Sale of auto retail’s most in-demand franchise represents the 206th dealership sold by Kerrigan Advisors since 2015; transaction demonstrates that buyers continue to exhibit tremendous interest in leading franchises in high-growth markets
TAMPA, FL–October 25, 2023 – 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 57th largest US dealership group. The transaction marks the 206th dealership sold by Kerrigan Advisors since 2015, and the 36th 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.
“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 18th 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.”
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 President’s Cabinet award winner, granted to only 12 out of 1,200 dealerships nationally. The dealership has also been recognized with the Toyota Board of Governors Award, the Customer Relations Excellence Award, the Toyota Service Excellence Award, the Toyota Parts Excellence Award, and the J.D. Power & Associates Outstanding Sales Experience Award. The dealership prioritizes giving back to the community having worked with the United Way, Oneblood, the Spring of Tampa Bay and Toys for Tots.
With a population of 3.2 million, Tampa is the 2nd largest MSA in Florida, the 18th largest in the US by population and ranks as the 4th 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.
“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.”
“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.”
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.
“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.
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.
About Kerrigan Advisors
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.
Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report®, which includes Kerrigan Advisors’ signature blue sky charts, multiples, and analysis for each franchise in the luxury and non-luxury segments. To download a preview of the report, click here. The firm also releases monthly The Kerrigan Index™ composed of the seven publicly traded auto retail companies with operations focused on the US market. The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail. To access The Kerrigan Index™, click here. To read the 2022 Kerrigan Dealer Survey, click here. To read the 2023 Kerrigan OEM Survey, click here. Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.
Kerrigan Advisors Media Contact:
Melanie Webber (email@example.com), mWEBB Communications, 949-307-1723