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Buy/Sell expert Ryan Kerrigan discusses LMP Automotive’s acquisition of two high-volume Kia stores

The newest publicly traded retailer to the market, LMP Automotive, recently closed on a handful of dealerships, including two high-volume Kia stores. Today on CBT News, Ryan Kerrigan, Managing Director of Kerrigan Advisors, joins the show to discuss LMP’s successful transactions.

Kerrigan begins the conversation by discussing Fuccillo Automotive Group selling two high-volume Kia stores in Cape Coral, FL and Port Charlotte, FL to LMP Automotive. When LMP recently decided to go public, they became the first new publicly traded automotive retailer to enter the market in the last 20 years. 

Kerrigan calls the capital markets, “buoyant,” when explaining why LMP decided now was a perfect time to enter the market.

“There is so much capital-seeking return finding its way to all kinds of investments, including these newly traded public companies,” said Kerrigan. “It’s not just automotive retail that they’re looking around actively. It’s really across the U.S. economy, and it’s no surprise, given the size of our business, that one or more SPACs (special-purpose acquisition companies) are looking to get into this business.”

Kerrigan then discusses what prompts dealership owners to sell in the current market. In general, reasons for a sale are fairly predictable. They involve an aging owner, generational change, executives that want to change. However, Kerrigan says the current market creates a unique opportunity for owners to sell their dealership. Kerrigan refers to these sellers as “opportunistic sellers,” meaning owners see how high valuations are and make the decision to take advantage of the strong market.   

Kerrigan concludes the conversation by cautiously looking ahead to the future of the market. He says that he usually withholds predictions because the market can change rapidly. He does suggest that the current data suggest the market looks very healthy moving forward.

Have you seen the latest Kerrigan Advisors Blue Sky Report? Download it here!

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CBT News
CBT News
For over 11 years, CBT News has been informing and helping automotive retail professionals grow their businesses and thrive in their careers through an awarding-winning, on-demand streaming platform. With exclusive interviews featuring the biggest names in the industry, daily newscasts, up-to-date market data, and exclusive articles covering the latest trends, CBT News is your #1 source for auto industry news and content.

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