A Houston-area dealership recently sold in a transaction brokered by Kerrigan Advisors.
Northwest Chrysler Dodge Jeep Ram was sold by Salt Lake City-based Ken Garff Automotive Group to Texas-based Keating Auto Group in what Kerrigan said is the 17th Texas franchise sale it's represented in the past 12 months.
Keating is among the largest auto groups in Texas, with about 30 stores in the state, Kerrigan said. Privately held Ken Garff, founded by its namesake 90 years ago, is spread over nine states, with 73 stores across 28 brands.
Northwest CDJR, which has been in the Ken Garff fold since 2007, sits in the northwest Houston market, which is heavy in truck and SUV sales. In fact, Kerrigan said that last year 78% of its new-vehicle sales were light trucks.
“This transaction was a classic example of the extraordinary buyer demand for domestic dealerships in high-growth markets," said the buy-sell firm's managing director, Ryan Kerrigan. "And, as evidenced by the level of interest we saw in this high-volume metro store, Texas is one of the hottest markets in the country.”
Kerrigan founder and Managing Director Erin Kerrigan said dealership sales volume is still robust. “Transactions like this continue to demonstrate that there is strong buyer demand for the fastest growing markets in the U.S., like Houston.”
