FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Haig Partners LLC, a leading buy-sell advisory firm to auto, heavy truck, and RV dealers in the United States, served as the exclusive sell-side advisor to Greenway Automotive, ranked #17 on the 2023 Automotive News Top 150 Dealership Group list, on the sale of Greenway of the Shoals to ZT Automotive. The sale includes Toyota, Honda, Nissan and CDJR dealerships. Greenway of the Shoals sold its Hyundai dealership to Joe Marshall in April 2024.
Greenway Automotive owns more than 30 other dealerships, primarily in Florida, Texas and the Southeast. It is not selling any other dealerships. It is divesting these dealerships to reallocate capital to acquire dealerships in larger markets.
Carl Atkinson, the dealer principal of Greenway Automotive Group, stated, “We have enjoyed serving customers in the Muscle Shoals area for many years. I wish the new owners much success. And I would like to thank Alan Haig and Pete Thiel from Haig Partners for their advice and assistance. I have been around the purchase and sale of a lot of dealerships in my career, but I still wanted a leading team to help me find the best buyer for these divestitures and guide a complex transaction to a successful closing.”
With the purchase of these four dealerships, ZT Automotive now owns 13 dealerships in Alabama, Florida, Georgia and Texas. Taseer Badar, Chairman and CEO of ZT Corporate and CEO of ZT Automotive, stated, “We are excited to establish a presence in Alabama and to have the opportunity to represent Honda, Nissan, Chrysler Dodge Jeep Ram FIAT and Toyota in this market. Our robust automotive portfolio is a core part of our future, and we look forward to bringing the ZT experience to customers in the region.”
Alan Haig of Haig Partners shared, “It was a pleasure working with my colleague Pete Thiel to assist Greenway Automotive in divesting these dealerships. This was a large transaction in a small market, which is not always easy to accomplish. However, we knew that ZT Automotive would be a good fit given its desire to grow further in the Southeast.
“This transaction demonstrates that the demand for auto dealerships remains strong even as profits have begun to tick down. We’ve had the pleasure of representing owners of 28 dealerships so far in 2024 and the values have been impressive, including what we believe are record-setting prices for BMW and Honda franchises. Buyers expect that dealerships will continue to provide an attractive return on investment and have confidence in the diversified business model, which brings healthy profits in almost all economic environments. While demand for dealerships is strong nationwide, the Southeast is one of the most desirable markets given its strong population growth, low taxes and business friendly regulations. With the sale of Greenway of the Shoals, Haig Partners has been involved in the purchase or sale of 194 dealerships in the Southeast.”
Brian Nolen of Nolen, PLLC provided legal assistance to the seller, and Monica Hoenshell of Calvert Law provided legal assistance to the buyer.
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 more than 575 dealerships with a total value of over $11 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 reputable 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.
