PITTSBURGH--(BUSINESS WIRE)--Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Ascent Automotive Group in the sale of its Toyota of Greensburg, Pennsylvania dealership, in the Pittsburgh metropolitan area, to Jim Shorkey Auto Group. Ascent Automotive Group is part of The Friedkin Group, a privately held and diverse family of brands and investments in the automotive, luxury, hospitality, and entertainment industries, including Gulf States Toyota. Pittsburgh-based Jim Shorkey Auto Group, founded in 1974, is a family-owned dealership group with 17 stores across the Northeast. The sale represents Kerrigan Advisors’ second Toyota franchise sold this year, and its 286th dealership, 37th Toyota franchise, and 21st franchise in the Northeast sold since inception.
“We are delighted to announce the successful completion of this transaction for Ascent Automotive, having identified the ideal buyer in Jim Shorkey Auto Group that is well-positioned to uphold the strong legacy that The Friedkin Group has built for Toyota of Greensburg,” said Ryan Kerrigan, Managing Director at Kerrigan Advisors. “Under their leadership, we have no doubt that Greensburg’s highest-volume dealership will continue to thrive and serve the community with the highest level of dedication to customer service.”
Ascent Automotive Group, part of The Friedkin Group since 2004, operates six dealerships, including Toyota of Greensburg, and represents Lexus and Subaru dealerships in Nevada and Ohio. Ascent Automotive acquired Toyota of Greensburg in October 2011 and won the Toyota President’s Award for six consecutive years from 2017-2023. The dealership represents Toyota in the Pittsburgh metro area in the prosperous Southeast suburb of Greensburg.
Home to 2.4 million residents and the second-largest metro in Pennsylvania, Pittsburgh’s population has increased by 4.5% since 2019—125% above the national growth rate, fueled by $3.7 billion in investments from local and national corporations, 13 Fortune 1,000 companies, a highly skilled workforce, and over 145,000 students enrolled across 29 colleges and universities. Recognized for its quality of life, affordability, and pro-business climate, Pittsburgh ranked #2 for international business by the Financial Times in 2024 and was named the 9th best city for working parents by The Huffington Post in 2023. Additionally, Greensburg serves as a key retail hub for the region, featuring the Westmoreland Mall, a newly opened casino, 22 automotive franchises, and an affluent population that spends 4.2 times the U.S. average on retail sales annually.
Toyota is the top volume import franchise in the Pittsburgh market and continues to lead the automotive industry, achieving 15% sales growth in 2024, the highest among all volume import franchises. Toyota has led all brands—luxury and non-luxury—in sales per franchise for over 15 years, resulting in the highest number of units in operation per franchise at 30,000. Toyota significantly outperforms several global and domestic competitors and is, by far, the most-requested brand in Kerrigan’s Buyer Database and in the 2024 Kerrigan Dealer Survey.
“Not surprisingly, Toyota franchises are among the most sought after in the industry. Their effective inventory management, strong dealer-OEM partnerships, robust fixed operations, and consistent profitability make them extremely desirable in the current market,” said Erin Kerrigan, Founder & Managing Director of Kerrigan Advisors. “This is borne out not only in our annual Kerrigan Dealer Surveys, but also by the number of Toyota franchises Kerrigan Advisors has represented since our inception. With 37 dealership sales – and two in just the last month – we are proud to be the most experienced Toyota franchise sell-side advisor in the industry. It has been a tremendous privilege to partner once again with The Friedkin Group to bring this transaction to such a successful close.”
About Kerrigan Advisors
Kerrigan Advisors is the leading sell-side advisor and thought partner to auto dealers nationwide. Since its founding in 2014, the firm has led the industry with the sale of over 280 dealerships representing over $9 billion in client proceeds, including the third largest transaction in auto retail history – the sale of Jim Koons Automotive Companies to Asbury Automotive Group. The firm advises the industry’s leading dealership groups, enhancing value through the lifecycle of growing, operating and, when the time is right, selling their businesses. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, Kerrigan Advisors does not take listings, rather they develop a customized sales approach for each client to achieve their personal and financial goals. In addition to the firm’s sell-side advisory services, Kerrigan Advisors also provides a suite of consulting and investor services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.
Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report®, which includes Kerrigan Advisors’ signature blue sky charts, multiples, and analysis for each franchise in the luxury and non-luxury segments. To download a preview of the report, click here. The firm also releases monthly The Kerrigan Index™ composed of the seven publicly traded auto retail companies with operations focused on the US market. The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail. To access The Kerrigan Index™, click here. To read the 2024 Kerrigan Dealer Survey, click here. To read the 2024 Kerrigan OEM Survey, click here. Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.
