn1" name="_ftnref1"><span>[1]</span></a> In the CULA survey, 86% of respondents say they don’t expect to extend loan terms any further in 2024, a contrast from CULA’s <a href="https://www.cula.com/credit-unions-worry-most-about-over-extension-on-used-vehicle-loans-says-new-survey-but-long-term-loans-still-proliferate/">mid 2023</a> survey in which the majority of respondents had cited over-extension on used loans as their biggest concern about the 2023 auto finance landscape.</p>
<p> </p>
<p>Recent reporting from Experian shows that vehicle affordability is beginning to improve while loan terms are decreasing. That being said, the average monthly new auto loan payment was $726 vs $597 for a lease, and the average term of a new vehicle loan was 68.26 vs 36.18 months for a lease in Q3 2023.<a href="#_ftn2" name="_ftnref2"><span>[2]</span></a></p>
<p> </p>
<p>This perhaps explains why nearly 60% of credit union professionals surveyed by CULA say they believe vehicle leasing would be a positive addition to their finance portfolio in 2024 – data that is borne out by the uptick in new vehicle leasing also reported by Experian: from 21.15% in 2022 to 27.37% in 2023.<a href="#_ftn3" name="_ftnref3"><span>[3]</span></a> Said Melinda Zabritski of Experian at CUNA.org recently: “With shorter loan terms and the average price difference from loan to lease, it’s not uncommon to see consumers lean toward more budget-friendly options.”<a href="#_ftn4" name="_ftnref4"><span>[4]</span></a></p>
<p> </p>
<p><span>"Our survey results indicate that CUs are finally getting back to some normalcy and, most importantly, that the industry will survive the liquidity crisis of 2023," continued Chandler. "</span>We are especially pleased to see that credit unions are increasingly interested in exploring the benefits of adding vehicle leasing to their portfolios.”</p>
<p> </p>
<p> </p>
<p><strong><em>Key Survey Takeaways</em></strong></p>
<ul>
<li>83% expect the liquidity crisis to last for at least six months to one year or more, with 48% anticipating it will last for one to two years or more.</li>
<li>74% expect a significant drop in interest rates in 2024, with 26% saying 2025 at the earliest.</li>
<li>86% don’t expect further extension of their loan terms in 2024.</li>
<li>85% expect their portfolio to grow or remain flat (46%) in 2024.</li>
<li>59% are somewhat (53%) or very (6%) optimistic about the auto finance market in 2024, with 36% apprehensive and 5% pessimistic.</li>
<li>59% think that vehicle leasing would be a positive addition to their finance portfolio in 2024, with 30% unsure.</li>
<li>95% view partnering with dealerships on auto financing and vehicle leasing as a positive for their members.</li>
<li>71% plan to deepen or increase partnerships with auto dealers in 2024.</li>
</ul>
<p> </p>
<p>The “Future of Auto Finance” Snapshot Survey was conducted online January 4th through January 25th, 2024 among 90+ credit union professionals.</p>
<p> </p>
<p><strong>About Credit Union Leasing of America</strong></p>
<p>Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit <a href="https://www.cula.com/">https://www.cula.com/</a> to learn more.</p>
<p> </p>
<p><strong>Media contacts:</strong></p>
<p>Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776</p>
<p>Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723</p>
<p> </p>
<p> </p>
<p> </p>
<p></p>
<p><a href="#_ftnref1" name="_ftn1"><span>[1]</span></a> <a href="https://www.experian.com/blogs/insights/the-automotive-finance-market-shows-signs-of-optimism-in-q3-2023/#:~:text=According%20to%20Experian">https://www.experian.com/blogs/insights/the-automotive-finance-market-shows-signs-of-optimism-in-q3-2023/#:~:text=According%20to%20Experian</a>'s%20State%20of,%2427%2C167%20year%2Dover%2Dyear</p>
<p><a href="#_ftnref2" name="_ftn2"><span>[2]</span></a> Experian State of the Automotive Finance Market Q3 2023 <a href="https://www.experian.com/content/dam/noindex/na/us/automotive/finance-trends/experian-safm.pdf">https://www.experian.com/content/dam/noindex/na/us/automotive/finance-trends/experian-safm.pdf</a></p>
<p><a href="#_ftnref3" name="_ftn3"><span>[3]</span></a> Experian State of the Automotive Finance Market Q3 2023 <a href="https://www.experian.com/content/dam/noindex/na/us/automotive/finance-trends/experian-safm.pdf">https://www.experian.com/content/dam/noindex/na/us/automotive/finance-trends/experian-safm.pdf</a></p>
<p><a href="#_ftnref4" name="_ftn4"><span>[4]</span></a> <a href="https://news.cuna.org/articles/123161-vehicle-loan-terms-decrease-as-interest-rates-rise">https://news.cuna.org/articles/123161-vehicle-loan-terms-decrease-as-interest-rates-rise</a></p>
<p> </p>90% of Auto Dealers/Lenders Link AI-based Pricing to Inaccurate Quotestag:www.dealerelite.net,2024-01-31:5283893:BlogPost:13750222024-01-31T15:01:02.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>New survey from eLEND Solutions underscores challenges of delivering accurate online payment quotes,</em> <em>including reduced lender transparency, mismatched desking/lender decisions, consumer-provided credit scores, all of which results in anything but ‘penny-perfect’ payment quotes</em></p>
<p></p>
<p><strong>Foothill Ranch, Calif.</strong> – <strong>January 31, 2024</strong> – A new snapshot survey of auto dealers and lenders, from automotive fintech innovator eLEND Solutions,…</p>
<p><em>New survey from eLEND Solutions underscores challenges of delivering accurate online payment quotes,</em> <em>including reduced lender transparency, mismatched desking/lender decisions, consumer-provided credit scores, all of which results in anything but ‘penny-perfect’ payment quotes</em></p>
<p></p>
<p><strong>Foothill Ranch, Calif.</strong> – <strong>January 31, 2024</strong> – A new snapshot survey of auto dealers and lenders, from automotive fintech innovator eLEND Solutions, reveals that 90% believe that AI-based pricing is contributing to inaccurate online payment quotes which, the vast majority say, is having an adverse impact on the buying experience. Other key obstacles to delivering accurate online payment quotes, cited by survey respondents, include a reduction in lender transparency, mistimed and mismatched desking/lender decisions, and reliance on consumer-provided credit scores, all of which are contributing to payment quotes that are anything but ‘penny perfect.’</p>
<p> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12369306074?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12369306074?profile=RESIZE_710x" width="600" class="align-center"/></a></p>
<p> </p>
<p>“Over three-quarters of dealers and lenders in our survey say that the desked-deal and final decision match 50% or <em>less</em> of the time,” said Pete MacInnis, Founder and CEO of eLEND Solutions. “That is an astonishing number, but one that doesn’t surprise us. This mismatch, born of multiple factors uncovered in our survey, creates deep friction in the buying process, impacting CSI, profits and more.”</p>
<p></p>
<p>One of the Achilles’ heels of accurate payment quotes is the lack of relevant, objective information actually driving online payment quotes: according to 64% of dealer/lender respondents, today’s online quotes are primarily driven by <em>consumer-provided</em> credit score information.</p>
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12369306495?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12369306495?profile=RESIZE_710x" width="600" class="align-center"/></a></p>
<p>That, coupled with a faulty perception of what ‘penny-perfect payments’ in digital retailing actually means – 57% tie it to jurisdiction sales tax, license and registration fees versus those details <em>PLUS</em> actual customer pre-qualified to a specific lender decision (43%) - makes it no mystery why, for the vast majority (76%), digital retail payment quotes match final lender decisions less than 25% of the time, with only 4% saying they match more than 50% of the time.</p>
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12369307064?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12369307064?profile=RESIZE_710x" width="600" class="align-center"/></a></p>
<p>Adding further challenge is the fact that over half of lenders and dealers report that payment terms are negotiated with the online customer <em>before</em> a lender decision. “Talk about putting the cart before the horse,” said MacInnis. “Negotiating payment terms before a lender decision is a recipe for consumer dissatisfaction and deal rewinds.” In fact, over 70% of respondents agree that having finance involved in the deal flow <em>prior</em> to the first pencil, digitally or otherwise, would improve the process for all parties.</p>
<p></p>
<p>The snap survey was conducted by eLEND Solutions online among over 300 auto dealers/lenders in December 2023. While the survey respondents were predominantly auto dealers (76% dealer/24% lender), the results were extraordinarily consistent across both cohorts. </p>
<p> </p>
<p>“It was important for us to hear from lenders in this survey and it was remarkable how in sync they were with dealers: for example, the vast majority of both segments agree that not only has there been a reduction in lenders providing critical rate sheet pricing bulletins (87%), but also that AI-based pricing is a key culprit of inaccurate payment quotes (90%),” said MacInnis.</p>
<p> </p>
<p>Lenders and dealers also appear to be aligned in what it will take to solve these challenges: 94% say that pre-desking technology, integrated with lender proprietary credit scorecard models, would improve the car buying/selling experience for all parties.</p>
<p> </p>
<p>“The challenges to today’s digital finance are solvable, but only when our industry is willing to come together to change processes, increase transparency and embrace tools that enable sales and finance to begin together at the start of the transaction,” continued MacInnis. “The last time we saw disruption around lender dealer communication was twenty years ago when the big players got together to eliminate the ‘faxes’ between dealers and lenders. The results of this survey clearly demonstrate that the time for collaboration on the next big disruption has come.”</p>
<p> </p>
<p><strong><em>Key Survey Takeaways</em></strong></p>
<ul>
<li>86% of respondents think inaccurate online digital retailing payment quotes have an adverse impact on buying experiences. (89% Dealers/84% of Lenders).</li>
<li>90% of respondents say that AI based pricing at the customer qualification level (rather than legacy credit tier band pricing}, is contributing to inaccurate online payment quotes. (91% Dealer/85% Lenders)</li>
<li>The Digital Retailing term “Penny Perfect Payments” means “payments tied to jurisdiction sales tax, license and registration fees,” for 57% overall. Only 43% said “payments tied to jurisdiction sales tax, license and registration fees,” <em>PLUS</em> actual customer pre-qualified to a specific lender decision.” Lenders were more likely to say the latter (52%) than Dealers (42%)</li>
<li>‘Customer-provided credit score estimate’ is the feature that most commonly powers initial online digital retailing payment quotes, according to 64% of respondents; ‘actual FICO scores’ (17%), and ‘basic calculator tools’ (15%) lagged far behind, with ‘actual lender decisions’ dead last at 4%.</li>
<li>Initial digital retail payment quotes <em>match</em> final lender decisions less than half the time say 96% of respondents, with 76% saying they match less than 25% of the time. (74% Dealers/79% Lenders)</li>
<li>87% overall agree that has there been a reduction in Lenders providing rate-sheet pricing bulletins (89% Dealers/83% Lenders)</li>
<li>Lender loan pricing models are predominantly driven by ‘credit score plus other credit attributes and advance guidelines’ say 66% of Dealers and 57% of Lenders.</li>
<li>54% overall say that payment terms are negotiated with the online customer <em>before</em> the Lender decision.</li>
<li>The desked deal matches final lender decisions less than 50% of the time say 72% of respondents.</li>
<li>74% agree that having finance involved in the deal flow <em>prior</em> to the first pencil, digitally or otherwise, would improve the process for all parties, with Dealers indexing higher (78%) on this than Lenders (69%)</li>
<li>94% overall say that pre-desking technology, integrated with lender proprietary credit scorecard models, would improve the car buying/selling experience for all parties. (94% Dealer/92% Lender).</li>
</ul>
<p><strong> </strong></p>
<p><strong>About eLEND Solutions</strong><br/> eLEND Solutions™ (formerly DealerCentric) is an automotive FinTech company providing a middleware solution designed to power transactional digital retailing buying experiences for the retail automotive industry. The platform specializes in hybrid credit report, identity verification, and ‘pre-desking’ solutions, accelerating end-to-end purchase experiences - concluding with a transactable, fundable deal structure.</p>
<p>For more information, please visit <a href="http://www.elendsolutions.com">www.elendsolutions.com</a>.</p>
<p> </p>
<p><strong>Contact Media Relations:</strong></p>
<p>Angela Jacobson, mWEBB Communications, (714) 454-8776, angela(at)mwebbcom(dot)com</p>
<p>Crystal Hartwell, mWEBB Communications, (714) 987-1016, crystal(at)mwebbcom(dot)com</p>
<p> </p>
<p> </p>Car Pros Automotive Group Achieved Record Breaking Year in 2023tag:www.dealerelite.net,2024-01-31:5283893:BlogPost:13747272024-01-31T14:29:08.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>Car Pros new Kia sales reached 15,595 in 2023, bringing lifetime sales to 177,418; Car Pros Kia Glendale #1 in the nation</em></p>
<p> </p>
<p><strong>RENTON, WA – January 31, 2024 –</strong> Car Pros Automotive Group, a leading automotive sales and service group, announced today that 2023 was its best year ever in new Kia sales, setting a record and selling a total of 15,595 vehicles, up nearly 10% year-over-year. Car Pros Kia Glendale finished #1 in the nation with 6,549 new Kias sold.…</p>
<p><em>Car Pros new Kia sales reached 15,595 in 2023, bringing lifetime sales to 177,418; Car Pros Kia Glendale #1 in the nation</em></p>
<p> </p>
<p><strong>RENTON, WA – January 31, 2024 –</strong> Car Pros Automotive Group, a leading automotive sales and service group, announced today that 2023 was its best year ever in new Kia sales, setting a record and selling a total of 15,595 vehicles, up nearly 10% year-over-year. Car Pros Kia Glendale finished #1 in the nation with 6,549 new Kias sold. Underscoring the strength of the group, all five Car Pros Kia dealerships delivered record new Kia sales in 2023. Additionally, Car Pros retailed 1,463 new Kia EVs, more than 6% of the national total, and ranked in four of the top five spots nationally, with Car Pros Kia Glendale taking the top spot for Kia EV sales in the nation. </p>
<p></p>
<p>“Our Kia dealerships continue to drive extraordinary results with sales up nearly 10%. I am so proud of the Car Pros team, whose dedication to customer service and operational excellence has been instrumental in achieving this success,” said Matthew Phillips, CEO of Car Pros Automotive Group. “2023 was an exceptional year for us on many fronts. In addition to our Kia Glendale dealership taking the top ranking, we won the sales crown for the fourth time since 2018 and three of our dealerships were honored as exclusive members of Kia America's Presidents Club.”</p>
<p> </p>
<p>Car Pros was founded in 1993 by the Phillips family as a small used car lot with two employees. Together with his family, Matthew Phillips built Car Pros into one of the fastest growing dealership groups in the United States today with more than 700 employees and nine dealerships in Western Washington and Southern California, selling over 2,400 cars per month. Car Pros serves customers in the communities of Renton, Tacoma, Glendale, Los Angeles, Huntington Beach, and Moreno Valley. Car Pros is committed to changing lives through high-performance and values-led dealerships.</p>
<p> </p>
<p>2023 was an outstanding year for Car Pros Automotive Group as a whole, which achieved record sales of more than $1,126 billion, up from $1,031 billion in 2022. On top of this success, Car Pros continued to expand its footprint, entering the luxury brand category in 2023 through the acquisition of two dealerships from Los Angeles-based Nick Alexander Imports, including Nick Alexander BMW, Nick Alexander MINI, as well as their collision center. The dealerships were rebranded to BMW of Downtown LA and MINI of Downtown LA.</p>
<p> </p>
<p>Matthew Phillips and the Car Pros team are committed advocates for franchise auto retail and for electric vehicles. Kia and Hyundai, which are both Car Pros brands, jointly captured the number two slot in 2023 in U.S. electric-vehicle sales<a href="#_ftn1" name="_ftnref1"><sup>[1]</sup></a>. According to Phillips, “We are bullish on EVs at Car Pros and on the exceptional quality of Kia and Hyundai vehicles, as are our customers, who have helped us become the #1 Kia EV dealer in the nation. Car Pros’ team of EV, Hybrid and ICE vehicle repair and sales experts across our dealerships have been key to this success.”</p>
<p> </p>
<p><strong>About Car Pros Automotive Group<br/></strong> Car Pros Automotive Group is a leading automotive sales and service group, with dealerships representing Kia, Hyundai, Honda, BMW and MINI. Founded in 1993 by Ken Phillips, Car Pros currently has annual sales of $1 billion and is the top selling Kia retailer in the nation, having retailed over 175,000 new Kia models. The retailer is committed to changing lives through high-performance and values-led dealerships. Led by CEO Matthew Phillips, Car Pros is shaping the future of automotive retail: Franchise, professional, tech-savvy, values driven, and people focused. Visit <span><a href="https://www.carpros.com">https://www.carpros.com</a></span> to learn more.</p>
<p> </p>
<p><strong>Media Contacts:<br/></strong> Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776<br/> Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723</p>
<p> </p>
<p></p>
<p><a href="#_ftnref1" name="_ftn1"><span>[1]</span></a> The Wall Street Journal, January 2024: <span><a href="https://www.wsj.com/business/autos/hyundai-and-kia-emerge-as-teslas-biggest-u-s-rivals-bc610384">https://www.wsj.com/business/autos/hyundai-and-kia-emerge-as-teslas-biggest-u-s-rivals-bc610384</a></span></p>Kerrigan Advisors Represents Jim Price Auto Group in Sale of Chevrolet Dealershiptag:www.dealerelite.net,2024-01-09:5283893:BlogPost:13745812024-01-09T14:14:39.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>Sale of Jim Price’s flagship Chevrolet franchise, one of the industry’s strongest domestic brands, is final and third sale for the Virginia-based auto group, all represented by Kerrigan Advisors -- and the 23<sup>rd</sup> franchise sale in Virginia for Kerrigan Advisors since 2020</em></p>
<p></p>
<p><strong>Charlottesville, VA – January 9, 2024 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Charlottesville,…</p>
<p><em>Sale of Jim Price’s flagship Chevrolet franchise, one of the industry’s strongest domestic brands, is final and third sale for the Virginia-based auto group, all represented by Kerrigan Advisors -- and the 23<sup>rd</sup> franchise sale in Virginia for Kerrigan Advisors since 2020</em></p>
<p></p>
<p><strong>Charlottesville, VA – January 9, 2024 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Charlottesville, Virginia-based Jim Price Auto Group in the sale of Jim Price Chevrolet to Malloy Auto Group, which has operated in the Virginia area since 1992. Kerrigan previously represented Jim Price in the sale of its Hyundai and Kia dealerships in 2023. This marks the 23<sup>rd</sup> franchise sale in Virginia completed by Kerrigan Advisors since 2020.</p>
<p></p>
<p>Jim Price opened Price Chevrolet 56 years ago in 1968 and it has operated with great success from its existing location on Seminole Trail for the past 46 years. In 2017, Price’s daughter, Sandra Price Amato, became the dealer principal for Jim Price Auto, continuing the family’s legacy as one of Charlottesville’s top dealer groups.</p>
<p> </p>
<p>“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. For this very significant moment in our history, we wanted an advisor with a track record of completing high value transactions across the country, and one with particular expertise in the Virginia market. Kerrigan fulfilled that, and more,” said Amato. “They were there for us every step of the way, through all three transactions; and, for the sale of this, our flagship dealership, they found in Malloy a buyer well-suited to the needs of the franchise and the community. We are grateful for the attentive, hands-on, white glove service we received from Gabe Roleto and the entire Kerrigan Advisors team.”</p>
<p> </p>
<p>In addition to the dealership’s legacy, its prime market location and real estate were key components in the transaction: Price Chevrolet is located on over 10 acres in a prime retail location on Seminole Trail and Charlottesville is a growing, affluent market with an attractive cost of living, a highly educated workforce, high quality of life, high median household incomes and low cost of living. Notably, in 2023, Virginia ranked as the #2 Top State for Business by CNBC, while Charlottesville was recognized on the Top 100 Best Places to Live in America by Livability.com. </p>
<p></p>
<p>“It was an honor to work on this transaction with Sandra Price, COO Sandy Fewell, and her entire team. This is the 3<sup>rd</sup> dealership we have had the pleasure of closing with the group in the last 6 months,” said Gabe Robleto, Senior Vice President, Sell-Side Advisory at Kerrigan Advisors. “Jim Price Auto Group’s 50 years of auto retail success, their reputation for superlative service, the power of the Chevrolet brand and the dealership’s prime real estate made it a very attractive acquisition that generated strong interest from buyers. We were pleased to have been able to help transition the dealership to an auto group with the business values, scope and reputation to continue the Jim Price Chevrolet legacy.”</p>
<p></p>
<p>Chevrolet is the fastest growing volume domestic brand in the US by new unit sales, increasing US light vehicle sales by 13.1% in 2023. In 2023, J.D. Power ranked Chevrolet #4 for vehicle quality, far ahead of its biggest competitor, Ford, and 16% stronger than the US average. </p>
<p></p>
<p>“This transaction is another example of the appeal to buyers of high value franchises in growing, high quality-of-life and business-friendly markets. It also underscores that the buy/sell market is seeing more and more dealership groups adding scale to their regional platforms through local acquisitions,” said Erin Kerrigan, founder and managing director of Kerrigan Advisors. “We are proud to have closed what has been a record last twelve months of dealership buy/sells for both Kerrigan Advisors and the industry by helping the superlative Jim Price Auto Group sell its final dealership in a market that we know so well.”</p>
<p></p>
<p>Barrett Charapp Beaty of Mahdavi Bacon Halfhill & Young, PLLC served as legal counsel to Jim Price. Cari Lyn Pierce of Williams Mullens served as legal counsel to Malloy Auto Group.</p>
<p> </p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>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 225 dealerships representing more than $7 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.</p>
<p> </p>
<p>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. <a href="https://www.kerriganadvisors.com/reports/bsr-quarterly-preview"><strong>To download a preview of the report, click here.</strong></a> 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. <a href="https://www.kerriganadvisors.com/our-reports/kerrigan-index"><strong>To access The Kerrigan Index™, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/our-reports/dealer-survey"><strong>2023 Kerrigan Dealer Survey, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/our-reports/oem-survey"><strong>2023 Kerrigan OEM Survey, click here.</strong></a> Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>Mountain America Credit Union selects CULA for Indirect Vehicle Leasingtag:www.dealerelite.net,2024-01-09:5283893:BlogPost:13744972024-01-09T14:06:46.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p> </p>
<p></p>
<p><em>The leader in indirect vehicle leasing for credit unions further broadens its reach in the western U.S. as it partners with the tenth largest credit union in the U.S.</em></p>
<p> </p>
<p><strong>San Diego, CA & Sandy, UT – January 9, 2024</strong> – Credit Union Leasing of America (CULA), the leader in indirect vehicle leasing for credit unions for over 30 years, today announced that it has been selected by Utah-based Mountain…</p>
<p> </p>
<p></p>
<p><em>The leader in indirect vehicle leasing for credit unions further broadens its reach in the western U.S. as it partners with the tenth largest credit union in the U.S.</em></p>
<p> </p>
<p><strong>San Diego, CA & Sandy, UT – January 9, 2024</strong> – Credit Union Leasing of America (CULA), the leader in indirect vehicle leasing for credit unions for over 30 years, today announced that it has been selected by Utah-based Mountain America Credit Union, to bring the flexibility and affordability of vehicle leasing to its more than 1.1 million members. Mountain America opened its doors in the 1930s and today has over $18 billion in assets, and is ranked as the 9th largest credit union in the U.S., and the 2nd largest in Utah.</p>
<p> </p>
<p>Through the partnership with Mountain America, CULA will further extend its footprint in the Intermountain West region, originating leases in Utah, Idaho, Montana, Oregon and Washington, and expanding its presence in Wyoming and Nevada.</p>
<p> </p>
<p>“We are committed to help our members define and achieve their financial dreams, and provide them with convenient, flexible products and services. Today’s rising vehicle prices are a significant concern for credit union members, and we are pleased, through this new partnership with CULA, to be able to offer the more flexible, affordable option of vehicle leasing,” said Jade Beckman, vice president of indirect consumer lending at Mountain America Credit Union. “We chose CULA because of their decades of enabling credit unions to offer indirect vehicle leasing, and their dedication to customer service, which sets them apart in our industry.”</p>
<p> </p>
<p>CULA enables credit unions to easily add vehicle leasing to their portfolios and dealers to offer their customers more finance options, through its indirect vehicle leasing program that handles the intricacies of leasing for its clients – including analytics, insurance, operations, compliance and more.</p>
<p> </p>
<p>“Mountain America has long been one of the nation’s most progressive credit unions, with a nearly 100-year history. We are proud that they are joining the CULA program and we look forward to helping them enjoy the benefits that vehicle leasing can provide for their members, while further diversifying their portfolio and increasing yield,” said Ken Sopp, President of CULA.</p>
<p> </p>
<p>Mark Chandler, Vice President of Business Development for CULA also acknowledged the company’s ongoing partnership with Origence which has played a key role in recent expansion: “We value our relationship with Origence, and are excited to continue working with their fantastic team as we bring vehicle leasing to Mountain America and further expand our national presence.”</p>
<p> </p>
<p>CULA, which has added 12 credit unions to its indirect leasing platform in the past year, has been the leader in indirect vehicle leasing for credit unions for over 30 years, with the largest number of credit union partners, and longest combined tenure with credit unions. The company experienced record growth in the last two years, and originated 64,000 leases through its credit union partners in 2022, up from 50,000 in 2021. CULA partners with the industry’s most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S.</p>
<p> </p>
<p> </p>
<p><strong>About Mountain America Credit Union</strong></p>
<p>With more than 1 million members and $18 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile-banking technology, over 100 branches across six states, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at <span><a href="http://www.macu.com/newsroom">macu.com</a></span>.</p>
<p> </p>
<p><strong>About Credit Union Leasing of America</strong></p>
<p>Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit <span><a href="https://www.cula.com/">https://www.cula.com/</a></span> to learn more.</p>
<p> </p>
<p><strong>Media contacts:</strong></p>
<p>Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776</p>
<p>Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723</p>Auto Dealership Buy/Sell Market Hits New High, On Track for Record Year as Dealerships Focus on Expansion through Acquisitionstag:www.dealerelite.net,2023-12-18:5283893:BlogPost:13746152023-12-18T19:42:05.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p></p>
<p><em>Dealership buy/sells increased 11% YoY, with trailing twelve-month transactions surpassing 2021’s prior peak, according to the Third Quarter 2023 Blue Sky Report</em><em><sup>®</sup></em> <em>by Kerrigan Advisors; consolidation sparked by the pandemic has yet to abate, blue sky values remain high and acquisition growth, fueled by tremendous access to capital from operations, remains impervious to interest rates</em></p>
<p> </p>
<p><strong>Incline Village, NV – December 18,…</strong></p>
<p></p>
<p><em>Dealership buy/sells increased 11% YoY, with trailing twelve-month transactions surpassing 2021’s prior peak, according to the Third Quarter 2023 Blue Sky Report</em><em><sup>®</sup></em> <em>by Kerrigan Advisors; consolidation sparked by the pandemic has yet to abate, blue sky values remain high and acquisition growth, fueled by tremendous access to capital from operations, remains impervious to interest rates</em></p>
<p> </p>
<p><strong>Incline Village, NV – December 18, 2023</strong> – The auto dealership buy/sell market hit another impressive record through the third quarter of 2023 with 313 transactions completed — an 11% increase over the same period in 2022, according to the just-released <em>Third Quarter 2023 Blue Sky Report<sup>®</sup> by Kerrigan Advisors,</em> and is on track for another record year. For the trailing 12 months ending September 2023, the buy/sell market recorded 406 completed transactions, surpassing 2021’s prior peak.</p>
<p><strong> </strong></p>
<p>“The buy/sell market continues to show its strength in the third quarter, impervious to the rise in borrowing costs and declines in dealership earnings which, nevertheless, remain historically high, and well above pre-pandemic averages,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors.</p>
<p> </p>
<p>Through the third quarter of 2023, Kerrigan Advisors estimates auto retail generated $235 billion in pre-tax profit since 2020, much of which has yet to be reinvested in dealership acquisitions.</p>
<p> </p>
<p>“The continuing uptick in buy/sell activity is attributable to more sellers coming to market, strong blue sky values and buyers’ robust pool of capital generated over the last four years from record earnings. As profits remain elevated, growing dealership groups are allocating that capital toward acquisitions,” continued Kerrigan. “Most are investing equity, rather than raising debt, and thus are less impacted by higher borrowing costs due to the rise in interest rates.”</p>
<p><strong> </strong></p>
<p>While the number of sellers coming to market has risen, the buy/sell market remains largely a seller’s market given the substantial amount of capital still on balance sheets of dealers who are seeking to acquire dealerships, particularly high-demand franchises in growth markets. As a result, dealership valuations remain near peak levels in 2023, on average about two times pre-pandemic values, although slightly lower than 2022.</p>
<p> </p>
<p>“It is important to keep in mind that dealership valuations do not rise and fall in lockstep with industry earnings. When earnings soared in 2021, buyers assumed they would come back down to earth and took that into account when buying stores,” noted Kerrigan. “As earnings start to normalize in 2023 and 2024, the impact has already been baked into valuations and thus the decline in current earnings is not having a meaningful impact on valuations, as the decline has long been assumed.”</p>
<p> </p>
<p>Notably, according to the report, through the third quarter of 2023, multi-dealership transactions tracked to record levels, surging to 99, and representing nearly one third of the buy/sell market, further evidence of the industry’s focus on the importance of consolidation and scale. “The strength of this trend is reflective of the auto retail’s adaptation to the evolving marketplace where size will be an imperative to future success both on a market and group level,” said Kerrigan.</p>
<p> </p>
<p>According to the 5<sup>th</sup> annual <a href="https://www.kerriganadvisors.com/our-reports/dealer-survey">Kerrigan Dealer Survey</a>, the percentage of dealers seeking to sell dealerships rose more than 200% in 2023 compared to 2022, while the percentage seeking to acquire declined 18%. Kerrigan Advisors believes the rise in dealerships available for sale is a byproduct of expected changes to auto retail in the coming years, which will likely require larger balance sheets and significant investments in digital retailing technology and infrastructure to support electric vehicle sales. The survey also found that 27% of dealers expect the value of their business to decline in the next 12 months. This is the highest rate since the pandemic and nearly double 2019 and 2020’s rate of 14%.</p>
<p> </p>
<p>“In an evolving auto retail environment, dealers are facing a crossroads to either grow their enterprise or exit,” continued Kerrigan. “With franchise valuations still above pre-pandemic levels, and dealers concerned that blue sky could decline if profit margins normalize, more are capitalizing on today’s blue sky rather than assuming the risks associated with growth, particularly in an industry facing tremendous change due to government mandated EVs.”</p>
<p> </p>
<p>US public auto retailers’ acquisition spending on US dealerships through the third quarter of 2023 declined 26% to $1.1 billion, from the same period in 2022, but their spending on international and other business acquisitions increased 165%, resulting in an overall rise in capital allocated to investments for the year. This is the first time since Kerrigan Advisors started tracking these companies that their collective capital allocation to US dealership acquisitions was in line with both their allocation to capital expenditures and international & other investments.</p>
<p> </p>
<p>“This is a clear sign that the publics are assessing their growth strategy, not only through US dealership acquisitions but also in relation to the evolving global auto retail marketplace,” said Kerrigan. “Their allocation to alternative investments, such as foreign dealership groups, financial services companies and technology solutions is a reminder of the multiple options available to the largest groups in the industry. The publics can, and will, invest in the most economically attractive opportunities for their shareholders and are making these investments with the changing auto retail marketplace in mind.”</p>
<p> </p>
<p><strong>Third Quarter 2023 Buy/Sell Trends</strong><br/></p>
<p>Kerrigan Advisors has identified the following three important trends that we believe will meaningfully impact the buy/sell market over the next 12 months:</p>
<ul>
<li>2019 financial performance increasingly irrelevant to valuation</li>
<li>Leasing dealership real estate (versus buying) becomes more economic</li>
<li>OEMs’ EV strategies impact future franchise profitability and blue sky value</li>
</ul>
<p> </p>
<p>“Pre-pandemic performance is increasingly irrelevant when assessing franchise value - 2019’s dealership financial performance is not only almost four years old, but also a reflection of a very different retailing environment,” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “Buyers who seek to superimpose 2019 earnings as a replacement for projecting normalized earnings are overlooking the substantial and evolving differences between the pre- and post-pandemic auto retail business model.” </p>
<p> </p>
<p>The pandemic motivated dealers to heavily scrutinize operating expenses, particularly employee productivity, which ultimately resulted in significant improvements in operational efficiencies. </p>
<p>In addition to fewer employees producing more revenue, the industry continues to evolve significantly as auto retail has become increasingly reliant on big data and technology to optimize sales. Perhaps the best most recent example of this changing dynamic is Hyundai’s November announcement of its Amazon partnership for the sale of new vehicles. With the AI revolution, auto retailing will undoubtedly continue to change, making 2019, and the historical way of retailing, a vestige of the past.</p>
<p> </p>
<p>EVs continue to impact the buy/sell market as dealership buyers are increasingly limiting the number of Evs they are willing to purchase, concerned about exposure to low-demand devaluing inventory. Today, many dealerships are sitting on over 100 EV days’ supply as consumers are unattracted to the high price tags and logistical challenges associated with EV ownership, driving a low demand environment for EVs, with a resulting increase in EV discounting at the dealer level, led by Tesla, which has reduced prices 22% year-over-year per KBB.</p>
<p> </p>
<p>“In the next two years, Kerrigan Advisors sees the auto retail industry approaching a challenging tipping point in EV sales,” continued Ryan Kerrigan. “The government mandated transition to EVs will likely have major implications for franchise values, depending not only on the success of an OEM’s sales strategy, but also on location. With CARB states currently mandating that 35% of OEM sales be zero emissions by 2026, OEMs will have a financial incentive to send the majority of their EV vehicles to those states (currently 15 states), resulting in greater disparities in EV and ICE availability from state to state. This disparity could lead to monumental differences in dealership profitability based on location and, ultimately, greater gaps in franchise value, adding a new variable to blue sky valuation.”</p>
<p><strong> </strong></p>
<p><strong>Toyota, Honda, Subaru, Porsche and Lexus Multiples Increased; Ford Sees Reduced Multiple; Ford, Nissan, CDJR and Lincoln Multiple Outlooks Downgraded</strong></p>
<p><strong> </strong></p>
<p>For the third quarter of 2023, Kerrigan Advisors increased the multiple outlooks for five franchises namely Toyota, Honda, Subaru, Porsche, and Lexus. These franchises join Kia as those most likely to see improvements in valuation in the coming year. Toyota continues to outperform on every level.</p>
<p> </p>
<p>“Toyota is the most trusted franchise by dealers, with an incredible 72% of dealers surveyed having a high level of trust in the franchise,” said Erin Kerrigan. “This monumental lead in the trust equation has resulted in the franchise having the highest expected increase in profits as a result of the OEM's retailing changes and the highest buyer demand in Kerrigan Advisors’ buyer database.”</p>
<p> </p>
<p>Ford’s multiple was reduced by 0.25 on the high-end, resulting in a revised blue sky multiple range of 3.25 to 4.0, in line with CJDR. Ford remains the franchise most expected to see a decline in value because of the OEM’s changes to its retail model. Consistent with this negative sentiment, Ford is the non-luxury franchise least expected to see a rise in valuation in the next 12 months. These results reflect dealers’ lack of trust in the OEM with Ford ranking as the least trusted franchise. With this lack of trust, Kerrigan Advisors has seen a notable rise in Ford dealers seeking a sale.</p>
<p> </p>
<p>Kerrigan Advisors also downgraded the outlook for four franchises, including Ford, Nissan, CDJR and Lincoln. The negative outlook for these franchises is driven by their poor results in the 2023 Kerrigan Dealer Survey, particularly on the question of trust. Most notably in the survey, CDJR saw a significant increase in dealers expecting the franchise to decline in value, from 24% in 2022 to 53% in 2023 – a 29-percentage point increase. Kerrigan Advisors expects this negative dealer sentiment reflects CDJR’s rising inventory levels and lack of incentive spending. Also, 39% of dealers have no trust in CDJR, placing the OEM as the 4<sup>th</sup> least trusted franchise.</p>
<p> </p>
<p><strong>Highlights from the Q3 2023 Blue Sky Report<sup>®</sup> by Kerrigan Advisors include:</strong></p>
<ul>
<li>313 dealership buy/sell transactions were completed through the third quarter of 2023, an 11% increase, resulting in 406 transactions for the 12 months ending September 2023.</li>
<li>99 multi-dealership transactions were completed through the third quarter, representing nearly one third of the buy/sell market.</li>
<li>Among the franchises being acquired, domestic franchises increased their buy/sell market share five percentage points to 54%, taking share from import non-luxury franchises.</li>
<li>Domestics retained their majority share of the buy/sell market in 2023; however, more than 30 Kia and Hyundai franchises sold in third quarter alone resulting in those franchises leading import buy/sell market share and overtaking Toyota and Honda for the first time this year.</li>
<li>94% of the franchises sold through the third quarter of 2023 were to private buyers who are leading industry consolidation. The largest private groups represented 20% of the buy/sell market, while smaller private groups remained the largest buyers pool at 74%. The US public dealer groups acquired 6% of franchises sold through the third quarter of 2023.</li>
<li>US public auto retailers’ acquisition spending on US dealerships through the third quarter of 2023 was $1.1 billion, a decline of 26% from the same period in 2022. On a trailing twelve-month basis, the publics spent $2.7 billion on investments, the second highest level since 2021, with nearly half of their investments going to non-US dealerships.</li>
<li>During the quarter, Asbury announced the $1.2 billion acquisition of Jim Koons Automotive Companies, a Kerrigan Advisors’ client, which closed on December 11, 2023. The Koons acquisition is the third largest in auto retail history in terms of purchase price and the highest price ever paid for a regional dealership group. AutoNation, Lithia and Penske also completed US acquisitions during the third quarter.</li>
<li>Through the third quarter of 2023, the US public dealer groups’ new vehicle gross profit margins were 145% higher than pre-pandemic averages.</li>
<li>Kerrigan Advisors’ 2023 Dealer Survey found that 27% of dealers expect the value of their business to decline in the next 12 months, the highest rate since the pandemic and more than double 2019 and 2020’s rate of 14%.</li>
</ul>
<p>The Blue Sky Report<sup>®</sup>, published by Kerrigan Advisors, is the auto retail industry's most comprehensive and authoritative quarterly report on dealership M&A activity, as well as franchise values. The quarterly report, received by nearly 10,000 industry recipients in 35 countries, includes analysis of all dealership transaction activity for the year, and lays out the high, average and low blue sky multiples for each franchise in the luxury and non-luxury segments. For more details and to preview the report, <a href="https://www.kerriganadvisors.com/the-blue-sky-report-third-quarter-2023-preview">click here.</a> To sign up to receive the quarterly report, <a href="https://www.kerriganadvisors.com/our-reports/blue-sky-report">click here.</a></p>
<p> </p>
<p>Kerrigan Advisors 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™, <a href="https://www.kerriganadvisors.com/our-reports/kerrigan-index">click here.</a></p>
<p> </p>
<p><strong>About Kerrigan Advisors </strong></p>
<p>Kerrigan Advisors is the premier sell-side advisor and thought partner to auto dealers in the US. The firm advises auto dealers nationwide, enhancing value through the lifecycle of growing, operating and monetizing their businesses, as well as offering restructuring and turnaround consulting services. Since the firm’s founding, Kerrigan Advisors has had the honor of representing the industry’s largest transactions, including more Top 150 Dealership Groups than any other firm in the industry. Led by a team of veteran industry experts, the firm does not take listings, rather Kerrigan Advisors develops a customized approach for each client to achieve their personal and financial 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, transactional due diligence, open point proposals, operational improvement and real estate analysis.</p>
<p> </p>
<p>Kerrigan Advisors publishes The Blue Sky Report®, which is the auto industry's most comprehensive and authoritative quarterly report of dealership buy/sell activity and franchise values, received by nearly 10,000 industry participants in 35 countries. To register to receive The Blue Sky Report®, <a href="https://www.kerriganadvisors.com/our-reports/blue-sky-report">click here</a>. Kerrigan Advisors also publishes The Kerrigan Index™, the only monthly report tracking the seven publicly traded auto retail companies. To access The Kerrigan Index™, <a href="https://www.kerriganadvisors.com/our-reports/kerrigan-index">click here</a>.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>Car Pros Sponsors GSBA EQUALUX 2023 Gala and Fundraiser in Seattletag:www.dealerelite.net,2023-12-04:5283893:BlogPost:13745202023-12-04T17:00:00.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>Event raised over $875,000 for the GSBA Scholarship & Education Fund; new Car Pros Workforce Development Scholarship established</em></p>
<p><em> </em></p>
<p><strong>RENTON, WA – December 4, 2023 –</strong> <span><a href="https://www.carpros.com">Car Pros</a></span>, a leading automotive sales and service group headquartered in Washington, was the title sponsor of the GSBA’s EQUALUX 2023, the largest LGBTQ+ and friends gala in the Pacific Northwest. The gala raised over $875,000 for…</p>
<p><em>Event raised over $875,000 for the GSBA Scholarship & Education Fund; new Car Pros Workforce Development Scholarship established</em></p>
<p><em> </em></p>
<p><strong>RENTON, WA – December 4, 2023 –</strong> <span><a href="https://www.carpros.com">Car Pros</a></span>, a leading automotive sales and service group headquartered in Washington, was the title sponsor of the GSBA’s EQUALUX 2023, the largest LGBTQ+ and friends gala in the Pacific Northwest. The gala raised over $875,000 for the GSBA Scholarship & Education Fund. Established in 1981, the GSBA is Washington State’s LGBTQ+ and allied chamber of commerce, and is the largest of its kind in North America.</p>
<p> </p>
<p>“We were so proud to be the title sponsor of EQUALUX 2023 for the third year in a row. We strongly believe in the work of the GSBA, and share their values of promoting equality and diversity in the workplace,” said Matthew Phillips, CEO of Car Pros Automotive Group. “We congratulate the GSBA for hosting such a successful event and are pleased, through the establishment of a new Workforce Development Scholarship in Car Pros’ name, to further support their continued investment in the next generation of leaders through their Scholarship & Education Fund.”</p>
<p> </p>
<p>Car Pros donated nearly $25,000 during the event, creating the “Car Pros Road to Success” Scholarship which will allow a scholar to pursue a 2-year certificate degree within much needed trade industries, such as automotive and auto repair, and to enter the workforce and a skilled-trade career.</p>
<p> </p>
<p>Car Pros, which has nine dealerships in Western Washington and Southern California, is committed to changing lives through high-performance and values-led dealerships. As part of the event Car Pros displayed the new, all-electric Kia EV9, the industry's first, mass market, three-row EV SUV, which was a big hit with attendees. The EV9 was converted into a photo booth for the evening, where attendees could get their photo taken from inside the vehicle. The EV9 will be available in dealerships soon, and reservations are currently being taken. Car Pros is the number one Kia EV retailer in the nation.</p>
<p> </p>
<p>“EQUALUX 2023 was a night to remember – full of connection, community and support for our future leaders. We are very grateful for the help of our amazing community members, and for their generous donations to the GSBA Scholarship & Education Fund, including both one-time and multi-year gifts,” said Ilona Lohrey, GSBA CEO & President. “We are especially grateful for the continued partnership of our Title Sponsor Car Pros Kia, without whom an event of this size would not be possible.”</p>
<p> </p>
<p>The GSBA supports LGBTQ+ and allied students who demonstrate the vision and the ability to truly make a difference in the world. The organization’s Scholarship & Education Fund awards scholarships to LGBTQ+ and allied students who exhibit leadership potential, strong academic abilities, and are actively involved in school and community organizations. Every scholar who has met certain criteria is eligible for up to four years of scholarship funding to pursue higher education. Founded in 1991, the GSBA Scholarship & Education Fund has invested almost $6 million in 535 scholars. For more information, visit <span><a href="https://thegsba.org/">thegsba.org</a></span></p>
<p> </p>
<p><strong>About Car Pros Automotive Group<br/></strong> Car Pros Automotive Group is a leading automotive sales and service group, with dealerships representing Kia, Hyundai, Honda, BMW and MINI. Founded in 1993 by Ken Phillips, Car Pros currently has annual sales of $1 billion and is the top selling Kia retailer in the nation, having retailed over 150,000 new Kia models. The retailer is committed to changing lives through high-performance and values-led dealerships. Led by CEO Matthew Phillips, Car Pros is shaping the future of automotive retail: Franchise, professional, tech-savvy, values driven, and people focused. Visit <span><a href="https://www.carpros.com">https://www.carpros.com</a></span> to learn more.</p>
<p> </p>
<p><strong>Media Contacts:<br/></strong> Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776<br/> Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723</p>
<p> </p>
<p><span> </span></p>First Heritage Federal Credit Union Partners with CULA for Vehicle Leasingtag:www.dealerelite.net,2023-11-28:5283893:BlogPost:13743142023-11-28T17:50:49.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>The leader in indirect vehicle leasing for credit unions partners with New York-based credit union to expand its reach in the northeastern U.S.</em></p>
<p> </p>
<p><strong>San Diego, CA & Corning, NY – November 28, 2023</strong> – Credit Union Leasing of America (CULA) today announced that it has been selected by New York-based First Heritage Federal Credit Union to bring the affordability and flexibility of vehicle leasing to its more than 45,000 members. The partnership further…</p>
<p><em>The leader in indirect vehicle leasing for credit unions partners with New York-based credit union to expand its reach in the northeastern U.S.</em></p>
<p> </p>
<p><strong>San Diego, CA & Corning, NY – November 28, 2023</strong> – Credit Union Leasing of America (CULA) today announced that it has been selected by New York-based First Heritage Federal Credit Union to bring the affordability and flexibility of vehicle leasing to its more than 45,000 members. The partnership further extends CULA’s footprint in the northeastern United States.</p>
<p> </p>
<p>First Heritage Federal Credit Union has served members in communities throughout New York and Pennsylvania for nearly 70 years, has more than $700 million in assets, and was recently voted the Best Credit Union in the Twin Tiers for the third straight year. CULA, which enables credit unions to easily add vehicle leasing to their portfolios, and dealers to offer their customers more finance options, has been the leader in indirect vehicle leasing for credit unions for over 30 years.</p>
<p> </p>
<p>“We are pleased to partner with CULA to offer vehicle leasing as an effective and affordable vehicle financing option to our members,” said Tom Pisano, First Heritage President and CEO. “This aligns with our commitment to help our members achieve a better life for themselves and their communities: a ‘people helping people’ mindset that instills in our operations a higher level of service and value, and one of the reasons we selected CULA’s program.”</p>
<p> </p>
<p>Pisano also noted that, with CULA, their dealer partners now have more options, greater lending solutions to leverage, and more flexibility, a key advantage, especially as vehicle prices continue to stay elevated.</p>
<p> </p>
<p>According to Edmunds, as of Q3 2023 used vehicle prices averaged $28,935 – a 44% increase over Q3 2018. A recent survey of credit unions conducted by CULA revealed that over-extension on used vehicle loans is the number one concern for credit unions. The survey also found that the vast majority of credit union respondents (92%) agree that they would like a better alternative, such as short-term financing with affordable payments and higher yield. Indirect vehicle leasing offers a low-risk, good-yield, short-term finance option for both lenders and consumers.</p>
<p> </p>
<p>“First Heritage Federal Credit Union has been meeting the financial needs of their community members for several decades. We’re pleased to further help them help their members, especially in providing a solution to persistent vehicle affordability issues, while also helping improve yield,” said Mark Chandler, Vice President of Business Development for CULA.</p>
<p> </p>
<p>CULA’s indirect vehicle leasing program, which has experienced record growth over the last two years, handles the intricacies of leasing for its clients – including analytics, insurance, operations, compliance, and more. The company pioneered indirect vehicle leasing for credit unions, has the largest number of credit union partners, the longest combined tenure with credit unions and partners with the industry’s most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S.</p>
<p> </p>
<p> </p>
<p><strong>About First Heritage Federal Credit Union</strong></p>
<p>First Heritage Federal Credit Union is a community-chartered credit union that serves more than 45,000 members in an eleven-county region including Chemung, Steuben, Livingston, Schuyler, Tioga, Allegany and Yates Counties in New York and Tioga, Bradford, Lycoming and Potter County in Pennsylvania. </p>
<p> </p>
<p><strong>About Credit Union Leasing of America</strong></p>
<p>Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit <span><a href="https://www.cula.com/">https://www.cula.com/</a></span> to learn more.</p>
<p> </p>
<p><strong>Media contacts:</strong></p>
<p>Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776</p>
<p>Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723</p>Kerrigan Advisors Represents Haron Motors in Sale of Jaguar Land Rover and Volvo Dealerships in Fresno to Unstoppable Automotive Grouptag:www.dealerelite.net,2023-11-13:5283893:BlogPost:13740932023-11-13T13:18:39.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>Transaction</em> <em>highlights desirability of single point luxury, import franchises in middle market locations such as Fresno; Transaction marks Kerrigan Advisors’ 52<sup>nd</sup> top luxury franchise sold<br></br> <br></br></em></p>
<p><strong>INCLINE VILLAGE, NV – November 13, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Fresno, California-based Haron Motor Sales in the sale of Haron Jaguar, Land Rover and Volvo…</p>
<p><em>Transaction</em> <em>highlights desirability of single point luxury, import franchises in middle market locations such as Fresno; Transaction marks Kerrigan Advisors’ 52<sup>nd</sup> top luxury franchise sold<br/> <br/></em></p>
<p><strong>INCLINE VILLAGE, NV – November 13, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Fresno, California-based Haron Motor Sales in the sale of Haron Jaguar, Land Rover and Volvo to Temecula, California-based Unstoppable Auto Group, owned by Garth Blumenthal. Unstoppable is now comprised of nine new car dealerships across California. Since the firm’s founding, Kerrigan Advisors has sold over 225 dealerships and 52 top luxury franchises. In 2023 alone, the firm is on track to sell more than 70 franchises representing $2.6 billion in client proceeds, making Kerrigan Advisors the leading sell-side advisor in auto retail.</p>
<p> </p>
<p>“It was our pleasure to assist the Haron family in this historic transition of the family business to new ownership. The Harons have been pillars of the downtown Fresno business community for generations,” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “With the sale to Unstoppable Auto Group, the dealership remains in the hands of private owners who are deeply invested in the Fresno market.”</p>
<p> </p>
<p>Since 1945, three generations of the family have owned and operated the Haron dealership downtown. Founded by Charles Haron, Charles’ nickname of “Haron the Baron, the Sports Car King of the Valley,” quickly became famous in Fresno — as did his affinity for British performance cars. What started as Triumphs and MGs eventually turned into Jaguars in 1981, then evolved to Land Rover and Volvo. A fixture of the Fresno community for 78 years, Haron Motor Sales is known for its excellence in sales and service and boasts high customer service and employee relations.</p>
<p> </p>
<p>“The dealership is family. Working at the dealerships is something that we all grew up doing, and how we built our lives,” said Jim Haron, Co-Owner of Haron Motor Sales. “The decision to sell was a difficult one for us. So, when we decided to sell, we wanted to be really careful and very strategic, which is why we selected Kerrigan Advisors who delivered a highly customized sale process to achieve our personal and strategic goals in the transaction.” </p>
<p> </p>
<p>The Haron family’s community reputation was built on their strong advocacy of Fresno, in particular Downtown Fresno. As the former Chairwoman of the Board of Directors for The Downtown Fresno Partnership, Co-Owner Hilary Haron directed the organization that revitalized downtown Fresno.</p>
<p> </p>
<p>“After so many decades, and so many generations, we knew we were offering a highly valued dealership with a long legacy,” said Hilary Haron. “We wanted to find a buyer who would do well by our community and the legacy of our dealership. Kerrigan Advisors knew exactly how to identify that buyer, one that was right not only for us, but also for our customers, our employees and for Fresno.”</p>
<p> </p>
<p>Hilary Haron was recently honored as an Automotive News 40 Under 40 Honoree, a member of the California New Car Dealers Association’s board of directors (CNCDA) since January 2019, and a Director At-Large West on the National Automobile Dealers Association (NADA) Board.</p>
<p> </p>
<p>Said Randy Haron, Co-Owner of Haron Motor Sales: “Our highest priority in this transition was to ensure that the dealership continued to provide the stellar customer service that our name has always stood for. With Unstoppable Auto Group, we found a new owner with a track record of service excellence, and we thank Kerrigan Advisors for helping us achieve this key goal. They were instrumental to the sale process, from preparation, identification of strong buyers, marketing, negotiation, manufacturer approval and ultimately, closing. We could not have done this without them.”</p>
<p> </p>
<p>Jaguar, Land Rover and Volvo are favorably positioned in the current market, especially given their attractive SUV lineups: Land Rover as an exclusive SUV/truck brand and Volvo with a growing share of SUV sales. In addition, Fresno has become a strong luxury new car market, with a market share of 25%, significantly higher than California and US. In addition, since 2000, Fresno’s population has grown an impressive 26% and the area now ranks the 7<sup>th</sup> largest in the state. By 2060, the area’s population is expected to surpass 1.27 million.</p>
<p> </p>
<p>“This transaction reflects the high demand for luxury brands in the dealership buy/sell market, especially when represented by a single point in a sizeable, growing market such as Fresno,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “We are proud to have helped the Haron family achieve their goals for this transaction and are happy to have found a buyer who will continue the Haron family’s legacy of excellence in the Fresno community.”</p>
<p> </p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>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 225 dealerships representing more than $7 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.</p>
<p> </p>
<p>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. <a href="https://www.kerriganadvisors.com/the-blue-sky-report-second-quarter-2023-preview/"><strong>To download a preview of the report, click here.</strong></a> 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. <a href="https://www.kerriganadvisors.com/the-kerrigan-index/"><strong>To access The Kerrigan Index™, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-dealer-survey/"><strong>2022 Kerrigan Dealer Survey, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-oem-survey-2/"><strong>2023 Kerrigan OEM Survey, click here.</strong></a> Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>
<p> </p>Kerrigan Advisors Represents Jim Price Auto Group in Sale of Virginia Hyundai and Kia Dealershipstag:www.dealerelite.net,2023-11-08:5283893:BlogPost:13742502023-11-08T13:28:10.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p></p>
<p></p>
<p><em>Sale of Kia and Hyundai franchises, two of the industry’s strongest non-luxury import brands, in high-growth Charlottesville area, represents 208<sup>th</sup> dealership sale completed by Kerrigan Advisors</em></p>
<p><em> </em></p>
<p><strong>Charlottesville, VA – November 8, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Charlottesville, Virginia-based Jim Price Auto Group in the sale of Jim…</p>
<p></p>
<p></p>
<p><em>Sale of Kia and Hyundai franchises, two of the industry’s strongest non-luxury import brands, in high-growth Charlottesville area, represents 208<sup>th</sup> dealership sale completed by Kerrigan Advisors</em></p>
<p><em> </em></p>
<p><strong>Charlottesville, VA – November 8, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Charlottesville, Virginia-based Jim Price Auto Group in the sale of Jim Price Hyundai and Price Kia to Winston-Salem, North Carolina-based Flow Automotive, which owns dealerships across North Carolina and Charlottesville. Since the firm’s founding, Kerrigan Advisors has sold over 225 dealerships. In 2023 alone, the firm is on track to sell 52 dealerships representing $2.6 billion in client proceeds, making Kerrigan Advisors the leading sell-side advisor in auto retail.</p>
<p> </p>
<p>“We were proud to represent Jim Price Auto Group in this transaction, and were determined to live up to their over 50-year legacy of providing exceptional service to the Charlottesville community,” said Gabe Robleto, Vice President, Sell Side Advisory at Kerrigan Advisors. “With these two highly sought-after brands in a business-friendly state, we knew buyer demand would be high and a successful sale would be defined by finding a buyer with a track record of commitment to customer service and community, and who knew and understood this region. Flow Automotive, with multiple dealerships in Charlottesville, proved to be a natural fit.”</p>
<p> </p>
<p>The Jim Price Auto Group, a family-run dealership group, was founded in 1968 by Henry James "Jim" Price in Charlottesville. In 2017, his daughter Sandra Price Amato became the dealer principal, continuing the family’s legacy as one of Charlottesville’s top dealer groups. In 2022, Jim Price Auto Group was named the #1 New Car Dealership Group in Charlottesville for the second consecutive year.</p>
<p> </p>
<p>“After 55 years of doing business in this incredible community, this was a big decision for our family and could only be made with confidence if we knew we were transitioning our dealerships in a way that would serve family, employees and community alike,” said Sandra Price Amato, Owner and Dealer Principal of Jim Price Auto Group. “The team at Kerrigan Advisors was with us every step of the way to ensure any transaction hurdles were overcome and that our family achieved our personal and financial goals in the sale. Simply stated, Kerrigan Advisors was exemplary and, with Gabe Robleto in the lead, not only did we exceed valuation expectations, but the navigation of the entire transaction was successful for everyone involved.”</p>
<p> </p>
<p>Echoing that, Sandy Fewell, Partner & Chief Operating Officer of Jim Price Auto Group said: “I am so happy to see our Kia and Hyundai dealerships go to a buyer who has the same core values of taking care of employees and customers that Jim Price Auto Group has demonstrated for over half a century. Thank you Kerrigan Advisors for shepherding the process from beginning to a successful closing.”</p>
<p> </p>
<p>Kia and Hyundai are among the top brands in the industry: in 2022, Kia and Hyundai gained the most market share of all import non-luxury franchises, increasing 15.5% and 14.6%, respectively. Kia and Hyundai were also the top performers in the 2023 Kerrigan Dealer Survey for expected valuation increases. Meanwhile, Charlottesville is a growing, affluent market anchored by the University of Virginia, with an attractive cost of living and a highly educated workforce. The area boasts high quality of life, high median household incomes and low cost of living and, in 2023, Virginia ranked as the #2 Top State for Business by CNBC, while Charlottesville was recognized on the Top 100 Best Places to Live in America by Livability.com. </p>
<p> </p>
<p>“In spite of continuing economic uncertainties, today’s dealership buy/sell market remains robust, especially in growing population centers like Charlottesville and business-friendly states like Virginia,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “This transaction, and its high valuation, demonstrate the value buyers see in leading franchises in growing markets -- in this case, further bolstered by Charlottesville’s position as a single point market. We were so honored to work with the Price family to bring this transaction to fruition after over 50 years of hard work and investment in their community, employees and customers.”</p>
<p> </p>
<p>Barrett Charapp Beaty of Mahdavi Bacon Halfhill & Young, PLLC served as legal counsel to Jim Price. William Joyner III and Michael Grace of Kilpatrick Townsend & Stockton LLP served as legal counsel to Flow Automotive Companies.</p>
<p> </p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>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 225 dealerships representing more than $7 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.</p>
<p> </p>
<p>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. <a href="https://www.kerriganadvisors.com/the-blue-sky-report-second-quarter-2023-preview/"><strong>To download a preview of the report, click here.</strong></a> 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. <a href="https://www.kerriganadvisors.com/the-kerrigan-index/"><strong>To access The Kerrigan Index™, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-dealer-survey/"><strong>2023 Kerrigan Dealer Survey, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-oem-survey-2/"><strong>2023 Kerrigan OEM Survey, click here.</strong></a> Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>Majority of Dealers Optimistic About Valuations and Profits in 2024tag:www.dealerelite.net,2023-11-06:5283893:BlogPost:13742382023-11-06T13:09:17.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><strong> </strong><em>In spite of a generally positive outlook, more dealers expect valuations and profits to decline than in 2023; Kia projected to have highest valuation increase, while Toyota is the franchise most trusted by dealers, according to the recently released 2023 Kerrigan Dealer Survey</em></p>
<p><em> </em></p>
<p><strong>Incline Village, NV – November 6, 2023</strong> <strong>–</strong> Auto dealers remain generally positive about the valuation of their dealerships over the…</p>
<p><strong> </strong><em>In spite of a generally positive outlook, more dealers expect valuations and profits to decline than in 2023; Kia projected to have highest valuation increase, while Toyota is the franchise most trusted by dealers, according to the recently released 2023 Kerrigan Dealer Survey</em></p>
<p><em> </em></p>
<p><strong>Incline Village, NV – November 6, 2023</strong> <strong>–</strong> Auto dealers remain generally positive about the valuation of their dealerships over the next twelve months, according to the newly released 2023 Kerrigan Dealer Survey, with 52% expecting 2023’s strong valuations to extend into 2024, and 21% projecting a valuation increase. But, as dealers anticipate that earnings will start to normalize from record-high levels - 38% expect profits to decrease over the next 12 months – more dealers (27%) are also expecting valuations to decrease, the highest level since the survey’s inception in 2019, and almost double 2019 and 2020’s levels.</p>
<p> </p>
<p>This has led to an increase in the number (albeit a small number at 6%) of dealers who say they will sell their dealerships over the next 12 months versus 2023. That being said, nearly half (47%) of dealers surveyed are looking to acquire one or more dealerships, leveraging their significant capital accounts resulting from more than three years of record profits. Kerrigan Advisors estimates the industry has amassed over $200 billion in pre-tax profits since 2020.</p>
<p> </p>
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12286178252?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12286178252?profile=RESIZE_710x" width="700" class="align-center"/></a></p>
<p> </p>
<p>“The majority of dealers remain bullish on the industry, with 62% or more expecting earnings and valuations to remain at or near peak levels. This positive sentiment is leading nearly half of all dealers to seek acquisitions and expansion, certainly an endorsement of the industry’s future.” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “Dealerships remain one of the most lucrative investments dealers can make in the private sector with an average return on equity of 33% in 2023 – those returns far surpass alternative investment opportunities in the market. As a result, it is not surprising dealers are seeking to allocate their capital to dealership acquisitions even in today’s high interest rate environment.”</p>
<p> </p>
<p>The 2023 Kerrigan Dealer Survey queried over 650 auto dealers about their views on the future value of their businesses, as well as their perspectives on franchise valuations and acquisitions, with the results illustrating the changing auto retail environment and dealership relationships with OEMs. The survey revealed distinctly varying views on specific franchises, with some OEMs eliciting a lack of trust and confidence in future franchise profits, while others earned a high level of trust and a positive profit outlook.</p>
<p> </p>
<p>Kia, Hyundai, Lexus, Toyota and Porsche were the franchises with the highest expected valuation gains. Dealers were most bullish about Kia, with 44% expecting its valuations to increase, more than double the industry average. Hyundai was second with 37% expecting valuation increases. This marks the second year Kia and Hyundai have exceeded Toyota to top the valuation growth expectation list. </p>
<p> </p>
<p>While the majority of dealers surveyed believe individual franchises will either increase or remain the same in value over the next 12 months, every franchise saw a reduction in the percentage of dealers projecting an increase, along with a rise in those expecting a value decline. “We believe this is emblematic of the rising discontent within the dealer body regarding OEMs’ electric vehicle (“EV”) strategies and the increasing EV inventories on many dealers’ lots,” said Kerrigan.</p>
<p> </p>
<p>Dealers, however, are less worried about the effects of planned OEM changes to the dealer model in 2024 than they were for 2023: nearly every franchise saw a rise in the percentage expecting <em>no</em> impact on profitability as a result. “Dealers are skeptical about the OEMs' ability to execute on their proposed retailing changes and aggressive EV strategies, particularly given weak consumer demand for EVs,” continued Kerrigan.</p>
<table>
<tbody><tr><td colspan="3" width="336"><p><strong>Top 5 Most & Least Trusted Franchises According to Kerrigan Advisors’ 2023 Dealer Survey</strong></p>
</td>
</tr>
<tr><td colspan="3" width="336"><p><strong> </strong></p>
<p><strong> </strong></p>
</td>
</tr>
<tr><td width="71"><p><strong>Rank</strong></p>
</td>
<td width="137"><p><strong>Most Trusted</strong></p>
</td>
<td width="128"><p><strong>Least Trusted</strong></p>
</td>
</tr>
<tr><td width="71"><p>1</p>
</td>
<td width="137"><p>Toyota</p>
</td>
<td width="128"><p>Ford</p>
</td>
</tr>
<tr><td width="71"><p>2</p>
</td>
<td width="137"><p>Lexus</p>
</td>
<td width="128"><p>Nissan</p>
</td>
</tr>
<tr><td width="71"><p>3</p>
</td>
<td width="137"><p>Subaru</p>
</td>
<td width="128"><p>Lincoln</p>
</td>
</tr>
<tr><td width="71"><p>4</p>
</td>
<td width="137"><p>Honda</p>
</td>
<td width="128"><p>CDJR</p>
</td>
</tr>
<tr><td width="71"><p>5</p>
</td>
<td width="137"><p>Porsche</p>
</td>
<td width="128"><p>Infiniti</p>
</td>
</tr>
</tbody>
</table>
<p> </p>
<p>Dealers were also asked about how much they trust the franchise OEMs. Toyota received by far the top results, with 72% of dealers expressing a high level of trust in the franchise, over three times higher than the survey average. By contrast, 48% of dealers reported they had no trust in Ford, which is consistent with the expectation of a decline in future Ford dealer profits due to changes to the OEM’s retailing strategy. </p>
<p> </p>
<p>“The data on trust was quite noteworthy, again echoing dealers’ sentiment about changes to OEM retailing strategies,” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “It comes as no surprise that Toyota is the franchise that dealers trust the most, a reflection of its thoughtful approach to the rollout of EVs, and its win-win strategy when it comes to the dealer/OEM relationship.”</p>
<p> </p>
<p>Based on the overall survey results, Kerrigan Advisors believes there is slightly more risk to valuations and the buy/sell market going into 2024, though transaction activity is expected to remain elevated as dealers with full coffers seek to add scale to their business and deploy their capital to expansion. And, in spite of industry noise about the disruption of OEM retailing changes, those changes are not expected to have a significant impact on future retail profits. </p>
<p> </p>
<p><strong>Notable changes in franchises' expected valuations from the 2023 Kerrigan Dealer Survey:</strong></p>
<ul>
<li><strong>CDJR</strong> saw a 29-percentage point increase in dealers expecting the franchise to decline in value versus last year’s survey. Kerrigan Advisors believes this negative dealer sentiment is reflective of CDJR’s rising inventory levels and lack of incentive spending.</li>
<li><strong>Ford</strong> joins Lincoln as the two franchises least expected to see a rise in valuation, and Ford is the least trusted franchise amongst all OEMs, with 48% of dealers reporting no trust in the OEM. Kerrigan Advisors expects this negative sentiment will impact Ford’s blue sky multiples in 2024 and beyond.</li>
<li><strong>Kia</strong> surpassed Toyota for the second year in a row as the franchise most expected to increase in value over the next 12 months. Kia also saw one of the largest increases in positive profit expectations as a result of OEM retailing changes and is ranked the 8<sup>th</sup> most trusted franchise. These positive results are consistent with Kerrigan Advisors’ upgrade of Kia’s franchise multiple in the second quarter of 2023 and positive outlook for 2024.</li>
<li><strong>Toyota</strong> continues to outperform on every level. Its lead in the trust equation has resulted in the franchise having the highest expected increase in profits as a result of the OEMs’ retailing changes and dealers continue to expect the franchise’s value to rise, even though the franchise is currently the most valuable amongst non-luxury makes.</li>
</ul>
<p> </p>
<p><strong>Methodology</strong></p>
<p>The data for The Kerrigan Dealer Survey was gathered from Kerrigan Advisors’ annual survey of auto dealers in conjunction with the issuance of The Blue Sky Report. The Kerrigan Dealer Survey is based on over 650 anonymous responses from franchised auto dealers in Kerrigan Advisors’ proprietary dealer database. Responses were collected from June 2023 to October 2023. </p>
<p> </p>
<ul>
<li>To download the full Kerrigan Dealer Survey report, <a href="https://www.kerriganadvisors.com/the-kerrigan-dealer-survey/">click here</a>.</li>
<li>To download a preview of The Blue Sky Report<sup>®</sup>, published by Kerrigan Advisors, <a href="https://www.kerriganadvisors.com/the-blue-sky-report-second-quarter-2023-preview/">click here.</a></li>
<li>To access The Kerrigan Index™, <a href="http://www.kerriganadvisors.com/the-kerrigan-index/">click here.</a></li>
</ul>
<p> </p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>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 225 dealerships representing more than $7 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.</p>
<p> </p>
<p>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. <a href="https://www.kerriganadvisors.com/the-blue-sky-report-second-quarter-2023-preview/"><strong>To download a preview of the report, click here.</strong></a> 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. <a href="https://www.kerriganadvisors.com/the-kerrigan-index/"><strong>To access The Kerrigan Index™, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-dealer-survey/"><strong>2023 Kerrigan Dealer Survey, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-oem-survey-2/"><strong>2023 Kerrigan OEM Survey, click here.</strong></a> Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>
<p> </p>
<p> </p>
<p> </p>Kerrigan Advisors Represents Phoenix’s East Valley Nissan in Dealership Saletag:www.dealerelite.net,2023-10-31:5283893:BlogPost:13740442023-10-31T12:18:41.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>Sale underscores buyer demand for high growth markets; represents 207<sup>th</sup> dealership sold by Kerrigan Advisors, the leading buy/sell advisor in Phoenix </em></p>
<p><em> </em></p>
<p><strong>PHOENIX, AZ – October 31, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Mesa, Arizona-based East Valley Nissan, owned and operated by Greg Burk, in its sale to Phoenix, Arizona-based Courtesy Automotive Group.…</p>
<p><em>Sale underscores buyer demand for high growth markets; represents 207<sup>th</sup> dealership sold by Kerrigan Advisors, the leading buy/sell advisor in Phoenix </em></p>
<p><em> </em></p>
<p><strong>PHOENIX, AZ – October 31, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Mesa, Arizona-based East Valley Nissan, owned and operated by Greg Burk, in its sale to Phoenix, Arizona-based Courtesy Automotive Group. This marks the 207th dealership sale led by Kerrigan Advisors since 2015. It is the sixth Phoenix dealership Kerrigan Advisors has advised on, making the firm the leading sell-side advisor in the market having represented 2/3 of all buy/sell transactions in Phoenix since Q4 2020.</p>
<p> </p>
<p>“We were proud to work with Greg Burk on the sale of this high-performing dealership in such an important auto retail market,” said Gabe Robleto, Vice President of Sell-Side Advisory. “We applied our extensive experience in Arizona to finding a buyer who not only understood the value of this retail market, but who also could continue East Valley Nissan’s success in sales and customer service and its position as a valued part of the Mesa community. We were pleased to identify the perfect match in Scott Gruwell and his aptly named Courtesy Automotive Group.” </p>
<p> </p>
<p>East Valley Nissan is located in the Superstition Auto Mall in Mesa, one of Phoenix’s fastest growing cities and home to several universities and significant real estate developments. Phoenix is one of the top Nissan markets in the country by volume, market share, profitability and fixed operations as well as being the 3<sup>rd</sup> fastest growing metro in the US: in 2022, Phoenix’s population growth outperformed the US by 381%, and the metro is expected to reach more than 7.6 million residents by 2055.</p>
<p> </p>
<p>“I am grateful to Kerrigan Advisors for their tremendous work on this transaction; they exceeded my expectations in every regard,” said Greg Burk, owner of East Valley Nissan. “Selling an import franchise in a high-demand market is a complex undertaking. Bringing on Kerrigan Advisors to help complete the sale was a stellar value-add, and it is why I am confident that the East Valley Nissan team and its current, and future, customers are in excellent hands.”</p>
<p> </p>
<p>In addition to being a top Nissan market, Arizona is a top auto retail market and its dealerships are some of the most profitable in the US, with one of the highest revenue-per-dealership in the country. Nissan, which is in the midst of tremendous sales growth fueled by production improvements and a refreshed product pipeline, boasts cost-friendly vehicles, including the #1, #8 and #10 most affordable vehicles in the US, an ideal lineup for Mesa’s young and rapidly growing residential population. </p>
<p> </p>
<p>“Arizona truly represents the sweet spot when it comes to buy/sell demand and dealership valuations – a top auto retail market fueled by population growth and a business-friendly environment. This, coupled with Nissan being a high-performing franchise in Phoenix, typifies where the buy/sell market is today with buyers exhibiting a deep focus on the top franchises and the top markets” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “We were honored to be back in a market we know well to help Greg navigate this transaction and bring it to a successful conclusion that benefitted seller, buyer, franchise and community. Kerrigan Advisors is honored to be the leading sell-side advisor in the Phoenix market and expects to see continued buyer demand for franchises in the area.”</p>
<p><strong><em> </em></strong></p>
<p>Kerrigan Advisors is the most active sell-side advisor on larger transactions in the auto retail industry. In 2023, the firm is on track to sell 52 dealerships representing over $2.6 billion in client proceeds, more than any buy/sell advisor in the industry. 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 acquisition valuation analysis, creating value for their clients at every stage of the auto retail lifecycle.</p>
<p> </p>
<p>John Norling of Gallagher & Kennedy served as legal counsel to the seller. Christine Smith of Crowe LLP was the seller’s accountant. Michael Smalley of Bergin, Frakes, Smalley & Oberholtzer served as legal counsel to the buyer.</p>
<p> </p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>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 225 dealerships representing more than $7 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.</p>
<p> </p>
<p>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. <a href="https://www.kerriganadvisors.com/the-blue-sky-report-second-quarter-2023-preview/"><strong>To download a preview of the report, click here.</strong></a> 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. <a href="https://www.kerriganadvisors.com/the-kerrigan-index/"><strong>To access The Kerrigan Index™, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-dealer-survey/"><strong>2022 Kerrigan Dealer Survey, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-oem-survey-2/"><strong>2023 Kerrigan OEM Survey, click here.</strong></a> Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong></p>
<p>Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>Kerrigan Advisors Represents Stadium Toyota in Sale to Gettel Automotivetag:www.dealerelite.net,2023-10-25:5283893:BlogPost:13740332023-10-25T10:39:59.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>Sale of auto retail’s most in-demand franchise represents the 206<sup>th</sup> dealership sold by Kerrigan Advisors since 2015; transaction demonstrates that buyers continue to exhibit tremendous interest in leading franchises in high-growth markets</em></p>
<p></p>
<p><strong>TAMPA, FL–October 25, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Tampa, Florida-based Stadium Toyota, owned by the Parks and Couey…</p>
<p><em>Sale of auto retail’s most in-demand franchise represents the 206<sup>th</sup> dealership sold by Kerrigan Advisors since 2015; transaction demonstrates that buyers continue to exhibit tremendous interest in leading franchises in high-growth markets</em></p>
<p></p>
<p><strong>TAMPA, FL–October 25, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Tampa, Florida-based Stadium Toyota, owned by the Parks and Couey families, in its sale to Bradenton, Florida-based Gettel Automotive, the 57<sup>th</sup> largest US dealership group. The transaction marks the 206<sup>th</sup> dealership sold by Kerrigan Advisors since 2015, and the 36<sup>th</sup> Toyota/Lexus dealership. Kerrigan Advisors is the leading advisor to Toyota and Lexus dealers nationwide, on track to sell six more Toyota/Lexus franchises this year, for a total of 42 sold since 2015.</p>
<p></p>
<p>“It was an honor to work with the Parks and Couey families to advise on this once-in-a-lifetime transaction, and to help transition Stadium Toyota into such good hands,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “The dealership’s track record of excellence in Tampa, Florida, one of the highest growth markets in the US, made it particularly important to find a local buyer of integrity and high quality. As the 18<sup>th</sup> franchise sold by Kerrigan Advisors in Florida since December 2019, we were proud to leverage our vast expertise in this market to achieve a sale that was beneficial for seller, buyer and community alike.”</p>
<p></p>
<p>Ranked within the top 10% of Toyota dealerships in the US, Stadium Toyota boasts multiple awards for sales and service excellence, including being a six-time <em>President’s Cabinet</em> award winner, granted to only 12 out of 1,200 dealerships nationally. The dealership has also been recognized with the Toyota <em>Board of Governors Award</em>, the <em>Customer Relations Excellence Award</em>, the <em>Toyota Service Excellence</em> <em>Award</em>, the <em>Toyota Parts Excellence Award</em>, and the <em>J.D. Power & Associates Outstanding Sales Experience Award</em>. The dealership prioritizes giving back to the community having worked with the United Way, Oneblood, the Spring of Tampa Bay and Toys for Tots.</p>
<p></p>
<p>With a population of 3.2 million, Tampa is the 2<sup>nd</sup> largest MSA in Florida, the 18<sup>th</sup> largest in the US by population and ranks as the 4<sup>th</sup> fastest growing large metro in the Southeast by population. Tampa is one of the most desirable markets in the US, highly ranked for its pro-business climate, quality of life, healthcare, education, growing technology industry and global connectivity. As a result, the area’s economy has grown at a 4.4% compounded average growth rate since 2009. The financial and business services industry is Tampa’s fastest growing sector, as one in four business and information services firms in Florida call Tampa home, and the area is widely considered the “Wall Street of the South.” The area also is undergoing transformative real estate development, with multiple billion dollars being invested across Tampa.</p>
<p></p>
<p>“We're very thankful for everything the greater Tampa community has done to help Stadium Toyota, its employees and customers achieve success, which is why we have always been committed to giving back to our community in every way that we can,” said Ron Parks. “It was so important to us to work with an advisor with deep expertise in our market and the Toyota franchise to ensure we found the right buyer. The Kerrigan team brought that, as well as a keen strategic insight and industry knowledge to identify a buyer who would not only ensure the business continues to thrive under family ownership, but also understands the importance of our Tampa community to that success. We knew Kerrigan Advisors was the best and only choice to represent us in our sale and our experience working with them confirmed our expectations. We are grateful to Kerrigan for identifying Gettel Automotive as our ideal buyer.”</p>
<p> </p>
<p>“Ron and I knew the value of our business in our market and we appreciated the depth of understanding that Kerrigan Advisors brought to that assessment, as well as the care and detail they exhibited every step of the way as we navigated through the complexities of the sale,” said Steve Couey. “We can’t imagine going through this process without Kerrigan’s guidance, expertise and advice. The firm’s reputation of being the best in the business was validated with this transaction. Quite simply, Kerrigan Advisors exceeded our expectations, which were already quite high.”</p>
<p></p>
<p>Kerrigan Advisors’ recent Dealer Survey confirms that Toyota reigns head and shoulders above all other franchises in the buy/sell market. Toyota is the most trusted franchise in the industry and the highest demand franchise in the buy/sell market according the firm. In Tampa, Florida, Toyota is the #1 selling brand and Stadium Toyota was one of the last remaining unconsolidated Toyota points in the market, not already owned by a nationally-ranked dealership group. As a result, Stadium Toyota’s franchise value, particularly as compared to its revenue, was record-breaking, according to Kerrigan Advisors.</p>
<p></p>
<p>“Dealers trust Toyota and it shows in the valuations we are seeing for Toyota dealerships. Buyers know that an investment in a Toyota franchise is one that they can count on to produce strong returns for the foreseeable future because they trust the OEM will do the right thing for their dealers,” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “With this sale, the buy/sell market’s most dominant franchise, Toyota, met its most in-demand market, Florida, where the dealerships are among the highest volume and most profitable in the nation. It is further evidence that, in today’s uncertain macro climate, buyers are seeking out markets and franchises that provide them with optimal confidence for growth and success. We are grateful for the opportunity to represent Steve and Ron on this valuable transaction and pleased at its very successful outcome. Congratulations to Jim Gettel and Gettle Automotive on this marquee addition to their business,” concluded Ryan Kerrigan.</p>
<p> </p>
<p>Kerrigan Advisors is the most active sell-side advisor on larger transactions in the auto retail industry. In 2023 alone, the firm is tracking to sell 52 dealerships representing over $2.6 billion in client proceeds. Kerrigan Advisors 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, their families, and investors, including growth planning, strategy development and acquisition analysis, creating value for clients at every stage of the auto retail lifecycle.</p>
<p> </p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>Kerrigan Advisors is the premier 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 some of auto retail’s largest transactions and advised more of the largest dealership groups in the US than any other buy/sell firm in the industry. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, the firm does not take listings, rather they develop a customized approach for each client to achieve their personal and financial goals. In addition to Kerrigan Advisors’ sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.</p>
<p> </p>
<p>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. <a href="https://www.kerriganadvisors.com/the-blue-sky-report-second-quarter-2023-preview/"><strong>To download a preview of the report, click here.</strong></a> 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. <a href="https://www.kerriganadvisors.com/the-kerrigan-index/"><strong>To access The Kerrigan Index™, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-dealer-survey/"><strong>2022 Kerrigan Dealer Survey, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-oem-survey-2/"><strong>2023 Kerrigan OEM Survey, click here.</strong></a> Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>
<p> </p>Car Pros Automotive Group’s Matthew Phillips is Recognized as an Automotive News Notable Champion of Diversity in Automotivetag:www.dealerelite.net,2023-10-17:5283893:BlogPost:13738822023-10-17T15:59:52.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12258801093?profile=original" rel="noopener" target="_blank"><img class="align-center" src="https://storage.ning.com/topology/rest/1.0/file/get/12258801093?profile=RESIZE_710x" width="250"></img></a></p>
<p> </p>
<p><em>Program recognizes individuals that champion diversity, equity and inclusion in the automotive industry</em></p>
<p> </p>
<p><strong>RENTON, WA – October 17, 2023 –</strong> Matthew Phillips, CEO of Car Pros Automotive Group, has been named a 2023 <em>Automotive News</em> Notable Champion of Diversity. Phillips is featured in a special…</p>
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12258801093?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12258801093?profile=RESIZE_710x" width="250" class="align-center"/></a></p>
<p> </p>
<p><em>Program recognizes individuals that champion diversity, equity and inclusion in the automotive industry</em></p>
<p> </p>
<p><strong>RENTON, WA – October 17, 2023 –</strong> Matthew Phillips, CEO of Car Pros Automotive Group, has been named a 2023 <em>Automotive News</em> Notable Champion of Diversity. Phillips is featured in a special section in the October 9 issue of <em>Automotive News</em>. The Notable Champions of Diversity in Automotive program recognizes individuals that champion diversity, equity and inclusion in the automotive industry. Phillips was one of only two dealership executives recognized this year.</p>
<p> </p>
<p>Together with his family, Phillips built Car Pros from two employees into one of the fastest growing dealership groups in the United States (2021) and the nation’s top Kia retailer for both ICE and EVs, with nine stores in Western Washington and Southern California and annual sales of $1B. Car Pros is the 45th largest auto group in the nation, by new car sales, according to Automotive News (2022).</p>
<p> </p>
<p>“We are proud that our CEO, Matthew Phillips, has been recognized by Automotive News as a Champion of Diversity, he is so deserving of the honor. Matthew works to empower our teams to succeed through an open and safe environment: respect, equity and inclusivity are pillars of the Car Pros culture,” said Shirley Jones, CFO of Car Pros Automotive Group. “Matthew’s commitment to creating positive relationships, and a workplace where all people can grow and thrive, has been key to Car Pros’ success. We are always working to make our dealerships welcoming places for customers and employees alike.”</p>
<p> </p>
<p>Phillips, who identifies as a gay man, is one of the few openly LGBTQ+ dealers in the nation and has long been an advocate and voice for the LGBTQ+ community, as well as for under-represented groups. A next-gen leader who brings in-the-trenches experience to his vision of changing lives and creating opportunity through excellence, Phillips sees DE&I as the foundation of today’s high-performance retail operation. Under his leadership, Car Pros was one of the first dealership groups to provide insurance for domestic partners and adopt anti-discrimination policies, and it has been at the forefront of training for inclusivity.</p>
<p><strong><em> </em></strong></p>
<p>“I am honored to be recognized alongside peers who are leading efforts to achieve greater diversity, equity, and inclusion within the automotive industry. I share this honor with my team at Car Pros who inspire me every day,” said Phillips. “At Car Pros we believe diversity of experience is mission critical to selling successfully: your customers are diverse, so your team better be as well.”</p>
<p> </p>
<p>The 2023 class of <em>Automotive News</em> Notable Champions of Diversity in Automotive was chosen by <em>Automotive News</em> editors and journalists from scores of nominees. Profiles of this third class of Notable Champions of Diversity are available at <span><a href="https://www.autonews.com/awards/notable-champions-diversity-0">www.autonews.com/notablechampions</a></span>.</p>
<p> </p>
<p>Since 1925, <em>Automotive News</em> has been the primary source for news happening among automotive retailers, suppliers and manufacturers. Distinct from other publications in the field, <em>Automotive News</em> remains a fully subscriber-paid publication, a testament to the value it delivers to the reader. The award-winning weekly print edition, robust website, email newsletters and video broadcasts are backed by a global team of more than 55 editors and reporters.</p>
<p> </p>
<p><strong>About Car Pros Automotive Group<br/></strong> Car Pros Automotive Group is a leading automotive sales and service group, with dealerships representing Kia, Hyundai, Honda, BMW and MINI. Founded in 1993 by Ken Phillips, Car Pros currently has annual sales of $1 billion and is the top selling Kia retailer in the nation, having retailed over 150,000 new Kia models. The retailer is committed to changing lives through high-performance and values-led dealerships. Led by CEO Matthew Phillips, Car Pros is shaping the future of automotive retail: Franchise, professional, tech-savvy, values driven, and people focused. Visit <span><a href="https://www.carpros.com">https://www.carpros.com</a></span> to learn more.</p>
<p> </p>
<p><strong>Media Contacts:<br/></strong> Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776<br/> Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723</p>
<p> </p>Car Pros Kia Huntington Beach Celebrates Grand Reopeningtag:www.dealerelite.net,2023-10-12:5283893:BlogPost:13738372023-10-12T20:55:23.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p></p>
<p><em> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12254371481?profile=original" rel="noopener" target="_blank"><img class="align-center" src="https://storage.ning.com/topology/rest/1.0/file/get/12254371481?profile=RESIZE_710x" width="600"></img></a></em></p>
<p><em>New, state-of-the art facility for the #1 Kia dealership in Orange County, CA, was unveiled at a ribbon-cutting ceremony; local dignitaries and Kia executives attended</em></p>
<p><em> </em></p>
<p><strong>RENTON, WA – October 12, 2023 –</strong> Car Pros, a leading automotive sales and service group, has opened its new,…</p>
<p></p>
<p><em> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12254371481?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12254371481?profile=RESIZE_710x" width="600" class="align-center"/></a></em></p>
<p><em>New, state-of-the art facility for the #1 Kia dealership in Orange County, CA, was unveiled at a ribbon-cutting ceremony; local dignitaries and Kia executives attended</em></p>
<p><em> </em></p>
<p><strong>RENTON, WA – October 12, 2023 –</strong> Car Pros, a leading automotive sales and service group, has opened its new, state-of-the-art facility for Car Pros Kia Huntington Beach, California. The ribbon-cutting ceremony, celebrating the grand reopening of the #1 Kia dealership in Orange County for the last eight years, took place on September 14<sup>th</sup> and was attended by local dignitaries and Kia executives. Those on hand included Huntington Beach Mayor Tony Strickland, Chief of Police Eric Parra, and Eric Watson, Vice President, Sales Operations at Kia America, Inc. Members and ambassadors from the Huntington Beach Chamber of Commerce also joined the celebration.</p>
<p><br/> “We are proud to have been part of the tight-knit community of Huntington Beach, affectionately known as Surf City USA, for the past decade,” said Matthew Phillips, CEO of Car Pros Automotive Group. “Our upgraded facility is designed to support and serve a community that we value so much with the highest standards of excellence in automotive retailing. Kia has become a powerhouse over the past few years, and our stunning new facility is another example of the power of this consumer-friendly and deeply innovative brand.”</p>
<p><br/> The newly remodeled Car Pros Kia Huntington Beach underwent a million-dollar renovation, and now features Kia’s newest brand standards. Significant investments were also made in its EV charging and repair infrastructure, with the addition of two new high-speed level 3 EV chargers. The dealership also features a large lounge and comfortable sitting area, a gourmet coffee station, as well as Wi-fi equipped customer workstations.</p>
<p> </p>
<p>“And, there is no question that this renovation could not have happened without the dedication and hard work of our incredible Car Pros team, especially Bao Tran and Efrain Perez, who spearheaded the renovation,” continued Phillips.</p>
<p> </p>
<p>Car Pros Kia Huntington Beach opened its doors in 2010, and is the first Car Pros dealership in California. In addition to being number one in Kia sales in Orange County and selling 2,000 Kia vehicles each year, it is also among the Top 35 Kia dealerships in the country, and in the Top 5 for Kia EV sales nationwide.</p>
<p> </p>
<p>“Thank you to everyone who attended and supported our grand reopening. We love being part of the Huntington Beach community: we’re here for all things Kia!” said Bao Tran, General Manager of Car Pros Kia Huntington Beach. “We pride ourselves on the lasting relationships we have built with our customers and community, and are excited to welcome new and existing customers into our beautiful new dealership.”</p>
<p> </p>
<p>Car Pros was founded in 1993 by the Phillips family, and started out as a small used car lot with two employees. It is now an automotive group with over 700 employees and nine dealerships in Western Washington and Southern California, selling over 2,500 cars per month with annual sales of $1 billion. Car Pros serves customers in the communities of Renton, Tacoma, Glendale, Los Angeles, Huntington Beach, and Moreno Valley.</p>
<p> </p>
<p>Car Pros, named one of the fastest growing dealership groups in 2021, as ranked by Automotive News, represents Kia, Hyundai, Honda, BMW, and MINI. Ranked in the top 50 dealership groups for 2023, Car Pros is committed to changing lives through high-performance and values-led dealerships.</p>
<p> </p>
<p> </p>
<p><strong>About Car Pros Automotive Group<br/></strong> Car Pros Automotive Group is a leading automotive sales and service group, with dealerships representing Kia, Hyundai, Honda, BMW and MINI. Founded in 1993 by Ken Phillips, Car Pros currently has annual sales of $1 billion and is the top selling Kia retailer in the nation, having retailed over 150,000 new Kia models. The retailer is committed to changing lives through high-performance and values-led dealerships. Led by CEO Matthew Phillips, Car Pros is shaping the future of automotive retail: Franchise, professional, tech-savvy, values driven, and people focused. Visit <span><a href="https://www.carpros.com">https://www.carpros.com</a></span> to learn more.</p>
<p> </p>
<p><strong>Media Contacts:<br/></strong> Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776<br/> Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723</p>
<p> </p>
<p><span> </span></p>80% of Dealers Cite Lack of Lender Transparency as #1 Obstacle to Deal/Pricing Claritytag:www.dealerelite.net,2023-10-11:5283893:BlogPost:13736992023-10-11T12:28:43.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><strong> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12247271890?profile=original" rel="noopener" target="_blank"><img class="align-center" src="https://storage.ning.com/topology/rest/1.0/file/get/12247271890?profile=RESIZE_710x" width="600"></img></a></strong></p>
<p></p>
<p><em> </em></p>
<p><em>Lack of pricing transparency from lenders complicates dealer efforts to bridge the trust and transparency gap with consumers, according to new eLEND Solutions survey</em></p>
<p> </p>
<p><strong>FOOTHILL RANCH, CA</strong> – <strong>October 11, 2023</strong> – A new survey of auto dealers from…</p>
<p><strong> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12247271890?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12247271890?profile=RESIZE_710x" width="600" class="align-center"/></a></strong></p>
<p></p>
<p><em> </em></p>
<p><em>Lack of pricing transparency from lenders complicates dealer efforts to bridge the trust and transparency gap with consumers, according to new eLEND Solutions survey</em></p>
<p> </p>
<p><strong>FOOTHILL RANCH, CA</strong> – <strong>October 11, 2023</strong> – A new survey of auto dealers from automotive FinTech innovator eLEND Solutions reveals a significant trust and transparency gap between consumers and dealers, partially driven by differences in transaction preferences, but made problematic by a lack of transparency from lenders. Almost universally, dealers see technology as a way to help close the gap and add value to the experience — for customer, dealer and lender.</p>
<p> </p>
<p>The survey confirms that this trust/transparency gap is a major source of friction in the auto sales transaction process, starting with a disconnect in how it is defined: 94% of auto dealers surveyed said that consumers and dealers define transparency differently, and 82% of dealers strongly agree that this difference has contributed to a trust gap arriving at the “final” deal.</p>
<p><strong> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12247272689?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12247272689?profile=RESIZE_710x" width="600" class="align-center"/></a></strong></p>
<p>According to the findings, dealers agree there is a trust deficit and understand that consumers want transparency — though many are inhibited from going as far as customers expect them to go, due to concerns about profitability. Still, 95% of dealers find themselves in a difficult balancing act between meeting customer expectations of transparency and protecting the dealership’s bottom line. </p>
<p> </p>
<p>“When it comes to transparency and trust, unfortunately, there is friction between dealers and consumers,” said Pete MacInnis, eLEND Solutions CEO and Founder. “While this is partly a result of the tug of war between how consumers want to buy and how dealers want to sell, our survey shows that dealers do want to provide transparency to consumers. In fact, most want car buyers to have pricing transparency as early as possible — even before visiting the dealership.”</p>
<p> </p>
<p>One of the challenges revealed by the survey is that lenders are adding to the friction of the process, through their <em>lack</em> of transparency when it comes to financing the deal. “Reduced pricing transparency from lenders, thanks to AI and algorithm-based solutions, is pulling a cloak over what’s arguably the most important part of the buying process,” continued MacInnis.</p>
<p> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12247273097?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12247273097?profile=RESIZE_710x" width="600" class="align-center"/></a></p>
<p></p>
<p> </p>
<p>Eighty percent of dealer respondents cited <em>reduced</em> pricing transparency from lenders as the single biggest obstacle to providing more deal/pricing clarity; that was followed by accuracy challenges of available technologies (11%), and their own reluctance to digitize F&I information (7%) — a finding that certainly runs contrary to the stereotype of the auto dealer unwilling to leverage digital tools.</p>
<p> </p>
<p>Dealers in the online survey, fielded by eLEND Solutions in July/August 2023 to over 350 dealers, saw lenders as an obstacle to trust: 84% felt that they were caught in the middle between customer demand for more transparency, and a decrease in pricing transparency from lenders. </p>
<p> </p>
<p>According to the survey, this trust and transparency divide between consumers, dealers, and lenders is pushing retailers to rely on basic, and frequently inaccurate, payment calculator tools that exacerbate, rather than mitigate, the lack of transparency. Wanting to meet their customers’ needs, dealers are pushing forward with quotes: ninety-four percent say they quote customer payments before receiving lender loan decisions, and 85% before customers even come into the store. Lacking lender information, this often means they are quoting unqualified payment terms, unmatched to lender programs — a guessing game that adds friction and perpetuates the trust void during final deal negotiations.</p>
<p> </p>
<p>“The reality is that once customers are in the F&I office, they often see payment promises unravel,” said MacInnis. “That just adds more conflict between dealer and customer. Many dealers want to facilitate pricing transparency early but, without accurate lender quotes, it just becomes another lead generation tactic — and a showdown that can impact both profits and CSI.”</p>
<p> </p>
<p>The survey found that the transparency gap is not just driven by lender preferences. While dealers</p>
<p>say they want to quote payments early, the vast majority (86%) continue with a ‘sales first, finance later’ process – and 91% of auto dealers say that they work the deal differently for an online shopper versus a shopper in the showroom or on the phone.</p>
<p> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12247273052?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12247273052?profile=RESIZE_710x" width="600" class="align-center"/></a></p>
<p>Although this tension between old and new sales approaches certainly adds to issues with trust and transparency, dealers are overwhelmingly interested in finding solutions: 95% see value in a pre-desking tool integrated with lender credit score models to help improve the ability to quote, upfront, more accurate and realistic deal terms — a step that will have a significant and positive impact on dealer/customer/lender relations.</p>
<p> </p>
<p><em>Key Survey Takeaways</em></p>
<ul>
<li>94% of dealers surveyed say that consumers and dealers define transparency</li>
<li>98% say there is a gap between how dealers want to sell and how buyers want to buy.</li>
<li>97% agree that there is a trust gap when it comes to arriving at “the” deal; 82% <em>strongly</em> agree it exists.</li>
<li>95% say that there’s a balancing act between customer expectations of transparency and dealership financial success. </li>
<li>80% blame reduced pricing transparency from lenders as the single biggest obstacle to providing more deal/pricing clarity.</li>
<li>7% cite their own reluctance to digitize F&I information as the single biggest obstacle to providing more deal/pricing clarity.</li>
<li>84% feel caught in the middle between the customers’ increasing demand for deal transparency and the lenders becoming less transparent.</li>
<li>94% say they quote customer payments before receiving lender loan decisions.</li>
<li>85% say they prefer to quote payments to customers before they come into the store.</li>
<li>93% agree that online customers want to know what their monthly payments will be before scheduling an in-store appointment.</li>
<li>86% continue with a ‘sales first, finance later’ protocol; 7% start finance and sales together at the front of the process.</li>
<li>91% say that they work the deal differently for an online shopper versus a shopper in the showroom or on the phone.</li>
<li>90% allow BDC or Internet Managers to negotiate finance terms with remote customers.</li>
<li>95% think a pre-desking tool integrated with lender proprietary credit score card models would add meaningful value.</li>
</ul>
<p> </p>
<p><strong>To download the eLEND Solutions’ survey report: <em>Bridging the Trust Gap: The Quest for Transparency in Retail Automotive,</em></strong> <a href="https://www.elendsolutions.com/research/transparency-survey-report/"><strong><em>click here.</em></strong></a></p>
<p><strong> </strong></p>
<p><strong>About eLEND Solutions</strong><br/> eLEND Solutions™ (formerly DealerCentric) is an automotive FinTech company providing a middleware solution designed to power transactional digital retailing buying experiences for the retail automotive industry. The platform specializes in hybrid credit report, identity verification, and ‘pre-desking’ solutions, accelerating end-to-end purchase experiences - concluding with a transactable, fundable deal structure.</p>
<p>For more information, please visit <a href="http://www.elendsolutions.com">www.elendsolutions.com</a>.</p>
<p> </p>
<p><strong>Contact Media Relations:</strong></p>
<p>Angela Jacobson, mWEBB Communications, (714) 454-8776, angela(at)mwebbcom(dot)com</p>
<p>Crystal Hartwell, mWEBB Communications, (714) 987-1016, crystal(at)mwebbcom(dot)com</p>
<p> </p>Car Pros Automotive Group Hosts Congressman Derek Kilmer in Tacoma to Explore Electrification, Dealer Franchise Systemtag:www.dealerelite.net,2023-10-10:5283893:BlogPost:13737782023-10-10T15:41:53.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em><a href="https://storage.ning.com/topology/rest/1.0/file/get/12246139260?profile=original" rel="noopener" target="_blank"><img class="align-center" src="https://storage.ning.com/topology/rest/1.0/file/get/12246139260?profile=RESIZE_710x" width="600"></img></a></em> <span style="font-size: 8pt;"><em>Pictured: Matthew Phillips, CEO of Car Pros Automotive Group, Congressman Derek Kilmer, Tod Vartaneian, General Manager Car Pros Kia Tacoma</em></span></p>
<p></p>
<p></p>
<p><span style="font-size: 12pt;"><em>Car Pros’ CEO and team members showcased the latest electric vehicles including the all-new Kia EV9, and…</em></span></p>
<p><em><a href="https://storage.ning.com/topology/rest/1.0/file/get/12246139260?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12246139260?profile=RESIZE_710x" width="600" class="align-center"/></a></em><span style="font-size: 8pt;"><em>Pictured: Matthew Phillips, CEO of Car Pros Automotive Group, Congressman Derek Kilmer, Tod Vartaneian, General Manager Car Pros Kia Tacoma</em></span></p>
<p></p>
<p></p>
<p><span style="font-size: 12pt;"><em>Car Pros’ CEO and team members showcased the latest electric vehicles including the all-new Kia EV9, and discussed the role of franchised dealers in the EV revolution</em></span></p>
<p><em> </em></p>
<p><strong>RENTON, WA – October 10, 2023 –</strong> On September 11th, Car Pros Kia Tacoma hosted Congressman Derek Kilmer, United States Representative of Washington’s 6th District, at Car Pros Kia Tacoma, the number one retailer of new vehicles in Washington State.</p>
<p> </p>
<p>During the visit, Congressman Kilmer met with Car Pros CEO Matthew Phillips and team members, and had the opportunity to experience Kia’s lineup of ICE and electric vehicles, including the EV9, the first all-electric mass-market 3 row SUV. Congressman Kilmer and the Car Pros team also discussed the value of the franchise dealer system, as well as Car Pros’ commitment to the EV revolution and the potential positive economic and environmental impact of the transition to electrification.</p>
<p> </p>
<p>Car Pros Automotive Group achieved record sales of over $1 billion in 2022, up from $360MM in 2019, and had record sales for each month in 2023. Earlier this year Car Pros was named the top Kia retail sales volume dealer group for the fourth time since 2018, according to Kia America (KUS) data, selling over 2% of the national total. Year-to-date, Car Pros Kia Tacoma is the #4 Kia EV retailer in the nation, and Car Pros Automotive Group operates four of the top five Kia dealerships in national EV retail sales for 2023 (through August 2023). Car Pros Kia Tacoma and Car Pros Kia Renton combined retail over 36% of the new Kia vehicles delivered in Western Washington.</p>
<p> </p>
<p>“We were honored to have Congressman Kilmer visit our Tacoma dealership. He has represented Washington’s 6th district for ten years, and has worked to promote local economic development and the importance of being responsible stewards of our natural resources. As a business operating in his district, we are proud to contribute to, and support, this mission,” said Phillips. “We also enjoyed sharing with Congressman Kilmer Car Pros' dedication to the advancement of electrification, and our commitment to educating the community, employees, and customers about EVs.”</p>
<p> </p>
<p>Phillips noted that creating positive relationships and a workplace where all people can grow and thrive has long been a key part of Car Pros’ successful approach to selling automobiles. Car Pros works to be a transformative force in the automotive industry by promoting positive change and ensuring that the franchised dealer system is ready to meet the needs of all groups within the community as both businesses and employers, as well as the evolving needs within the industry with respect to electrification.</p>
<p> </p>
<p>“People turn to dealerships for help with buying, selling, or fixing a car. They turn to dealerships for jobs and opportunities. Local dealerships often provide funding and sponsorships for local schools, sports teams, and nonprofit organizations. We proudly embrace our role as a franchised dealer, within the community and our industry,” continued Phillips.</p>
<p> </p>
<p>The all-new EV9 will be on display at Car Pros Kia Renton in Washington, October 17 - October 31, 2023.</p>
<p> </p>
<p>Car Pros was founded by the Phillips family in 1993 as a small used car lot with two employees, and they grew it into an automotive group with over 700 employees and nine stores in Western Washington and Southern California that represent Kia, Hyundai, Honda, BMW and MINI. Car Pros serves customers in the communities of Renton, Tacoma, Los Angeles, Glendale, Huntington Beach, and Moreno Valley, and is committed to changing lives through its high-performance and values-led dealerships.</p>
<p> </p>
<p> </p>
<p><strong>About Car Pros Automotive Group<br/></strong> Car Pros Automotive Group is a leading automotive sales and service group, with dealerships representing Kia, Hyundai, Honda, BMW and MINI. Founded in 1993 by Ken Phillips, Car Pros currently has annual sales of $1 billion and is the top selling Kia retailer in the nation, having retailed over 150,000 new Kia models. The retailer is committed to changing lives through high-performance and values-led dealerships. Led by CEO Matthew Phillips, Car Pros is shaping the future of automotive retail: Franchise, professional, tech-savvy, values driven, and people focused. Visit <span><a href="https://www.carpros.com">https://www.carpros.com</a></span> to learn more.</p>
<p> </p>
<p><strong>Media Contacts:<br/></strong> Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776<br/> Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723</p>
<p> </p>Kerrigan Advisors Represents Gosch Auto Group in Sale of Gosch Ford Escondidotag:www.dealerelite.net,2023-09-21:5283893:BlogPost:13737312023-09-21T16:24:22.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>Sale of Gosch Ford Escondido to Aaron Automotive Group represents the 203rd dealership sold </em><em>by Kerrigan Advisors since 2015; The sale confirms the strong interest of buyers in </em><em>high volume markets with leading brands</em></p>
<p> </p>
<p><strong>INCLINE VILLAGE, NV – September 21, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Hemet-based Gosch Auto Group in the sale of Gosch Ford Escondido to…</p>
<p><em>Sale of Gosch Ford Escondido to Aaron Automotive Group represents the 203rd dealership sold </em><em>by Kerrigan Advisors since 2015; The sale confirms the strong interest of buyers in </em><em>high volume markets with leading brands</em></p>
<p> </p>
<p><strong>INCLINE VILLAGE, NV – September 21, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Hemet-based Gosch Auto Group in the sale of Gosch Ford Escondido to Aaron Automotive Group, led by Vikas Mehandroo. The transaction marks the 203<sup>rd</sup> dealership sold by Kerrigan Advisors since 2015 and the 32<sup>nd</sup> franchise sale in 2023, making the firm the most active in the industry.</p>
<p> </p>
<p>“Kerrigan Advisors was honored to represent the Gosch family in this strategic divestiture of Ford Escondido,” said Gabe Robleto, Vice President, Sell-Side Advisory of Kerrigan Advisors. “It’s a complex business decision to sell a high performing dealership in a growth market. We’re pleased to have been able to identify a buyer who understood the value proposition of Ford Escondido and the attractive growth dynamics of Escondido and the San Diego market.”</p>
<p> </p>
<p>The Gosch family opened their first Ford dealership in Southern California almost 60 years ago, when family patriarch Jack Gosch opened Jack Gosch Ford in downtown Hemet. His timing was impeccable, as it was just three months after the Ford Mustang was introduced. The Gosch family currently owns auto dealerships in Hemet, Temecula and Escondido. Over the years, the larger team grew to over 620 employees; collectively they have sold over 400,000 vehicles to local customers — and have serviced millions of cars.</p>
<p> </p>
<p>“We’ve been successful in Escondido and in all of our locations because we know the communities we serve and our employees care about our customers, which is critical to a thriving dealership business,” said Marc Gosch, Co-Owner of Gosch Auto Group. “Kerrigan Advisors’ team offered that same level of commitment to us as their customer. The firm’s professionalism, deep industry knowledge and their team’s dedication to client service showed throughout this transaction. They understood our needs and expertly guided us through the sales process.” Eric Gosch, Co-Owner of Gosch Auto Group continued, “The Kerrigan Advisors’ team knew how to find the right buyer and meet the strategic transaction goals of our group. We were in excellent hands with Erin Kerrigan and Gabe Robleto leading the way. That’s why we chose them — we knew they would deliver the results we expected.”</p>
<p> </p>
<p>Located in San Diego, one of the highest volume auto retail markets in California and ranked as the 12<sup>th</sup> best place to live in the US, Gosch Ford Escondido is a thriving image-compliant dealership representing the top domestic brand in California, Ford, which has one of the most popular lineups of trucks and SUVs. In 2022, the Ford Bronco ranked one of the top large SUVs sold in California and was named North American Car, Truck and Utility Vehicle of the Year. Escondido is a growing San Diego suburb, home to 153,000 residents, with a high-volume auto market and a population increase of 15% since 2000. The dealership has an expansive real estate footprint of over 9 acres in a high-traffic location, making it an optimal dealership to buyers.</p>
<p> </p>
<p>“Buyers are attracted to high-volume markets that sell top brands like Ford, which is one of the leading non-luxury franchises in California,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “This sale demonstrates the value proposition of Kerrigan Advisors’ professional sale process in identifying the best buyer at the highest blue sky value on behalf of our clients. We are thrilled for the Gosch family and grateful for the opportunity to represent them on this valuable transaction.”</p>
<p> </p>
<p>Kerrigan Advisors is the most active sell-side advisor on larger transactions in the auto retail industry. 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 acquisition valuation analysis, creating value for their clients at every stage of the auto retail lifecycle.</p>
<p> </p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>Kerrigan Advisors is the premier 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 some of auto retail’s largest transactions and advised more of the largest dealership groups in the US than any other buy/sell firm in the industry. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, the firm does not take listings, rather they develop a customized approach for each client to achieve their personal and financial goals. In addition to Kerrigan Advisors’ sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.</p>
<p> </p>
<p>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. <a href="https://www.kerriganadvisors.com/the-blue-sky-report-second-quarter-2023-preview/"><strong>To download a preview of the report, click here.</strong></a> 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. <a href="https://www.kerriganadvisors.com/the-kerrigan-index/"><strong>To access The Kerrigan Index™, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-dealer-survey/"><strong>2022 Kerrigan Dealer Survey, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-oem-survey-2/"><strong>2023 Kerrigan OEM Survey, click here.</strong></a> Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>
<p> </p>CULA Selected by Northeast Credit Union for Indirect Vehicle Leasingtag:www.dealerelite.net,2023-09-12:5283893:BlogPost:13737212023-09-12T16:39:03.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12222581656?profile=original" rel="noopener" target="_blank"><img class="align-center" src="https://storage.ning.com/topology/rest/1.0/file/get/12222581656?profile=RESIZE_710x" width="300"></img></a></p>
<p></p>
<p><em>Credit Union Leasing of America extends its footprint in the northeastern US, bringing the benefits of vehicle leasing to more consumers in New Hampshire and Maine</em></p>
<p> </p>
<p><strong>San Diego, CA & Portsmouth, NH – September 12, 2023</strong> – Credit Union Leasing of America (CULA) has been selected by…</p>
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12222581656?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12222581656?profile=RESIZE_710x" width="300" class="align-center"/></a></p>
<p></p>
<p><em>Credit Union Leasing of America extends its footprint in the northeastern US, bringing the benefits of vehicle leasing to more consumers in New Hampshire and Maine</em></p>
<p> </p>
<p><strong>San Diego, CA & Portsmouth, NH – September 12, 2023</strong> – Credit Union Leasing of America (CULA) has been selected by <span><a href="https://necu.org/about">Northeast Credit Union</a></span> to bring its indirect vehicle leasing program to credit union members in New Hampshire and Maine. With this partnership, Portsmouth-based Northeast Credit Union, which has over two billion dollars in assets, is expanding its auto finance portfolio to include the affordability and flexibility of vehicle leasing as an option for its over 150,000 members.</p>
<p> </p>
<p>“Skyrocketing vehicle prices in an inflationary environment continue to be an issue for our members who need to purchase a car,” said Douglas Sites, Vice President Indirect/Direct Lending of Northeast Credit Union. “CULA’s program means that we are able to extend the benefits of vehicle leasing – lower monthly payments, shorter-term commitments – to our community while further diversifying our offerings. In addition, our valued dealer partners now have access to a more complete lending solution, enhancing impact in today’s competitive market.”</p>
<p> </p>
<p>In a recent <span><a href="https://editor.ne16.com/cula/CULA-Study-Q2-2023-Credit-Union-Used-Vehicle-Loan-Snap-Shot.pdf">survey of credit unions</a></span>, conducted by CULA, the majority of respondents said that they would like an alternative to long-term vehicle loans for their customers, such as short-term financing with affordable payments and higher yield. Vehicle leasing offers all of these benefits. By handling the intricacies of leasing for its clients – including analytics, insurance, operations, compliance and more – CULA enables credit unions to easily add leasing to their portfolios and dealers to offer their customers more finance options, especially as affordability becomes their main concern.</p>
<p> </p>
<p>“As we continue to expand across the US, we are fortunate to partner with Northeast Credit Union, an established and leading indirect lender in New Hampshire and Maine. We are proud to support their long legacy of commitment to doing the right thing for their community through their philanthropic efforts and by enabling their members to reap the many advantages vehicle leasing provides,” said Mark Chandler.</p>
<p> </p>
<p>Chandler noted that CULA’s partnership with Origence, formerly CUDL, has been a key component in this new alliance with Northeast Credit Union. “We are grateful for our relationship with Origence in establishing this partnership, and to Jeff Kane, Director, Client Experience, Origence, for bringing us together,” added Chandler.</p>
<p> </p>
<p>CULA, which experienced record growth in the last two years, has been the leader in indirect vehicle leasing for credit unions for over 30 years. The company offers an analytically driven, high-value leasing program and partners with the industry’s most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S. CULA originated 64,000 leases through its credit union partners in 2022, up from 50,000 in 2021. In addition, the company is now originating loans in nine more states, added nine credit unions, and increased the number of participating auto dealers by 42%.</p>
<p> </p>
<p> </p>
<p><strong>About Northeast Credit Union</strong></p>
<p>Northeast Credit Union is a member-owned and not-for-profit organization whose mission is to enrich and nourish the lives of others: its members, its employees, and its communities. Northeast provides a cooperative banking experience that invites others to take part in making our communities thrive through elimination of food insecurity, access to affordable housing, and support of education. From its humble beginnings at the Portsmouth Naval Shipyard in 1936, Northeast has grown to more than $2 billion in assets, over 142,000 members and 18 branches throughout New Hampshire and Maine.</p>
<p> </p>
<p><strong>About Credit Union Leasing of America</strong></p>
<p>Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit <span><a href="https://www.cula.com/">https://www.cula.com/</a></span> to learn more.</p>
<p> </p>
<p><strong>Media contacts:</strong></p>
<p>Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776</p>
<p>Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723</p>
<p> </p>Auto Dealership Buy/Sell Market Defies Interest Rates with Record-Setting Activity and Historically High Valuations Supported by Dealer Liquiditytag:www.dealerelite.net,2023-09-05:5283893:BlogPost:13736282023-09-05T12:39:19.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p> <strong> </strong></p>
<p><em>First half 2023 buy/sell activity increased 26% compared to first half of 2022, resulting in a record 418 completed transactions over a trailing twelve-month period; market on track for a record year driven by resilience of auto retail profits and the strength of the dealership balance sheets, according to the Second Quarter 2023 Blue Sky Report</em><em><sup>®</sup></em> <em>by Kerrigan Advisors</em></p>
<p> </p>
<p><strong>INCLINE VILLAGE, NV – September 5,…</strong></p>
<p> <strong> </strong></p>
<p><em>First half 2023 buy/sell activity increased 26% compared to first half of 2022, resulting in a record 418 completed transactions over a trailing twelve-month period; market on track for a record year driven by resilience of auto retail profits and the strength of the dealership balance sheets, according to the Second Quarter 2023 Blue Sky Report</em><em><sup>®</sup></em> <em>by Kerrigan Advisors</em></p>
<p> </p>
<p><strong>INCLINE VILLAGE, NV – September 5, 2023</strong> –The auto dealership buy/sell market continues to gain momentum toward a record-breaking year, with 211 transactions completed in the first half of 2023, representing 357 franchises. As reported in the just-released Blue Sky Report® by Kerrigan Advisors, the mid-year 2023 results mean that buy/sell activity has increased 26% since 2022, a rate that exceeds the typical full-year results pre-Covid. There have been a record 418 transactions completed on a trailing 12-month basis, 9% higher than the prior full-year record (2021). </p>
<p> </p>
<p>“This rate of activity in the first half of the year is evidence that the consolidation of auto retail continues unfazed by rising interest rates and economic headwinds,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “More sellers are considering going to market and are requesting valuations to lock in today’s historically high blue sky.”</p>
<p> </p>
<p>Kerrigan Advisors’ <a href="https://www.businesswire.com/news/home/20230807669740/en/Majority-of-Automakers-Expect-New-Vehicle-Gross-Margins-to-Remain-Above-Pre-Covid-Levels-Though-Dealership-Profits-Are-Projected-to-Decline">first annual OEM survey</a>, released in August, found that auto retail’s robust position was in part due to improved inventory efficiency and higher earnings. Executives surveyed expected recent inventory turn rates to continue as a “new normal” of 30 to 60 days of vehicle inventory on dealership lots, far below the prior norm of 60 to 90 days or more. Furthermore, the survey found that 90% of OEM executives do not expect the industry to return to pre-Covid gross profit margins on new vehicles.</p>
<p> </p>
<p>According to the Blue Sky Report, dealership earnings remain 3-times higher than the pre-pandemic period, despite declining ~20% since their peak in 2022. Over the last three quarters, the US public dealer groups’ net income has risen 9.5%, due to a 74% increase in profit margins since 2019 and a 33% increase in dealership count. This, along with strong blue sky values, has led to well-capitalized buyers — especially in fast-growing, business-friendly states such as Texas, Florida, South Carolina, North Carolina, Georgia and Arizona. These buyers are thinking big: year-to-date there were 69 multi-dealership transactions in the first half of 2023, representing 33% of the buy/sell market. </p>
<p> </p>
<p>“We are seeing a tremendous amount of interest in top dealership groups in growing markets, like our recent sale of MCE Automotive Group in Greenville, South Carolina – one of the fastest growing markets in the Southeast,” said Kerrigan. “We expect more sizable transactions in growth markets this year, as buyers seek to increase their exposure to expanding population centers and consolidate their regional presence, which is what AutoNation did in purchasing our client the Bob Baker Auto Group in Carlsbad, California.”</p>
<p> </p>
<p>The first half of 2023 also saw a significant shift to domestic franchises, making up 58% of the buy/sell market — a 19% increase compared to the full year of 2022. Kerrigan Advisors attributes this move to anticipated changes to the dealership business model, particularly with the aggressive rollout of electric vehicles (EV). According to Kerrigan Advisors’ 2022 Dealer Survey, over 40% of dealers surveyed felt that the majority of domestic franchises would see reduced profitability because of their EV strategies. Despite this, domestics remain underrepresented in the buy/sell market relative to their 66% share of total franchises in the US.</p>
<p> </p>
<p>“Many dealers are sensitive to the changing auto retail landscape, and that’s spurring them to seek assistance from our firm to understand what their blue sky value is in today’s fluctuating auto retail market,” said Kerrigan. “Some dealers lack a reliable succession plan and are nearing retirement; most see changes to auto retail as potentially detrimental to their business model, which is prompting more kitchen table discussions around a possible sale.” </p>
<p> </p>
<p>Kerrigan Advisors’ OEM survey supports some of these concerns. Executives surveyed indicated they did not expect EVs to be sold through the negotiated pricing model; 20% expected EVs to be non-negotiable in price and 48% thought some portion of EV sales would include a set pricing model. In addition, 22% of executives surveyed believe the agency sales model will come to the US, with 43% unsure. While Kerrigan concludes that none of these changes are necessarily negative for future profitability, they are significant and will require dealerships to continuously adjust their business model to maintain and grow profits. For some dealers and their offspring, the unknown associated with the future auto retail model is enough for them to decide the time is right to consider a sale.</p>
<p> </p>
<p><strong>2023 Buy/Sell Trends</strong></p>
<p>For the second quarter of 2023, Kerrigan Advisors identified the following trends that are expected to impact the buy/sell market for the remainder of the year:</p>
<p> </p>
<ul>
<li>Higher interest rates have minimal impact on blue sky values</li>
<li>An increasing number of dealers assess business value in consideration of a sale</li>
<li>High-levels of key employee compensation increasingly challenges buyers’ proformas</li>
</ul>
<p></p>
<p>Since March 2022, the Federal Reserve raised interest rates 10 times, resulting in a correlated rise in borrowing costs for dealers and consumers. As such, growing dealership groups are facing higher financing costs and more conservative lending terms on acquisition loans and mortgages, particularly since the failure of Silicon Valley Bank. Interestingly, despite the disruption in the lending community and higher interest rates, the expected concomitant decline in blue sky values and multiples has yet to occur: publics’ blue sky multiples have increased 20% since the first quarter of 2022.</p>
<p> </p>
<p>“Rising interest rates usually have a direct negative impact on equity values, including franchise blue sky,” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “We think the valuation aberration experienced today is due is the unexpected strength of the industry’s financial performance, especially auto retail’s higher profit margins. This shows the strength and resilience of the dealership business model.”</p>
<p> </p>
<p>In addition to the auto retail industry’s strong record of profitability, additional factors such as pent-up consumer demand and newfound OEM inventory discipline are outweighing affordability issues related to rising interest rates. These rising financing costs are not impacting blue sky values because of the strength of the industry’s balance sheet. Auto retail has amassed an estimated $200 billion in pre-tax profits since 2019, because of years of record earnings. Many buyers can, and will, pay for acquisitions with their own capital and not tap into the debt markets for financings, reducing the impact of rising borrowing costs on blue sky values.</p>
<p> </p>
<p><strong>Kia and Cadillac Low-End Multiple Upgraded; Cadillac and Honda Outlook Moves to Steady</strong></p>
<p> </p>
<p>Kerrigan Advisors raised Kia’s low-end multiple by 0.25, resulting in a revised multiple range of 4.25 to 5.25, and increased Cadillac’s low-end multiple by 0.50, for a new multiple range of 3.00 to 3.50. Said Ryan Kerrigan, Managing Director of Kerrigan Advisors: “Buyer demand for the Kia franchise continues to rise. Kia franchises often trade above our published multiples due to the franchise’s impressive market share in the fastest-growing markets. A key to Kia’s sustained success is that dealer/OEM relations are highly positive, consistently ranking among the top 10 in NADA’s Dealer Attitude Survey.” Kia’s multiple outlook remains positive.</p>
<p> </p>
<p>Kerrigan Advisors sees rising buyer interest in Cadillac, as sales per franchise improves, particularly for exclusive dealerships. Cadillac has augmented inventory management 49%, per its inventory efficiency rating by Cloud Theory as of June 2023 — the most of any franchise. Cadillac now ranks 7<sup>th</sup> among all franchises for inventory turn rates. As a result, Kerrigan Advisors is increasing Cadillac’s blue sky multiple and moving its multiple outlook to steady as the firm continues to monitor the brand’s EV rollout. In addition to changes to Cadillac and Kia, Kerrigan Advisors moved Honda’s multiple outlook to steady from negative after a 23% increase in sales through the first half of 2023. “Honda’s improvement in new vehicle sales, should it continue, could result in a positive outlook for Honda’s blue sky multiple in future quarters,” said Ryan Kerrigan.</p>
<p> </p>
<p><strong>Highlights from the Second Quarter 2023 Blue Sky Report® by Kerrigan Advisors include:</strong></p>
<ul>
<li>211 buy/sell transactions were completed through the first half of the year representing 357 franchises, a 26% increase for transactions and 24% increase for franchises sold from the first half of 2022.</li>
<li>69 multi-dealership transactions were completed in the first half of 2023, representing 33% of the buy/sell market.</li>
<li>58% of 2023’s buy/sell market was domestic franchises, a 19% increase from the full year of 2022.</li>
<li>Through the first half of 2023, the US public dealer groups’ new vehicle gross profit margins are 149% higher than pre-Covid levels.</li>
<li>Ford has the highest buy/sell market share at 14.8%, largely due to dealers’ concerns over the OEM’s rollout of electric vehicles and potential resulting changes to the business model.</li>
<li>92% of the franchises sold in the first half of 2023 were to private buyers who are leading industry consolidation. The largest private groups represented 20% of the buy/sell market, while smaller private groups remained the largest buyers pool at 72%. The US public dealer groups acquired 8% of franchises sold in the first half of 2023.</li>
<li>The US public dealer groups’ estimated blended average blue sky multiple has increased 59% in the last four quarters to 4.6x. This is largely due to a 48% uptick in The Kerrigan Index™ since October 2022.</li>
<li>Kerrigan Advisors estimates the average dealership group with three dealerships is worth $39 million in blue sky, double the level pre-pandemic.</li>
<li>US public dealer groups’ net income has risen 9.5% over the last three quarters, remaining three times higher than 2019.</li>
<li>Over 60% of OEM executives expect a new normal of 30-to-60-day inventory turn rates, according to Kerrigan Advisors’ 2023 OEM Survey; improved inventory management is expected to support higher new vehicle gross margins in the near term.</li>
<li>90% of OEM executives do not anticipate a return to pre-Covid inventory levels, according to the Kerrigan Advisors’ 2023 OEM Survey.</li>
<li>22% of executives surveyed believe the agency sales model will come to the US, with 43% unsure, according to the Kerrigan Advisors’ 2023 OEM Survey.</li>
<li>Since the pandemic, average dealership payroll per employee has risen 46%, which is contributing to challenges in buy/sells as buyers balance their acquisition’s proforma and employee retention post-transaction.</li>
</ul>
<p> </p>
<p>The Blue Sky Report®, published by Kerrigan Advisors, is the auto retail industry's most comprehensive and authoritative quarterly report on dealership M&A activity, as well as franchise values. The quarterly report, received by over 11,000 industry recipients in 35 countries, includes analysis of all dealership transaction activity for the year, and lays out the high, average and low blue sky multiples for each franchise in the luxury and non-luxury segments. For more details and to preview the report, <a href="https://www.kerriganadvisors.com/the-blue-sky-report-second-quarter-2023-preview/">click here</a>. To sign up to receive the quarterly report, <a href="https://www.kerriganadvisors.com/the-blue-sky-report/">click here</a>.</p>
<p> </p>
<p>Kerrigan Advisors 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™, <a href="https://www.kerriganadvisors.com/the-kerrigan-index/">click here.</a></p>
<p> </p>
<p><strong>About Kerrigan Advisors </strong></p>
<p>Kerrigan Advisors is the premier sell-side advisor and thought partner to auto dealers in the US. The firm advises auto dealers nationwide, enhancing value through the lifecycle of growing, operating, and monetizing their businesses. Since the firm’s founding, Kerrigan Advisors has had the honor of representing the industry’s largest transactions, including more Top 150 Dealership Groups than any other firm in the industry. Led by a team of veteran industry experts, the firm does not take listings, rather Kerrigan Advisors develops a customized approach for each client to achieve their personal and financial goals. In addition to Kerrigan Advisors’ sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.</p>
<p> </p>
<p>Kerrigan Advisors publishes The Blue Sky Report®, which is the auto industry's most comprehensive and authoritative quarterly report of dealership buy/sell activity and franchise values, received by over 11,000 industry participants in 35 countries. To register to receive The Blue Sky Report®, <a href="https://www.kerriganadvisors.com/the-blue-sky-report">click here</a>. Kerrigan Advisors also publishes The Kerrigan Index™, the only monthly report tracking the seven publicly traded auto retail companies. To access The Kerrigan Index™, <a href="http://www.kerriganadvisors.com/the-kerrigan-index/">click here</a>.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>
<p> </p>
<p> </p>
<p> </p>Kerrigan Advisors Represents Nick Alexander Imports in Sale of Los Angeles BMW & MINI Dealershipstag:www.dealerelite.net,2023-08-28:5283893:BlogPost:13737052023-08-28T12:43:56.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12212985860?profile=original" rel="noopener" target="_blank"><img class="align-full" src="https://storage.ning.com/topology/rest/1.0/file/get/12212985860?profile=RESIZE_710x" width="600"></img></a></p>
<p><strong> </strong></p>
<p><em>Sale of Nick Alexander BMW to Car Pros Automotive Group includes MINI and Collision Cente</em><em>r, and r</em><em>epresents the 201<sup>st</sup></em><em> & 202<sup>nd</sup> dealership</em><em>, 50<sup>th</sup> top luxury franchise sale</em> <em>led by Kerrigan Advisors</em> <em>since…</em></p>
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12212985860?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12212985860?profile=RESIZE_710x" width="600" class="align-full"/></a></p>
<p><strong> </strong></p>
<p><em>Sale of Nick Alexander BMW to Car Pros Automotive Group includes MINI and Collision Cente</em><em>r, and r</em><em>epresents the 201<sup>st</sup></em><em> & 202<sup>nd</sup> dealership</em><em>, 50<sup>th</sup> top luxury franchise sale</em> <em>led by Kerrigan Advisors</em> <em>since 2015</em></p>
<p><em> </em></p>
<p><strong>Los Angeles – August 28, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Los Angeles-based Nick Alexander Imports in the sale of Nick Alexander BMW and Nick Alexander MINI to Renton, Washington-based Car Pros Automotive Group, the US’ 45<sup>th</sup> largest dealership group and owner of 10 dealerships, including four in Southern California. The transaction marks the 201<sup>st</sup> and 202<sup>nd</sup> dealership and 50<sup>th</sup> top luxury franchise sale since 2015. </p>
<p> </p>
<p>“It's been a great pleasure to work with the Alexanders, whom we've known for years and who will be missed in the automotive retail industry,” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “We were aware that the decision to sell was understandably an emotional one for the Alexander family. With that in mind, our team worked hard to achieve a great financial outcome through a transaction that allowed the Alexanders to feel positive about the future of their business and their people. With the sale to Car Pros, the family was able to achieve that goal.”</p>
<p> </p>
<p>The Alexander family has served the downtown Los Angeles market since 1978. Nick Alexander BMW is a multiple winner of BMW's "Center of Excellence" and "President's Cup” awards. Nick Alexander MINI ranks 3<sup>rd</sup> highest volume in the US by 2022 new MINI sales.</p>
<p> </p>
<p>“We have owned this BMW franchise for 44 years, so the decision to sell was not an easy one. You only sell once, and we needed the best representation in the business to ensure a smooth transaction and to find a buyer who could represent the best interests of the franchise, employees and community” said Nick Alexander, Co-owner and Operator of Nick Alexander Imports. “We’ve known Ryan and Erin Kerrigan and Kerrigan Advisors for years, and we knew that when the decision to sell came, they were the only choice to represent our family. Their proven track record of successful sales continued with this transaction.”</p>
<p> </p>
<p>Nick Alexander BMW, MINI and its collision center are housed in renovated, state-of-the-art facilities serving the rapidly growing downtown Los Angeles (LA) market, which is thriving under massive real estate development. Downtown LA has become a highly desirable place to live and is home to some of the US’ largest corporations. Los Angeles is the nation’s largest car market and its economy ranks as the 2<sup>nd</sup> and 18<sup>th</sup> largest economy in the US and world, respectively.</p>
<p> </p>
<p>“We have benefited from Kerrigan Advisors’ guidance throughout the sale process, from start to finish. Our transaction was a unique one in multiple ways, including our location, large parcels of highly valuable real estate, and BMW operations intertwined with MINI to name a few,” said Elizabeth Alexander, Co-owner of Nick Alexander Imports. “The Kerrigan team was able to work through those complexities and ultimately identify a buyer who understood our operations, and valued our unique business and the opportunities it presented.” </p>
<p> </p>
<p>Los Angeles is the top luxury car market in the US and BMW is an industry leader among volume luxury brands: it has the second highest sales per franchise of all luxury brands and is one of the top luxury brands in Southern California. According to <a href="https://www.kerriganadvisors.com/the-blue-sky-report-first-quarter-2023-preview/">Kerrigan Advisors Q1 2023 Blue Sky Report®,</a> the luxury import segment outperformed the domestic and non-luxury import segments by 85% and 202%, respectively, based on first quarter 2023 US light vehicle sales and appears to be somewhat insulated from rising interest rates, strengthening the segment’s valuations.</p>
<p> </p>
<p>“We were honored to work with Nick, Elizabeth and their team in the sale of one of the automotive industry’s premier luxury brands in a top luxury market,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “The success of this transaction is more evidence that, with strong constantly high profitability and unit sales growth, luxury franchises continue to command elevated valuations, giving further ballast to the robust 2023 auto dealership buy/sell market.”</p>
<p> </p>
<p>Kerrigan Advisors is the most active sell-side advisor on larger transactions in the auto retail industry. 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 acquisition valuation analysis, creating value for their clients at every stage of the auto retail lifecycle.</p>
<p> </p>
<p>David Meyer, Hen Amir and Gus Paras of ArentFox Schiff served as legal counsel to the seller. Halbert Rasmussen and One Choi served as legal counsel to the buyer.</p>
<p> </p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>Kerrigan Advisors is the premier 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 some of auto retail’s largest transactions and advised more of the largest dealership groups in the US than any other buy/sell firm in the industry. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, the firm does not take listings, rather they develop a customized approach for each client to achieve their personal and financial goals. In addition to Kerrigan Advisors’ sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.</p>
<p> </p>
<p>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. <a href="https://www.kerriganadvisors.com/the-blue-sky-report-first-quarter-2023-preview/"><strong>To download a preview of the report, click here.</strong></a> 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. <a href="https://www.kerriganadvisors.com/the-kerrigan-index/"><strong>To access The Kerrigan Index™, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-dealer-survey/"><strong>2022 Kerrigan Dealer Survey, click here.</strong></a> Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>
<p> </p>Car Pros Automotive Group Acquires Nick Alexander BMW, MINI Dealerships in Los Angelestag:www.dealerelite.net,2023-08-24:5283893:BlogPost:13735262023-08-24T19:58:20.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>New dealerships will be rebranded to BMW of Downtown LA and MINI of Downtown LA; the sale represents the first step into luxury brands for Car Pros</em></p>
<p><em> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12208350876?profile=original" rel="noopener" target="_blank"><img class="align-center" src="https://storage.ning.com/topology/rest/1.0/file/get/12208350876?profile=RESIZE_710x" width="400"></img></a></em></p>
<p><strong>RENTON, WA – August 24, 2023 –</strong> Car Pros Automotive Group announced today that it has acquired two dealerships from Los Angeles-based Nick Alexander Imports,…</p>
<p><em>New dealerships will be rebranded to BMW of Downtown LA and MINI of Downtown LA; the sale represents the first step into luxury brands for Car Pros</em></p>
<p><em> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12208350876?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12208350876?profile=RESIZE_710x" width="400" class="align-center"/></a></em></p>
<p><strong>RENTON, WA – August 24, 2023 –</strong> Car Pros Automotive Group announced today that it has acquired two dealerships from Los Angeles-based Nick Alexander Imports, including Nick Alexander BMW, Nick Alexander MINI, as well as their collision center. The dealerships are rebranded to BMW of Downtown LA and MINI of Downtown LA. Car Pros, one of the fastest growing automotive groups in the U.S.,<a href="#_ftn1" name="_ftnref1"><sup>[1]</sup></a> owns seven stores in Southern California and Western Washington, and represents some of the top franchises in the industry including Kia, Hyundai, and Honda. This addition brings the number of Car Pros dealerships in Southern California to six, and marks the automotive group’s entry into luxury brands.</p>
<p> </p>
<p>“Nick Alexander Imports and the Alexander family have built an incredible reputation in automotive retail in Southern California. We are proud to continue their legacy with Car Pros’ commitment to superior customer experience,” said Matthew Phillips, CEO of Car Pros Automotive Group. “Car Pros, like Nick Alexander Imports, is family-owned and operated, and we share many of the same values that have contributed to our longevity and success. We are honored to add these BMW and MINI brands to our automotive group, as we continue to build our presence in Southern California.”</p>
<p> </p>
<p>The Nick Alexander BMW and MINI dealerships have deep roots in Southern California and, specifically, in Downtown Los Angeles (DTLA), having served the community and surrounding area with distinction for over 40 years. Nick Alexander MINI is among the top MINI franchises in the United States, ranking #3 in 2022, and Nick Alexander BMW is the recipient of multiple BMW “Center of Excellence” and “President's Cup” awards. The new BMW of Downtown LA, MINI of Downtown LA and collision center will continue to be housed in their recently renovated, state-of-the-art facilities comprising a combined 145,191 square feet on 10.85 acres, situated on Alameda Street in DTLA.</p>
<p> </p>
<p>Car Pros, which began in 1993 as a small used car lot with two employees, was founded by the Phillips family, and is now an automotive group with over 500 employees. Car Pros was named one of the fastest growing dealership groups, as ranked by Automotive News in 2022, and also ranked in the top 150 dealerships groups for 2023. The company achieved record sales in 2022 of over $1 billion, up from $360MM in 2019. Additionally, Car Pros is the top selling Kia retailer in the nation and is also the #1 Kia EV dealer in the nation.</p>
<p> </p>
<p>“We are very strategic about the brands we add to the Car Pros portfolio, prioritizing OEMs who respect and value their dealer partners. BMW is one of these,” said Phillips, who noted that BMW placed in the top 3 of the latest National Automobile Dealers Association (NADA) Dealer Attitude Survey<a href="#_ftn2" name="_ftnref2"><sup>[2]</sup></a>, which gauges dealer sentiment toward the brands they sell. Car Pros brands Kia and Honda also made the top ten.</p>
<p> </p>
<p>“In addition, BMW’s strong lineup of EVs and its dedication to electric vehicle adoption and innovation matches well with Car Pros’ commitment to electrification and our success with EV retailing,” continued Phillips. “We are excited to partner with BMW, and to build on the tremendous organization created by Nick Alexander Imports.”</p>
<p> </p>
<p>The BMW Group reported 150.7% growth in its global sales of fully-electric vehicles in Q2 2023 compared to the same period of 2022, delivering 77,948 fully-electric BMW and MINI vehicles between April and June to customers worldwide.<a href="#_ftn3" name="_ftnref3"><sup>[3]</sup></a></p>
<p> </p>
<p><strong>About Car Pros Automotive Group<br/></strong> Car Pros Automotive Group is a leading automotive sales and service group, with dealerships representing Kia, Hyundai, and Honda. Founded in 1993 by Ken Phillips, Car Pros currently has annual sales of $1 billion and is the top selling Kia retailer in the nation, having retailed over 150,000 new Kia models. The retailer is committed to changing lives through high-performance and values-led dealerships. Led by CEO Matthew Phillips, Car Pros is shaping the future of automotive retail: Franchise, professional, tech-savvy, values driven, and people focused. Visit <span><a href="https://www.carpros.com">https://www.carpros.com</a></span> to learn more.</p>
<p> </p>
<p><strong>Media Contacts:<br/></strong> Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776<br/> Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723</p>
<p><span> </span></p>
<p></p>
<h2><span style="font-size: 8pt;"><strong><a href="#_ftnref1" name="_ftn1">[1]</a> According to 2022 Automotive News Top 150 Dealership Group rankings: <a href="https://www.autonews.com/dealers/heres-our-2022-list-top-us-dealership-groups">https://www.autonews.com/dealers/heres-our-2022-list-top-us-dealership-groups</a></strong></span></h2>
<p><span style="font-size: 8pt;"><strong><a href="#_ftnref2" name="_ftn2">[2]</a> National Automobile Dealers Association Dealer Attitude Survey, Winter 2023, as reported at Automotive News: <a href="https://www.autonews.com/dealers/toyota-lexus-still-top-dealer-survey">https://www.autonews.com/dealers/toyota-lexus-still-top-dealer-survey</a></strong></span></p>
<p><span style="font-size: 8pt;"><strong><a href="#_ftnref3" name="_ftn3">[3]</a> According to a BMW Group press release (07.07.2023): <a href="https://www.press.bmwgroup.com/global/article/detail/T0423219EN/strong-momentum-in-q2:-double-digit-sales-growth-11-3-bev-deliveries-more-than-doubled-again">https://www.press.bmwgroup.com/global/article/detail/T0423219EN/strong-momentum-in-q2:-double-digit-sales-growth-11-3-bev-deliveries-more-than-doubled-again</a></strong></span></p>
<p><span style="font-size: 8pt;"><strong> </strong></span></p>Kerrigan Advisors Represents MCE Automotive Group in Sale of Seven South Carolina Dealerships to Anderson Automotive Grouptag:www.dealerelite.net,2023-08-23:5283893:BlogPost:13732872023-08-23T16:46:47.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>Sale of seven dealerships underscores</em> <em>strong buyer demand for growth markets like South Carolina</em><em>, one of the top 10 markets requested in Kerrigan Advisors’ proprietary Buyer Database</em></p>
<p><em> </em></p>
<p><strong>Greeneville, SC – August 23, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Greenville, South Carolina-based MCE Automotive Group, owned and operated by the Escude family, in…</p>
<p><em>Sale of seven dealerships underscores</em> <em>strong buyer demand for growth markets like South Carolina</em><em>, one of the top 10 markets requested in Kerrigan Advisors’ proprietary Buyer Database</em></p>
<p><em> </em></p>
<p><strong>Greeneville, SC – August 23, 2023 –</strong> Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Greenville, South Carolina-based MCE Automotive Group, owned and operated by the Escude family, in the sale of their seven dealerships to North Carolina-based Anderson Automotive Group, ranked 71<sup>st</sup> largest US dealership group in the US by 2022 new unit sales. The transaction includes Toyota of Greer, Kia of Greenville, Kia of Greer, Hyundai of Greer, Genesis of Greer, Nissan of Greer and Mike Hovart Chevrolet and represents nearly $500 million in revenue. This marks the 200<sup>th</sup> dealership sale led by Kerrigan Advisors since 2015 and the 22<sup>nd</sup> Toyota dealership sold, making Kerrigan Advisors the most active sell-side advisor to Toyota dealers in the US. With the sale of MCE Automotive Group, Kerrigan Advisors has completed transactions representing over $4 billion in client proceeds since 2020.</p>
<p> </p>
<p>“It was a true honor to represent the Escude family in the sale of their highly valuable, premier dealerships in the thriving Greenville, South Carolina market. The MCE transaction is indicative of the tremendous demand for dealerships located in South Carolina, one of the top 10 markets requested by buyers,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “The Escude family’s dealerships, anchored by the best import franchises - Toyota, Kia, and Hyundai - represent some of the highest volume franchises in the Greenville market and are housed in state-of-the-art facilities. We are so pleased to see these sought-after dealerships transfer to another multi-generation Carolina family, ensuring the Escude’s legacy of top customer service and community engagement lives on in Greenville.”</p>
<p> </p>
<p>Greenville serves as the economic anchor of Upstate South Carolina, with over 60% of the Upstate population residing in an area that touts a low cost of living and a high quality of life (#2 Best Place to Live in the state and #15 Lowest Cost Place to Live in the US). It is one of the three largest metro areas in South Carolina and has the fastest growing population (67% rise in population since 2000). MCE Automotive Group captures 14% market share of Greenville’s new units sold, with a 45% share in Greer, a thriving Greenville suburb. The sale includes seven recently built or renovated dealerships, and over 39 acres of property. The dealerships operate in three Greenville markets: Greer (Toyota, Hyundai, Kia, Nissan, and Genesis), Greenville (Kia), and Easley (Chevrolet). MCE Automotive is also the exclusive Kia dealer for the Greenville MSA.</p>
<p> </p>
<p>“Toyota, Kia and Hyundai are some of the industry’s strongest import brands, with the highest valuation growth expectations according to our recent Dealer Survey,” continued Erin Kerrigan. “Not surprisingly, there was tremendous buyer demand for the MCE Automotive Group, given the group’s tremendous financial performance and the fact that MCE is anchored by top import franchises.” Kerrigan noted that since 2019, the valuation expectations for Kia and Hyundai have shifted upward over 26 percentage points, while Toyota, the most valuable non-luxury import franchise, continues to outperform most franchises in valuation growth expectations.</p>
<p> </p>
<p>“As a family, we’re forever grateful to our employees and the community of Greenville for choosing our dealerships. For us it’s always been about taking care of our customers and employees, as well as being good stewards of our resources on behalf of the community,” said Mark Escude, Sr., President of MCE Automotive Group. “Whether through our lasting commitment to the March of Dimes, or our investment in local charities, we care about the people of Greenville. This is why our choice of Kerrigan Advisors to manage our sale process and achieve our goals in a transaction was so important to me and my family. Only Kerrigan has the deep knowledge and expertise to identify the right buyers for the largest groups in the industry along with the proven track record to ensure the sale goes smoothly and is run professionally.”</p>
<p> </p>
<p>“In choosing Kerrigan Advisors, we knew we were in good hands,” continued Escude. “The Kerrigan team, particularly Mercedes Hendricks and Marie Brashears, went above and beyond when managing the sale process, from accurately reflecting our historical earnings to overseeing the buyer’s due diligence process and the closing. Erin Kerrigan’s personal relationships with top OEM executives also ensured our sale process ran on schedule, even with seven required OEM approvals. We are very grateful for the thoughtful advice and hard work of the entire Kerrigan team to ensure our sale was a tremendous success.”</p>
<p> </p>
<p>“We were proud to advise the Escude family with this complex transaction,” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “Greenville, South Carolina is a dynamic market with an increasing population, driven by a high quality of life and low cost of living, making MCE highly desirable. Our data, and the trends we are seeing, demonstrate the Carolinas are one of the top areas for growing dealership groups, resulting in price premiums. This transaction proved out that trend.” </p>
<p> </p>
<p>Kerrigan Advisors has facilitated 28 multi-dealership transactions since 2020, making the firm the most active sell-side advisor on larger, more complex transactions in the auto retail industry. The firm attributes its success to the team’s laser focus on fulfilling each client’s personal and professional goals, as well as their commitment to managing every step of the transaction through closing. 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 acquisition valuation analysis, creating value for clients at every stage of the auto retail lifecycle.</p>
<p> </p>
<p>For MCE Automotive Group, Sai Ireland and Barry Cannada of Butler Snow LLP served as legal counsel and John Bishop Jr. of Bishop and Draper, CPAs was MCE’s accountant. For the buyer, Jeff Roberts of Underwood & Roberts, PLLC served as legal counsel and Travis Horton of Henderson Hutcherson & McCullough, PLLC was Anderson’s accountant.</p>
<p> </p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>Kerrigan Advisors is the premier 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 some of auto retail’s largest transactions and advised more of the largest dealership groups in the US than any other buy/sell firm in the industry. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, the firm does not take listings, rather they develop a customized approach for each client to achieve their personal and financial goals. In addition to Kerrigan Advisors’ sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.</p>
<p> </p>
<p>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. <a href="https://www.kerriganadvisors.com/the-blue-sky-report-first-quarter-2023-preview/"><strong>To download a preview of the report, click here.</strong></a> 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. <a href="https://www.kerriganadvisors.com/the-kerrigan-index/"><strong>To access The Kerrigan Index™, click here.</strong></a> To read the <a href="https://www.kerriganadvisors.com/the-kerrigan-oem-survey-2/"><strong>2023 Kerrigan OEM Survey, click here.</strong></a> Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>Car Pros Automotive Group Sets Record-Breaking Month of Vehicle Salestag:www.dealerelite.net,2023-08-09:5283893:BlogPost:13732692023-08-09T16:51:44.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p></p>
<p><em> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12183950296?profile=original" rel="noopener" target="_blank"><img class="align-full" src="https://storage.ning.com/topology/rest/1.0/file/get/12183950296?profile=RESIZE_710x"></img></a></em></p>
<p><em>National sales leader and a top 10 auto group has had record sales for each month in 2023, with its best month ever set in July 2023, retailing a total of 2,633 new and used vehicles</em></p>
<p><em> </em></p>
<p><strong>RENTON, WA – August 9, 2023 –</strong> Car Pros Automotive Group, one of the fastest growing automotive…</p>
<p></p>
<p><em> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12183950296?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12183950296?profile=RESIZE_710x" class="align-full"/></a></em></p>
<p><em>National sales leader and a top 10 auto group has had record sales for each month in 2023, with its best month ever set in July 2023, retailing a total of 2,633 new and used vehicles</em></p>
<p><em> </em></p>
<p><strong>RENTON, WA – August 9, 2023 –</strong> Car Pros Automotive Group, one of the fastest growing automotive groups in the U.S., announced today that it had its best sales month ever, selling a total of 2,633 new and used vehicles in July 2023. The previous sales record was set in August 2022 with 2,458 vehicles sold. Additionally, for each month this calendar year, Car Pros has experienced record sales for that month.</p>
<p> </p>
<p>Car Pros achieved record sales in 2022 of over $1 billion, up from $360MM in 2019, and earlier this year, announced that it was named the top Kia retail sales volume dealer group for the fourth time since 2018, according to Kia America (KUS) data, selling over 2% of the national total</p>
<p> </p>
<p>“I am incredibly proud of the Car Pros team. This, as with all of our achievements, would not be possible without the hard work and dedication of our employees, and their commitment to customer service and operational excellence,” said Matthew Phillips, CEO of Car Pros Automotive Group. “We believe that much of our success grows from the culture of inclusivity and empathy that we strive for at our dealerships. Commitment to creating a safe environment and a positive workplace where all people can grow and thrive, has long been a key part of Car Pros’ successful approach to selling automobiles.”</p>
<p> </p>
<p>Car Pros Kia Glendale (California) was named the #1 Kia dealership in the nation in 2021 and 2022, and is also the #1 Kia EV dealer in the nation. Car Pros was named one of the fastest growing dealership groups in 2021, as ranked by Automotive News, and also ranked in the top 150 dealerships groups for 2023.</p>
<p> </p>
<p>For July 2023, individual store sales figures and performance rankings are as follows:</p>
<ul>
<li>Car Pros Kia Glendale (CA), #1 in the nation (657 new Kias sold)</li>
<li>Car Pros Kia Tacoma (WA) #9 in the nation (269 new Kias sold)</li>
<li>Car Pros Kia Moreno Valley (CA) #14 in the nation (230 new Kias sold)</li>
<li>Car Pros Honda El Monte (CA) #18 in the nation (321 new Hondas sold)</li>
</ul>
<p> </p>
<p>"Car Pros has had many sales achievements and accomplishments, and I think a big reason for this is that everyone in our organization truly does care… about their customers, about their co-workers, about their jobs, about themselves," continued Phillips. “Many congratulations to the team on this amazing milestone!”</p>
<p> </p>
<p>Among other recent achievements, Car Pros won the 2022 Kia President’s Club Award for three of its Kia dealerships, and earned the Honda Masters Circle award for Car Pros Honda El Monte, awarded to the top 50 retail dealers in the nation. Phillips also received a Silver Stevie® Award for Maverick of the Year in the American Business Awards®, and was named one of Puget Sound Business Journal’s 11 Outstanding Voices, recognizing business leaders who have been advocates and voices for the LGBTQ+ community.</p>
<p> </p>
<p>Last month, Car Pros announced the grand re-opening of its Car Pros Hyundai Renton, Washington. The five-million-dollar renovation of the 22,000-square-foot dealership boasts a state-of-the-art facility with significant investments in its EV charging and repair infrastructure, including two new high-speed level 3 EV chargers.</p>
<p> </p>
<p>Car Pros was founded by the Phillips family in 1993 as a small used car lot with two employees, and they grew it into an automotive group with over 500 employees and seven stores in Western Washington and Southern California that represent Kia, Hyundai, and Honda. Car Pros serves customers in the communities of Renton, Tacoma, Glendale, Huntington Beach, and San Bernardino, and is committed to changing lives through its high-performance and values-led dealerships.</p>
<p> </p>
<p> </p>
<p><strong>About Car Pros Automotive Group<br/></strong> Car Pros Automotive Group is a leading automotive sales and service group, with dealerships representing Kia, Hyundai, and Honda. Founded in 1993 by Ken Phillips, Car Pros currently has annual sales of $1 billion and is the top selling Kia retailer in the nation, having retailed over 150,000 new Kia models. The retailer is committed to changing lives through high-performance and values-led dealerships. Led by CEO Matthew Phillips, Car Pros is shaping the future of automotive retail: Franchise, professional, tech-savvy, values driven, and people focused. Visit <span><a href="https://www.carpros.com">https://www.carpros.com</a></span> to learn more.</p>
<p> </p>
<p><strong>Media Contacts:<br/></strong> Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776<br/> Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723</p>
<p> </p>Majority of Automakers Expect New Vehicle Gross Margins to Remain Above Pre-Covid Levels, Though Dealership Profits Are Projected to Declinetag:www.dealerelite.net,2023-08-07:5283893:BlogPost:13732632023-08-07T17:47:39.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><em>New survey from Kerrigan Advisors reveals that OEMs are looking at a new normal when it comes to dealership profitability, lower inventory levels and more OEM involvement in pricing; 68% expect some form of non-negotiable pricing to be part of future EV retail model</em></p>
<p><em> </em></p>
<p><strong>Incline Village, NV – August 7, 2023</strong> – Dealership new vehicle gross margins to remain above pre-Covid levels say 90% of automotive OEMS, according to the just-released annual…</p>
<p><em>New survey from Kerrigan Advisors reveals that OEMs are looking at a new normal when it comes to dealership profitability, lower inventory levels and more OEM involvement in pricing; 68% expect some form of non-negotiable pricing to be part of future EV retail model</em></p>
<p><em> </em></p>
<p><strong>Incline Village, NV – August 7, 2023</strong> – Dealership new vehicle gross margins to remain above pre-Covid levels say 90% of automotive OEMS, according to the just-released annual Kerrigan OEM Survey, but the majority believe dealership earnings will still decline over the next 12 months. The survey, gathered from Kerrigan Advisors’ annual survey of automotive OEM executives in conjunction with the issuance of The Blue Sky Report<sup>®</sup>, indicates that automakers are looking at a ‘new normal’ when it comes to dealership profitability, inventory levels and customer data sharing. The survey also offers a window into how OEMs view the future of electric vehicle pricing, with 68% expecting some change to pricing methodology.</p>
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12178420679?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12178420679?profile=RESIZE_710x" width="600" class="align-full"/></a></p>
<p>“This survey was designed to gauge OEM executives’ perspectives on the franchise system, dealer profitability and expected changes to the retail model with the rollout of new drivetrains. It offers an important window into the perspectives of OEM executives whose views are not often shared publicly in the industry,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “The results also demonstrate the value OEM executives place in their dealer networks, even as the auto retail model evolves.”</p>
<p><strong> </strong></p>
<p><strong>Profits and Days Supply</strong></p>
<p>While only seven percent of OEMs surveyed expect dealership profits to increase in the next 12 months, three-out-of-four expect new car margins to land somewhere between current and pre-Covid levels. This view is supported by the fact that respondents expect inventory levels to remain low, with 59% expecting days’ supply of 30 days over the next 12 months, and 82% expecting the ‘new normal’ for days’ supply will remain lower than pre-pandemic averages.</p>
<p><strong> </strong></p>
<p><strong>EV Pricing Model</strong></p>
<p>A key OEM/dealership relationship issue addressed by the survey is the future pricing model for electric vehicles, which revealed that nearly one-half (48%) believe some form of non-negotiable pricing will be a part of the retail model of the future, with 20% expecting non-negotiable pricing to be the exclusive means for selling electric vehicles. Only 32% of respondents believe the traditional MSRP pricing model will continue for electric vehicles.</p>
<p> </p>
<p>“The data on EV pricing was enlightening, as was data that showed few see the much-discussed EV agency model coming to the US, with just 22% projecting that change, likely due to the strength of state franchise laws in the US,” continued Erin Kerrigan. “The OEM/dealer relationship will continue to evolve as electric vehicles gain market share and alternative retailing models, such as the agency model, are tested. While there will be inevitable conflict, Kerrigan Advisors believes the relationship between the OEMs and their dealers is largely on solid ground and well positioned to manage the evolution of US auto retail.”</p>
<p><strong> </strong></p>
<p><strong>Customer Data and Real Estate</strong></p>
<p>Another key topic related to the evolving retail model investigated by the survey is customer data and relationship retention, with the majority of OEMs (66%) expecting both the dealer and OEMs to share the customer data over the next five years, a change from the past when dealers almost exclusively owned the customer data and relationship. </p>
<p> </p>
<p>With regard to dealership real estate, the survey reveals that the majority of OEM executive respondents predict facility requirements will either stay the same (52%) or increase (32%), which is surprising given their expectation for reduced inventory and likely fewer employees with a more streamlined, non-negotiable sales process.</p>
<p> </p>
<p>“The results of the 2023 Kerrigan OEM Survey are indicative of a business model that is in transition, with OEM views that are not always internally consistent with their proposed retailing changes which are clearly evolving as more data becomes available,” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “While OEMs and dealers will definitely have differing views on the path forward for electric vehicles, customer data and facility requirements, for the most part, OEMs expect the dealer to remain a key and profitable piece of the auto retail puzzle.”</p>
<p> </p>
<p><strong>Key Survey Data</strong></p>
<ul>
<li>69% expect dealership profitability to decline in the next 12 months, while 31% project profits will stay the same or increase.</li>
<li>10% believe new car margins will return to pre-Covid levels, while 74% expect them to settle between pre-Covid and current levels in the next 12 months. 16% of respondents project high margins will continue through 2023. </li>
<li>59% project days’ supply to be 30 days in the next 12 months; just 3% project a rate of 90 days or more.</li>
<li>60% expect the ‘new normal’ for new vehicle days’ supply to settle in at 30 to 60 days, below the pre-Covid average of 60 to 90 days.</li>
<li>68% believe some form of non-negotiable pricing will be a part of the retail model of the future with 20% expecting it to be the exclusive means for selling electric vehicles. Only 32% believe the traditional MSRP pricing model will continue for electric vehicles.</li>
<li>35% do not believe an agency model will materialize in the US auto retail marketplace, while 43% remain unsure and 22% think it will be introduced to the US in the next five years.</li>
<li>66% believe the customer relationship/data will be owned both by the OEM and dealer in five years. 16% expect the OEMs to have exclusive ownership, while 17% believe the dealer will.</li>
<li>52% believe facility requirements will largely remain the same over the next 5 years. 32% believe facility requirements will increase and 16% anticipate a decrease.</li>
</ul>
<p> </p>
<p>To download the full 2023 Kerrigan OEM Survey results, <a href="https://www.kerriganadvisors.com/the-kerrigan-oem-survey-2/">click here</a>.</p>
<p><strong> </strong></p>
<p><strong>M</strong><strong>ethodology</strong></p>
<p>The data for The Kerrigan OEM Survey was gathered from Kerrigan Advisors’ annual survey of automotive OEM executives in conjunction with the issuance of The Blue Sky Report<sup>®</sup>. The Kerrigan OEM Survey is based on over 115 responses from OEM executives in Kerrigan Advisors’ proprietary database. Responses were collected from December 2022 to May 2023.</p>
<p> </p>
<p><strong>About Kerrigan Advisors</strong></p>
<p>Kerrigan Advisors is the premier 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 some of auto retail’s largest transactions and advised on the sale of more top 150 Dealership Groups, than any other buy/sell firm in the industry. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, the firm does not take listings, rather they develop a customized approach for each client to achieve their personal and financial goals. In addition to Kerrigan Advisors’ sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.</p>
<p> </p>
<p>Kerrigan Advisors publishes The Blue Sky Report®, which is the auto industry’s most comprehensive and authoritative quarterly report of dealership buy/sell activity and franchise values, received by over 11,000 industry participants in 35 countries. To register to receive The Blue Sky Report®, <a href="https://www.kerriganadvisors.com/the-blue-sky-report/">click here</a>. Kerrigan Advisors also publishes The Kerrigan Index™, the only monthly report tracking the seven publicly traded auto retail companies. To access The Kerrigan Index™, <a href="https://www.kerriganadvisors.com/the-kerrigan-index/">click here</a>.</p>
<p> </p>
<p><strong>Kerrigan Advisors Media Contact:</strong><br/> Melanie Webber (<a href="mailto:melanie@mwebbcom.com">melanie@mwebbcom.com</a>), mWEBB Communications, 949-307-1723</p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>Credit Unions Worry Most About Over-Extension on Used Vehicle Loans, says New Survey, but Long-Term Loans Still Proliferatetag:www.dealerelite.net,2023-07-20:5283893:BlogPost:13732382023-07-20T13:30:01.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p><strong><a href="https://storage.ning.com/topology/rest/1.0/file/get/12157506472?profile=original" rel="noopener" target="_blank"><img class="align-center" src="https://storage.ning.com/topology/rest/1.0/file/get/12157506472?profile=RESIZE_710x" width="300"></img></a></strong></p>
<p><strong> </strong></p>
<p></p>
<p><em>CULA’s Used Vehicle Loan Snapshot, based on a survey of credit unions, reveals that they continue to offer car buyers a significant percentage of longer-term loans –70% offer 72 months or more – with low down payments, on high-mileage, older vehicles</em></p>
<p> …</p>
<p><strong><a href="https://storage.ning.com/topology/rest/1.0/file/get/12157506472?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12157506472?profile=RESIZE_710x" width="300" class="align-center"/></a></strong></p>
<p><strong> </strong></p>
<p></p>
<p><em>CULA’s Used Vehicle Loan Snapshot, based on a survey of credit unions, reveals that they continue to offer car buyers a significant percentage of longer-term loans –70% offer 72 months or more – with low down payments, on high-mileage, older vehicles</em></p>
<p> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12157506881?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12157506881?profile=RESIZE_710x" width="400" class="align-center"/></a></p>
<p><strong>San Diego, CA</strong> <strong>– July 20, 2023</strong> – Over-extension on used vehicle loans is the number one concern for credit unions in the 2023 auto finance landscape, according to Credit Union Leasing of America’s (CULA) Q2 2023 Credit Union Used Vehicle Loan Snapshot. But, the results, which are based on an online survey of credit union professionals, indicate that credit unions continue to offer car buyers a significant percentage of longer-term loans, with low down payments, on high mileage older vehicles – and the majority are extending LTV by over 125%.</p>
<p> </p>
<p>“It was no surprise to us that over-extension on used vehicle loans is generating significant worry for credit unions, as is overall used vehicle affordability, but the results also uncovered a troubling disconnect: credit unions continue to offer car buyers a significant percentage of longer-term loans, with low down payments, on high mileage older vehicles and increased LTV,” said Mark Chandler, VP of Business Development for CULA.</p>
<p> </p>
<p>Seventy percent of the credit union respondents say their longest-term loans are 72 months or more, and the majority will lend $75,000 or more on a used vehicle, with nearly one-third saying they would lend $100,000 or more. Meanwhile, 76% report a mileage limit on their used vehicle loans of 75,000 miles or more, with 30% extending that limit to 100,000 miles or more. The majority say they require a 10% or less down payment on used vehicle loans. Only 14% ask for more than 20%.</p>
<p> </p>
<p>“As these survey results make clear, credit unions will continue to incur unnecessary risk if they don’t find an alternative to the long-term used auto loan, which they are continuing to offer in significant numbers – and on vehicles that present potential risk,” continued Chandler.</p>
<p> <a href="https://storage.ning.com/topology/rest/1.0/file/get/12157507272?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12157507272?profile=RESIZE_710x" width="400" class="align-center"/></a></p>
<p>The results also confirm that the majority (52%) of credit unions’ used vehicle auto finance customers are most interested in long term loans of 7 years or more. But, nearly half (48%) are most interested in short term loans – the usage of a newer vehicle for a low payment. This almost even split is probably due to high used vehicle prices: consumers are either looking for the lower payments of a long-term loan or the lower commitment of a short-term loan.</p>
<p> </p>
<p>“The vast majority of credit unions in this survey agree that they would like a better alternative, such as short-term financing with affordable payments and higher yield. Vehicle leasing, which checks all of these boxes, might just be the answer credit unions are seeking,” concluded Chandler.</p>
<p> </p>
<p><strong><em>Key Survey Takeaways</em></strong></p>
<ul>
<li>64% of credit union respondents cited over-extension on used loans as their biggest concern about the 2023 auto finance landscape, followed by skyrocketing vehicle prices.</li>
<li>Auto finance customers today, say respondents, are almost evenly split in interest between long-term (52%) and short term (48%) loans.</li>
<li>At least one-in-four used vehicle loans are 72 to 84 months for the vast majority (78%) of credit union respondents.</li>
<li>72% of credit union respondents say their longest-term loans are 72 months or more, with 28% saying that 84-month loans are their longest term.</li>
<li>Of those credit unions reporting that 84 months are their longest-term loans, 55% say those make up one in five or more of their loans, with nearly a third saying that they make up over 40% of loans.</li>
<li>58% of credit union respondents require a 10% or less down payment on used vehicle loans.</li>
<li>55% of credit union respondents say they will extend LTV on used vehicle loans by 125% or more.</li>
<li>76% of credit union respondents have a mileage limit on their used vehicles of 75,000 miles or more, with 30% extending that limit to 100,000 miles or more.</li>
<li>71% of credit union respondents will lend $75K or more on a used vehicle, with nearly one-third (31%) saying they would lend $100,000 or more.</li>
</ul>
<p><a href="https://storage.ning.com/topology/rest/1.0/file/get/12157507464?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/12157507464?profile=RESIZE_710x" width="400" class="align-center"/></a><br/> To download CULA’s <strong>“</strong><strong>Q2 2023 Credit Union Used Vehicle Loan Snapshot”</strong> <u><a href="https://editor.ne16.com/cula/CULA-Study-Q2-2023-Credit-Union-Used-Vehicle-Loan-Snap-Shot.pdf">click here</a></u>.</p>
<p> </p>
<p>Snapshot Survey was conducted online April 4th, 2023 through May 5th, 2023 among 415 credit union</p>
<p>professionals.</p>
<p> </p>
<p><strong>About Credit Union Leasing of America</strong></p>
<p>Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit <span><a href="https://www.cula.com/">https://www.cula.com/</a></span> to learn more.</p>
<p> </p>
<p><strong>Media contacts:</strong></p>
<p>Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776</p>
<p>Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723</p>Car Pros Hyundai Renton Celebrates Grand Re-openingtag:www.dealerelite.net,2023-07-11:5283893:BlogPost:13730342023-07-11T16:04:08.000ZCrystal Hartwellhttps://www.dealerelite.net/profile/CrystalHartwell
<p></p>
<p><em> </em></p>
<p><em>Car Pros Automotive Group’s new state-of-the-art facility in Washington boasts significant investment in EV charging and repair infrastructure</em></p>
<p><em> </em></p>
<p><strong>RENTON, WA – July 12, 2023 –</strong> Car Pros Automotive Group announces the grand re-opening of its Car Pros Hyundai Renton, Washington, in a new, state-of-the-art facility. To mark the occasion, a celebration and ribbon-cutting ceremony were held on June 28th with local community…</p>
<p></p>
<p><em> </em></p>
<p><em>Car Pros Automotive Group’s new state-of-the-art facility in Washington boasts significant investment in EV charging and repair infrastructure</em></p>
<p><em> </em></p>
<p><strong>RENTON, WA – July 12, 2023 –</strong> Car Pros Automotive Group announces the grand re-opening of its Car Pros Hyundai Renton, Washington, in a new, state-of-the-art facility. To mark the occasion, a celebration and ribbon-cutting ceremony were held on June 28th with local community dignitaries, and representatives from Hyundai Motor America and the auto industry in attendance. Car Pros is one of the US’ top automotive retailers and is committed to changing lives through high-performance and values-led dealerships.</p>
<p> </p>
<p>The five-million-dollar renovation of the 22,000-square-foot dealership features Hyundai’s innovative “shaped sky” design which wraps around the building and into the showroom reception area, as well as significant investments in its EV charging and repair infrastructure, including two new high-speed level 3 EV chargers. The dealership also features a gourmet coffee station, Wi-fi equipped customer workstations, and a large, stylish lounge with ample comfortable seating. </p>
<p> </p>
<p>“We are so excited to be in our brand-new home in Renton. The very first Car Pros new car dealership specialized in Hyundai back in 1999, so you could say that Hyundai is in our DNA, as is our commitment to offer the best customer service to the Renton and greater Seattle community in a beautiful, ultramodern dealership,” said Matthew Phillips, CEO of Car Pros Automotive Group. “Thank you to all of our customers, to Hyundai, and to our incredible Car Pros Renton team for all your support as we continue our mission to offer an unsurpassed car buying experience for every customer.”</p>
<p> </p>
<p>The grand re-opening celebration of Car Pros Hyundai Renton included VIP guests and speakers including: Armondo Pavone, Mayor City of Renton; Valerie O'Halloran, President City of Renton Council; Vicki Giles Fabre, Executive Vice President Washington State Auto Dealers Association; Michael Orange, Regional General Manager, Western Region Hyundai Motor America; Shirley Jones, CFO Car Pros Automotive Group, and Phillips. Said Jones of the occasion: “It brings me great joy to have witnessed firsthand the growth of the Car Pros Automotive Group through my 17 years with the company, including the milestones and incredible achievements such as consistently setting new records in vehicle sales, and now this amazing new dealership to serve the city of Renton and beyond.”</p>
<p> </p>
<p>Michael Orange remarked during his speech that Car Pros “knocked it out of the park” with the new facility that “celebrates the investment made by the Phillips family to the Hyundai brand and the community.”</p>
<p> </p>
<p>Ken Phillips founded Car Pros in 1993 as a small used car lot. Together, the Phillips family built it from two employees into an automotive group with over 500 employees and seven stores in Western Washington and Southern California, selling over 2,000 cars per month with annual sales of $1 billion. Their philosophy is based on five core competencies: professionalism, expertise, development, accountability, and leadership.</p>
<p> </p>
<p>Car Pros was named one of the fastest growing dealership groups in 2021, as ranked by Automotive News, and also ranked in the top 150 dealerships groups for 2023. Car Pros represents Kia, Hyundai, and Honda with seven dealerships in Western Washington and Southern California, and serves customers in the communities of Renton, Tacoma, Glendale, Huntington Beach, and San Bernardino.</p>
<p> </p>
<p> </p>
<p><strong>About Car Pros Automotive Group<br/></strong> Car Pros Automotive Group is a leading automotive sales and service group, with dealerships representing Kia, Hyundai, and Honda. Founded in 1993 by Ken Phillips, Car Pros currently has annual sales of $1 billion and is the top selling Kia retailer in the nation, having retailed over 150,000 new Kia models. The retailer is committed to changing lives through high-performance and values-led dealerships. Led by CEO Matthew Phillips, Car Pros is shaping the future of automotive retail: Franchise, professional, tech-savvy, values driven, and people focused. Visit <a href="https://www.carpros">https://www.carpros</a>.<span><a href="https://link.mediaoutreach.meltwater.com/ls/click?upn=BZ-2FwzD0kKQskPsbz6rvtwIyfxuVpxETH3zeKC4rOsPWYlQ9shkLT-2B2plR0OAQP9fMAAW_3fFRyxjWaJCUFnAGuEvdv4Pk82Jv-2F4ZELlPg7RdGbDlVe7IPUyENBgl0mojTFWA3lpMMiPSWUrEGYh-2B4EfJ1VOl4zS-2F0X1k7-2BYM5V0jjoSBemDMfOCg8viJiFAQW0LmfWbKCyFIqyY8BPBDDbw-2FyqTP-2FTLRjv0nKnEUKvFajmjyfQyKeXwDb-2FTjuQVzBwWygtPtgRo7bd-2FD-2BxHO4MTE-2BOEEwMJ12CcO26xD2YiKLX4SR6O6UuFpzYXFb4TA0Y1yXxKgxd5AqLp-2BmUNp8zcTkwnca6qZu6P6sBzpIOF2Gm0pocubB48i2iPhw3CFuzIsuoQgyI05eIhTpMp0bxEg8gMWfnbOH-2B9wg9Yed-2B8mqAoEMgCczqeiEuQSdd-2BUuuqNj7kRNCNaiY6wF6T3RPnhASg-3D-3D">com</a></span> to learn more.</p>
<p> </p>
<p><strong>Media Contacts:<br/></strong> Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776<br/> Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723</p>
<p> </p>