Timbrook Automotive recently expanded its dealership group with Kerrigan Advisors playing a part in the transaction; the firm’s 85th dealership sale and 11th Honda franchise sale since 2015.
Kerrigan Advisors represented and advised partners Bill Barnes and Paul Ritchie on their recent sale of Altoona Honda to Timbrook Automotive, which has 11 dealerships throughout Maryland, Virginia and West Virginia.
“Altoona Honda has always been an integral part of the community here in Blair County,” Barnes said in a news release. “When we purchased the dealership in 2013, our aim was to respect and continue the values established in 1972, when the store opened.
“We went into this transaction with the same mindset. Kerrigan Advisors helped us achieve a transaction reflective of that wish, with ethical and professional representation and by identifying a buyer who shared our same values,” Barnes continued.
Altoona Honda’s long record of success includes winning the Honda President’s Award for three consecutive years. The award recognizes Honda dealerships that achieve excellence in all aspects of sales and service operations.
“Altoona Honda has always exhibited the highest levels of excellence and is a pillar of the community. We knew how very important this decision was to Bill and Paul and were honored to represent them in the sale,” said Erin Kerrigan, managing director of Kerrigan Advisors.
“Our experience through 10 previous Honda transactions helped inform this process, ensuring that we identified a buyer who not only understood Altoona Honda’s legacy of quality and service, but one that would carry on that legacy, while living up to the values of the Honda brand,” Kerrigan continued.
Barnes and Ritchie will continue to own and operate Hagerstown Honda and Hagerstown Kia dealerships. The partners shared the sale to Timbrook Automotive enables them to focus on their Hagerstown dealership operations, while ensuring that Altoona Honda continues to thrive.
“When it was time to find a buyer for Altoona Honda, we wanted an advisor that had plenty of Honda experience, as well as one who understood the integral role Altoona plays in this community,” Barnes said. “The wisdom, business acuity and sensitivity that Kerrigan Advisors displayed in previous Honda dealership transactions convinced me that they were the right partners for us. And we were not wrong.
“The Kerrigan Advisors team did an excellent job representing the dealership in a successful sale,” he continued. “I could not be more pleased.”
Kerrigan Advisors vice president Gabe Robleto added, “Honda is known for its strong throughput, and very consistent dealership profitability and is highly sought after by today’s buyers. Our experience with other Honda transactions meant we knew how to value the franchise and what to look for in a potential buyer.
“With Timbrook as the new owner, we are confident Altoona Honda will continue to compete for President’s Awards and service the greater Altoona community long into the future,” Robleto went on to say.
Michael Charapp of Charapp & Weiss LLP served as legal counsel to the seller. Wayne Heavener of Skidmore & Alderson served as legal counsel to the buyer.