“In the next five to seven years I want to have 90-plus stores,” said Darwish, previously a 25 percent partner in an Audi dealership and a former platform manager at Napleton Automotive Group. “That’s my dream and I’m chasing it.”
The deal is the largest documented buy-sell transaction by automotive news so far this year in terms of the number of dealerships sold. Y Automotive News’ Tracking shows dealer acquisitions, after a record high in 2021, remain at full speed.
For the first quarter of 2022, automotive news so far he has counted 71 sales operations of 102 concessionaires. For the second quarter of this year, automotive news so far he has counted 28 deals involving 39 dealers. Those numbers will continue to grow as information on additional deals is gathered.
In the first quarter of 2021, automotive news tracked 69 acquisition deals involving 106 dealers.
Buy-sell experts like Alan Haig, president of Haig Partners, a buy-sell firm in Fort Lauderdale, Fla., project that the accelerating pace of dealer acquisitions will continue into 2022 because buyers are short of cash as dealers make record profits.
“It will stay elevated,” Haig said.
Brady Schmidt, president of the buying and selling firm National Business Brokers in Irvine, California, said the volume of stores coming to market is “a little slower than last year.”