FORT LAUDERDALE, Fla., Jan. 28, 2022 /PRNewswire/ — Haig Partners LLC, the leading buy-sell advisory firm to higher value auto, heavy truck and RV dealers, was the exclusive sell-side advisor to the McDermott Auto Group on the sale of David McDermott Lexus and Dave McDermott Chevrolet located outside New Haven, CT.
David McDermott said, “My family has been encouraging me for years to retire. When the buy-sell market heated up, I decided that the time was right to sell the dealerships. This has been a terrific deal for all concerned. I’m thrilled that the buyer was sufficiently impressed with our organization that he hired every one of our employees and is retaining the name. My customers and I will miss each other, but they will be happy with the new owner, too. I’d also like to say how pleased I was with Alan Haig and Nate Klebacha at Haig Partners. Many dealers have called through the years to buy our Lexus and Chevrolet stores, and I’ve sold some of the other dealerships I’ve owned over the years on my own. However, Alan and his team had come highly recommended and they lived up to their reputation as being trustworthy advisors who were highly effective. The transaction was fast, pleasurable and I’m more than happy with the deal terms.”
David McDermott has been in the automotive retail industry since 1961. He has owned numerous dealerships throughout the years and has built a reputation as a highly respected dealer. Chevrolet, Lexus, Chrysler, and Hyundai have elected him to their National Dealer Councils numerous times.
The buyer was PSD Automotive which owns 31 dealerships. Patrick Dibre, owner and CEO, stated, “I’d like to congratulate Dave McDermott as he begins his retirement. Everything went very smoothly and I’m thrilled to have the opportunity to represent Lexus and Chevrolet in southern Connecticut.”
Alan Haig, President with Haig Partners, stated, “The buy-sell market remains as strong as I have seen it in my career. Dealership profits are at all-time high levels, allowing sellers to get unprecedented prices while still providing attractive returns for buyers. I’m regularly using superlatives these days as we all need to recognize that these are special times. For dealers considering an exit, conditions are excellent. This transaction also demonstrates that Lexus remains an aspirational franchise for almost all dealership groups as we had numerous parties that were keenly interested. We are grateful to Dave McDermott for his trust in our firm. For those who know Dave, I’m sure they will agree with me that his warmth, enthusiasm and entrepreneurial spirit embody much of what is special and good in our industry. It was truly a pleasure and an honor to assist him.”
The team at Haig Partners has advised on the sale of 39 dealerships in the Northeast since 2019.
About Haig Partners
Haig Partners LLC is the leading buy-sell advisor to owners of higher value retail dealerships. The team at Haig Partners has represented 20 of the Top 150 dealership groups on the Automotive News Top 150 list, more than any other buy-sell advisory firm. Since 1996, they have advised on more than 550 dealerships totaling $8.4 billion. Haig Partners has unmatched auto retail experience with backgrounds in executive leadership and corporate development roles for AutoNation, Asbury, Bank of America’s Dealer Financial Services team and DHG’s Dealership Practice. Haig Partners authors the Haig Report, the leading industry quarterly report that tracks trends in auto retail and their impact dealership values, and are co-author of NADA’s Guide, “Buying and Selling a Dealership.” For more information, visit www.haigpartners.com.
Alan Haig, President
p: (954) 646-8921
Nate Klebacha, Partner
p: (917) 288-5414
Aimee Allen, Director of Marketing and Business Development
p: (603) 933-2194
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