Anderson Automotive Group expanded its presence in South Carolina with its purchase of several dealerships from MCE Automotive Group.
In its second acquisition for the year, the family-owned dealership group bought seven new storefronts in total across Greer, Greenville and Easley. The purchase includes Toyota, Hyundai, Genesis, Nissan, Kia and Chevrolet franchises. Anderson Automotive now has 20 sites across North and South Carolina.
Fred Anderson, chairman of the dealership group, praised Mark Escude, dealer principal for MCE Automotive Group, for providing “world-class service” with “a tremendous group of employees” throughout his career. “We are thrilled to have them part of the Anderson Automotive family,” he added.
The move is the latest evidence of intensifying mergers and acquisitions activity across the U.S., especially in regions outside traditionally high-demand markets such as Florida and Texas. During COVID, many buyers put dealership purchases on hold as they waited for signs of a stabilizing economy. While financial challenges remain, 2023 seems to be the year that such pauses are ending. Last week, Bergstrom Automotive announced its intent to acquire Broadway Automotive in Wisconsin. Earlier in the month, Group 1 purchased additional storefronts in Maine. In July, Zeigler Auto Group also revealed it had purchased Elhart Automotive in Michigan. Contributing to this increase is the return of larger dealership groups to the M&A market. In an interview with CBT News last month, Ryan Kerrigan, director of buy-sell firm Kerrigan Advisors, remarked that the industry had seen “virtually all publics getting back into the game,” causing first-quarter transactions to rise 43% year-over-year. Along with Anderson Automotive Group’s newest acquisition, these developments indicate that buyers are feeling more confident in the post-pandemic economy.
