Hendrick Automotive Expands Luxury Portfolio with $10B+ Paramount…

Event summary

Kerrigan Advisors facilitated the sale of Paramount Automotive's Foreign Cars Italia dealerships in Charlotte and Greensboro to Hendrick Automotive Group for an undisclosed sum.
The transaction includes eight luxury franchises, including exclusive Ferrari dealerships for North and South Carolina.
Hendrick Automotive Group adds Porsche, Ferrari, Alfa Romeo, Aston Martin, Bentley, and Maserati to its portfolio, expanding to over 100 dealerships.
Paramount Automotive retains ownership of dealerships in Asheville, Hickory, and Valdese, North Carolina.
This marks Kerrigan Advisors' 450th franchise sale since 2014, with a total of $10B+ in client proceeds.

The big picture

This transaction underscores the high demand for luxury automotive franchises, particularly in markets with strong economic growth and affluent populations. The Carolinas' 60% increase in millionaire tax filers since 2015 has driven significant interest from sophisticated acquirers like Hendrick Automotive Group. Kerrigan Advisors continues to solidify its position as the leading sell-side advisor in the luxury dealership space, with over $10B in client proceeds facilitated since its founding.

What we're watching

Market Consolidation: How the acquisition will impact luxury automotive retail consolidation in the Southeast, particularly in high-growth markets like Charlotte and Greensboro.
Luxury Demand: Whether Hendrick Automotive Group can sustain growth in luxury vehicle sales amid rising millionaire tax filers in the Carolinas.
Strategic Integration: The pace at which Hendrick Automotive Group integrates the new franchises into its existing operations and maintains service excellence.