Kerrigan Advisors has represented Paramount Automotive in the sale of its Foreign Cars Italia dealerships in Charlotte and Greensboro, North Carolina to Hendrick Automotive Group.
Hendrick Automotive Group is the largest privately held automotive retail organization in the United States, operating more than 100 dealerships across the country.
The transaction covers eight total franchises, including Ferrari, Alfa Romeo, Aston Martin, Bentley, Maserati and Porsche locations across two major North Carolina markets.
Paramount Automotive, based in Hickory, North Carolina and owned by Benny Yount, has operated Foreign Cars Italia as the exclusive Ferrari retailer for both North and South Carolina since 1993.
The combined Carolinas market served by Foreign Cars Italia encompasses more than 16 million people, making it the third largest US region by population with one of the highest growth rates in the country.
The deal marks Kerrigan Advisors’ 450th franchise sold since its founding in 2014, its 165th franchise sold in the South, and its 83rd top luxury franchise sold.
“Foreign Cars Italia is truly a rare and coveted set of Southeast franchises, the exclusive Ferrari dealer in the Carolinas, paired with top ultra-luxury brands including a highly desirable Porsche franchise,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors.
Benny Yount, President and CEO of Paramount Automotive, expressed confidence in the acquiring group, noting a long personal relationship with its leadership.
“We have a lot of respect for the Hendrick organization and Rick Hendrick personally, a long-time customer and a good friend,” said Yount.
Rick Hendrick, Chairman and CEO of Hendrick Automotive Group, acknowledged the significance of the handover from the Yount family.
“Benny and his family have built something special, and it’s incredibly meaningful that they’ve entrusted us to carry it forward,” said Hendrick.
Nick Kincaid, COO of Paramount Automotive, credited the Kerrigan Advisors team for navigating the sale process effectively and with the right values in mind.
The Carolinas have seen the number of millionaire tax filers rise an estimated 60% since 2015, driving strong demand for luxury goods and vehicles in the region.
“Luxury franchises remain among the most in-demand franchises in the buy/sell market, driven by their scarcity, exceptional brand strength and consistent performance,” said Gabe Robleto of Kerrigan Advisors.
Following the close of the transaction, Paramount Automotive will continue to own and operate its dealerships in Asheville, Hickory and Valdese, North Carolina.
Legal counsel for Paramount Automotive was Stephen Dietrich of Holland and Knight, while Brian Nolen and Eric Anderson of Nolen PLLC represented Hendrick Automotive Group.
