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New tax law and economies of scale help publics and consolidators buck trends to grow earnings and fuel the buy/sell market to 92% growth in the second quarter. According to the firm, the market is on track for a fifth consecutive year of more than 200 acquisitions.
The acquisitions bring the dealer group’s rooftop count to 32. In the Tampa, Fla., area alone, Morgan Auto Group now represents 10 brands across 10 stores.
The Toronto-based mergers-and-acquisitions firm has advised on the closing of more than 160 dealerships in deals worth more than $3 billion. Its expansion into the U.S. market will be led by industry veteran Russell Hill.
iA Financial Group has completed its acquisition of the third-party administrator and its insurance arm, Dealers Assurance Co. Both companies will now operate as fully owned subsidiaries of iA.
Despite slowing auto sales and a slight dip in blue sky values, dealership buy/sell activity remained robust in the first quarter, according to the buy/sell advisory firm’s The Blue Sky Report.
Buy/Sell activity remains strong, but the firm believes activity could slow in the fourth quarter as sellers hope for a more favorable tax rebate on their sales proceeds in 2017.