Knoxville, TN, February 2, 2015 – Haig Partners LLC is pleased to have represented the owners of Freightliner of Knoxville and Freightliner of Chattanooga in the sale of their dealerships to Penske Automotive Group (“PAG”).
Former owner Pat Carroll said, “We are proud to have successfully completed a transaction with Penske Automotive Group. Roger Penske has been successful in racing, auto dealerships, and truck leasing, and I expect his commercial vehicle division will also become the leader in our industry. We are excited for the new opportunities this transition brings to all of our associates.”
Mr. Carroll will stay on with PAG as Area Vice President.
In PAG’s press release, which is available here, Chairman Roger S. Penske said, “We are pleased to expand our commercial truck dealership footprint into these new markets…The Chattanooga and Knoxville dealerships offer a strong legacy of providing outstanding new and used sales and service to local customers in addition to…providing us with an outstanding opportunity for future organic growth.”
PAG estimates these dealerships will generate approximately $200 million in annualized revenue.
Alan Haig and Nate Klebacha of Haig Partners LLC were the financial advisors to Freightliner of Knoxville and Freightliner of Chattanooga.
Alan Haig said, “We have seen consolidation in auto retail for over twenty years, and this transaction is part of a trend of consolidation that is now happening in the heavy duty truck dealership industry. The trucking industry is booming and buyers are drawn to the attractive returns that are possible in truck dealerships. And since dealership valuations are strong, some dealers see this as a good time to sell their businesses.”
About Haig Partners. Haig Partners LLC is the leading advisory firm for dealership purchase and sale transactions over $20 million. Since 1996, its founders have completed over 150 dealership transactions totaling over $3 billion, more than any other team in the industry. The value of transactions the founders have closed in all industries is over $6 billion. They also publish the widely followed Blue Sky Report that tracks trends in the auto industry and how they impact dealership valuations. The latest Blue Sky Report is available here. For more information, visit www.haigpartners.com.