Sheehy Auto Stores acquires CarMax Laurel Toyota located in Laurel, Maryland.
Haig Partners LLC, the leading buy-sell advisory firm to auto dealers in the U.S., served as the exclusive sell-side advisor to CarMax in the sale of Laurel Toyota to Sheehy Auto Stores.
"Haig Partners is honored to have been the exclusive sell-side advisor to CarMax on the sale of the Laurel Toyota store. We are pleased to have the relationships and industry expertise that enabled us to navigate all aspects of this sale, as well as bring together two great organizations," commented Kevin Nill, Partner with Haig Partners. "We appreciate the trust CarMax placed in us to advise them on this transaction."
This divestiture by CarMax aligns with other leading auto retailers who are electing to sell dealerships that do not fit their future growth strategy. Recently, Haig Partners has represented five groups in the top 25 of the Automotive News Top 150 Dealer Groups in selling non-core dealerships, allowing them to redeploy capital in other areas of strategic growth.
"We made the decision to sell our Laurel Toyota new car store to continue to focus on our core business of delivering an exceptional used car buying and selling experience," said Enrique Mayor-Mora, chief financial officer at CarMax. "We've had the pleasure of working with Kevin and Haig Partners for more than 20 years and I had the utmost confidence he would represent our company with integrity and ensure this transaction would be completed successfully."
CarMax, the nation's largest retailer of used cars, is a Fortune 500 company® with 220 stores nationwide. During the fiscal year ending February 29, 2020, CarMax sold more than 830,000 used cars and more than 465,000 wholesale vehicles at its in-store auctions.
"We are excited to add the 3rd Toyota store to our growing mix of new vehicle brands," said Vince Sheehy, President of Sheehy Auto Stores. "CarMax Toyota has been a top Toyota dealer for many years, and we look forward to taking care of their customers while attracting new Toyota customers to the Sheehy family."
Haig Partners LLC is a boutique investment banking firm and the leading buy-sell advisory firm to owners of higher value auto, heavy truck, and RV dealerships. Since 1996, the principals at Haig Partners have completed more than 268 dealership transactions totaling over $7.5 billion, more than any other team in the industry. They also publish the widely followed Haig Report that tracks trends in the auto industry and how they impact dealership valuations. The latest Haig Report is available here. Alan Haig is a frequent speaker at leading industry events. For more information, visit www.haigpartners.com.
