HAIG PARTNERS SERVES AS EXCLUSIVE SALES ADVISOR TO MCDERMOTT AUTO GROUP IN THE SALE OF ITS LEXUS AND CHEVROLET DEALERS | national news

FORT LAUDERDALE, Florida., January 28, 2022 /PRNewswire/ — Haig Partners LLC, the leading buy-sell advisory firm for higher-value auto, heavy-duty and recreational vehicle dealerships, was McDermott Auto Group’s exclusive sell-side advisor for the sale of David McDermott Lexus and David McDermott Chevrolet located outside New Haven, Connecticut.

The Haig Partners team has advised on the sale of 39 concessions in the North East since 2019.

David McDermott said, “My family has been encouraging me to retire for years. When the buy-sell market warmed up, I decided the time was right to sell the dealerships. It’s been a great deal for everyone involved. I’m thrilled the buyer was impressed enough with our organization that he hired every single one of our employees and keeps the name. My customers and I will miss each other, but they’ll also be happy with the new owner. I would also like to say how happy I was to Alan Haig and Nate Klebacha at Haig Partners. Many dealerships have called over the years to buy our Lexus and Chevrolet stores, and I have sold myself some of the other dealerships I have owned over the years. However, Alan and his team came highly recommended and they lived up to their reputation as trustworthy and highly effective advisors. The transaction was quick, pleasant and I am more than satisfied with the terms of the agreement.”

David McDermott has worked in the automotive retail industry since 1961. He has owned numerous dealerships over the years and has established a reputation as a highly respected dealership. Chevrolet, Lexus, Chrysler and Hyundai have elected him numerous times to their National Dealer Councils.

The buyer was PSD Automotive, which owns 31 dealerships. Patrick Dibreowner and CEO, said, “I would like to congratulate Dave McDermott as he begins his retirement. Everything went very well and I am delighted to have the opportunity to represent Lexus and Chevrolet in the south Connecticut.”

Alan HaigChairman of Haig Partners, said, “The buy-sell market remains as strong as I have seen in my career. Dealership profits are at record highs, allowing sellers to fetch unprecedented prices while offering attractive returns to buyers. I regularly use superlatives these days because we all have to recognize that these are special times. For dealers considering an exit, the terms are excellent. This transaction also demonstrates that Lexus remains an ambitious franchise for almost all dealer groups as we have had many parties who have shown strong interest. We are grateful to Dave McDermott for his confidence in our firm. For those who know Dave, I’m sure they’ll agree with me that his warmth, enthusiasm and entrepreneurial spirit epitomizes so much of what’s special and good about our industry. It was truly a pleasure and an honor to help her.”

The Haig Partners team has advised on the sale of 39 concessions in the North East since 2019.

About Haig Partners

Haig Partners LLC is the premier buy-sell advisor for higher value retail dealership owners. The Haig Partners team has represented 20 of the top 150 dealer groups on Automotive News’ Top 150 list, more than any other buy-sell advisory firm. Since 1996, they have advised over 550 dealers totaling $8.4 billion. Haig Partners has unparalleled automotive retail experience with a track record in executive leadership and corporate development roles for AutoNation, Asbury, Bank of America’s Dealer Financial Services team and the practice of DHG dealers. Haig Partners is the author of the Haig Report, the industry’s leading quarterly report that tracks automotive retailing trends and their impact on dealer values, and co-author of the NADA guide, “Buying and Selling a Dealership”. For more information, visit www.haigpartners.com.

Transaction details:

Alan HaigPresident

Haig Partners

Email: alan@haigpartners.com

Phone. : (954) 646-8921

Nate KlebachaPartner

Haig Partners

Email: nate@haigpartners.com

Phone. : (917) 288-5414

Press contacts:

Aimee AllenDirector of Marketing and Business Development

Haig Partners

Email:aimee@haigpartners.com

Phone. : (603) 933-2194

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SOURCEHaig Partners LLC

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