12-13-2024 10:13am

KIDD'S SALE TO

Haig Partners Serves as Exclusive Advisor on the Sale of Bill Kidd’s Timonium Toyota and Bill Kidd’s Volvo Cars to Sheehy Auto Stores

Haig Partners LLC, a leading buy-sell advisory firm to auto, heavy truck, and RV dealers in the US, served as the exclusive sell-side advisor to the owners of Bill Kidd’s Timonium Toyota and Bill Kidd’s Volvo Cars on their sale to Sheehy Auto Stores (“Sheehy”). The dealerships were owned by the families of Charlie and Peter Fenwick, Bill Kidd and his daughter Lisa Kidd. The Toyota dealership is located in Timonium, MD and the Volvo dealership is in nearby Hunt Valley, MD. Sheehy is based in Fairfax, VA and is led by President Vince Sheehy.

Dealership buyers seek Toyota stores thanks to their high profits and diversified business model. Our team has advised on the sale of six Toyota dealerships in

Bill Kidd’s Timonium Toyota and Bill Kidd’s Volvo Cars first opened in 1973. The Toyota dealership sells approximately 1,500 new Toyotas per year and has earned Toyota’s coveted President’s Award an impressive 15 times. This award is only bestowed on Toyota dealerships that excel in every area of operations. Bill Kidd’s Volvo Cars has also won a number of awards. Together, the dealerships occupy over 12 acres of land and use more than 70,000 square feet of building space.

Charlie Fenwick, one of the previous owners, said, “We have been pleased in our partnership with the Kidd family. As much as we loved being Toyota and Volvo dealers for the past 51 years, our family decided it makes more sense for us to have liquidity compared to complicated operating companies and single-purpose real estate, so we decided to sell the dealerships.

"My brother and I have known Alan Haig for nearly a decade, dating back to when we first worked with him to sell our Mercedes-Benz, Volvo, Subaru, and VW dealerships in Hunt Valley. Over the years, we stayed in touch and watched Haig Partners grow into the trusted advisory firm it is today. When the time came to take this next step, we knew Alan and his team—including Erik Haig and Willie Wright—were the right partners for us. They took the time to deeply understand our business, crafting an investment story that highlighted the legacy and value of our dealerships. This story resonated with a select group of highly qualified buyers who truly appreciated the caliber of what we built.

“Their approach was not just about running a confidential and effective process but also about ensuring that we achieved a result that felt right for our families and the future of the business. Their guidance and expertise gave us confidence at every step, and we are deeply grateful for their dedication and care in helping us navigate this important transition."

Sheehy Auto Stores ranked #33 on Automotive News Top 150 dealership group list for 2024, with $2.2B in revenue in 2023 from the sale of approximately 46,000 new and used vehicles. With the purchase of the Bill Kidd Toyota and Volvo stores, Sheehy owns 29 dealerships in MD, VA and Washington, DC.

Vince Sheehy stated, “Our team is excited to be bringing these Toyota and Volvo dealerships into our group. Toyota is one of our closest OEM partners and we are pleased to be joining the Volvo network for the first time. Lisa Kidd has built a team dedicated to providing excellent customer service and we are pleased that she will be staying on with us to operate the dealerships. This acquisition fits our strategy of investing in leading brands and strong managers in our core markets of MD, DC and VA.” The dealerships will be rebranded as Sheehy Toyota Timonium and Sheehy Volvo Cars Hunt Valley.

Alan Haig, President of Haig Partners, shared, “We were proud to represent the Fenwicks and Kidds. They exhibit the qualities of entrepreneurship and commitment to their communities that make auto dealers the backbones of so many towns across the US. And we were grateful that the Fenwicks chose us to represent them again, almost a decade after we advised them on the sale of their other dealerships.

“It’s also a privilege to advise on transactions that include Toyota dealerships. The excellence of Toyota vehicles is matched by its dealership network. Dealership buyers seek Toyota stores thanks to their high profits and diversified business model. Our team has advised on the sale of six Toyota dealerships in 2024. Toyota blue sky values have held up better than most other franchises since profits have barely budged since 2023.

“I’d like to congratulate the Sheehy family and their team at Sheehy Auto Stores. Vince is a leader in our industry and represents much of what we see in well-managed private consolidators. They pursue acquisitions of strong brands in their core markets. They maintain most of, if not all, of the seller’s existing employees, and then use the strength of their own brand to attract more customers, while leveraging their scale to reduce costs. This strategy creates a virtuous feedback loop that can build impressive wealth, strength and diversification over time.”

Barrett Charapp Beaty of Charapp & Weiss and Sherri Heyman of Neuberger Quinn Gielen Rubin & Gibber PA provided legal services to the sellers. Jen Moylan of Withum provided closing services to the sellers. Cari Lyn Pierce of Williams Mullen provided legal services to the buyer.

With the sale of these dealerships, the team at Haig Partners has been involved in the purchase or sale of 39 Toyota stores nationwide and 90 dealerships in the Mid-Atlantic region, including 23 this year, more than any other firm in the industry

About Haig Partners

Haig Partners is a leading buy-sell advisory firm that helps owners of higher-value auto, truck, RV, and motorsports dealerships maximize the value of their businesses when they are ready to sell. The team at Haig Partners has advised on the purchase or sale of 605 dealerships with a total value of over $11.9 billion. It has represented 28 dealership groups that qualify for the Top 150 Dealership Groups list published by Automotive News, more than any other firm. Clients of Haig Partners benefit from the group's collective experience as previous executives with leading companies such as Ally Financial, AutoNation, Bank of America, Credit Suisse, Deloitte, FORVIS, J.P. Morgan, the Sewell Automotive Companies and Toyota Financial Services. Leveraging its unmatched expertise and extensive relationships, Haig Partners guides clients to successful outcomes through a confidential and customized sales process. The firm authors The Haig Report®, the leading industry quarterly report that tracks trends in auto retail and their impact on dealership values, and co-authors NADA’s Guide, “Buying and Selling a Dealership.” Haig Partners team members are frequent speakers at industry conferences and are regularly quoted in leading media outlets, including Reuters, Forbes, The Wall Street Journal, The New York Times, CNBC, BBC, Automotive News, Wards, CarDealershipGuy and CBT News. For more information, visit www.haigpartners.com.