Despite high valuations, buy-sell experts and dealership group executives see no end to the trend toward dealership consolidation in Canada in 2023, with most predicting the rampant buying won’t ultimately end until only large dealership groups dominate the market.
“A lot of us come from a time when everybody had a single car dealership back in the ‘70s and ‘80s,” said Peter Heasty, president of Baker Tilly WM Dealer Acquisitions Inc.Heasty was among five experts to share their view on how the buy-sell business in Canada would shape up in 2023 and beyond at the 2023 Automotive News Canada Congress in Toronto Feb. 16.
Ted Lancaster, executive vice-president of mergers, acquisitions and business development for the 401 Group of Companies, an Ontario-based dealership group in acquisition mode, said he encounters many such prospective sellers. The 401 Group, fresh off the acquisition of seven stores last fall, is far from the only group seeing the chance to grow.
The Toronto-based group was itself acquired in 2021 by Lithia Motors Inc. Now operating as the U.S.-based group’s Canadian arm, Pfaff Automotive continues to pursue further acquisitions “pretty much anywhere in Canada,” Pfaff said.
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