President’s Award-Winning Honda Dealership in Western Pennsylvania Changes Ownership
Kerrigan Advisors, a leading sell-side advisory firm to auto dealers in the U.S., represented and advised partners Bill Barnes and Paul Ritchie on their recent sale of Altoona Honda to Timbrook Automotive. The partners will continue to own and operate Hagerstown Honda and Hagerstown Kia. Timbrook Automotive has 11 dealerships throughout Maryland, Virginia and West Virginia. This sale marks the 85th dealership sale and 11th Honda franchise sale Kerrigan Advisors has represented since 2015, making the firm the most active in the marketplace.
“Altoona Honda has always been an integral part of the community here in Blair County,” said Barnes. “When we purchased the dealership in 2013, our aim was to respect and continue the values established in 1972, when the store opened. We went into this transaction with the same mindset. Kerrigan Advisors helped us achieve a transaction reflective of that wish, with ethical and professional representation and by identifying a buyer who shared our same values.”
Altoona Honda’s long record of success includes winning the Honda President’s Award for three consecutive years. The award recognizes Honda dealerships that achieve excellence in all aspects of sales and service operations.
“Altoona Honda has always exhibited the highest levels of excellence and is a pillar of the community. We knew how very important this decision was to Bill and Paul and were honored to represent them in the sale,” said Erin Kerrigan, managing director of Kerrigan Advisors. “Our experience through ten previous Honda transactions helped inform this process, ensuring that we identified a buyer who not only understood Altoona Honda’s legacy of quality and service, but one that would carry on that legacy, while living up to the values of the Honda brand.”
Barnes and Ritchie will continue to own and operate Hagerstown Honda and Hagerstown Kia dealerships. The sale to Timbrook Automotive enables them to focus on their Hagerstown dealership operations, while ensuring that Altoona Honda continues to thrive.
“When it was time to find a buyer for Altoona Honda, we wanted an advisor that had plenty of Honda experience, as well as one who understood the integral role Altoona plays in this community,” continued Barnes. “The wisdom, business acuity and sensitivity that Kerrigan Advisors displayed in previous Honda dealership transactions convinced me that they were the right partners for us. And we were not wrong. The Kerrigan Advisors team did an excellent job representing the dealership in a successful sale. I could not be more pleased.”
Gabe Robleto, vice president of Kerrigan Advisors said, “Honda is known for its strong throughput, and very consistent dealership profitability and is highly sought after by today’s buyers. Our experience with other Honda transactions meant we knew how to value the franchise and what to look for in a potential buyer. With Timbrook as the new owner, we are confident Altoona Honda will continue to compete for Presidents Awards and service the greater Altoona community long into the future.”
Michael G. Charapp of Charapp & Weiss LLP served as legal counsel to the seller. Wayne C. Heavener of Skidmore & Alderson served as legal counsel to the buyer.
Kerrigan Advisors is an active sell-side advisor in the auto retail industry. In addition to its sell-side advisory work, Kerrigan Advisors offers strategic consulting services to dealers and their families, including growth planning, capital raising and valuation analysis, creating value at every step of the auto retail lifecycle.
Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report, which includes Kerrigan Advisors’ signature blue sky charts, multiples, and analysis for each franchise in the luxury and non-luxury segments. To download the report, click here. The company also releases monthly The Kerrigan Index composed of the seven publicly traded auto retail companies with operations focused on the U.S. market. The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail.
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