With business up, the company added another employee to help with demand. "I'm expecting a pretty high level of activity continuing," Phillips said.
Tim Lamb Group, a dealership brokerage company based in Columbus, Ohio, also has added employees and regional offices in places such as Pittsburgh and Canada. Group President Tim Lamb told Automotive News that his company is working on several deals.
"This is the most activity we've ever seen, and I think it's going to continue," Lamb said. "We're just not seeing it let up."
Haig said the third quarter included an uptick in activity among public dealership groups. Lithia Motors Inc. bought a Jaguar-Land Rover store in California and a Honda store in Pennsylvania. Group 1 Automotive Inc. bought two BMW-Mini stores in New Mexico, and Asbury Automotive Group Inc. bought a Subaru store in Colorado and a Toyota store in Indianapolis.
Still, spending by the public companies fell by about a third through the first three quarters, with the publics as net sellers of dealerships for that period, reports by both Haig and Kerrigan said.
Increased activity by the publics has continued into the fourth quarter, led by Asbury's announcement that it would pay $1 billion to buy 10 luxury dealerships from Park Place Dealerships in Texas. The deal, one of the largest in the past decade, is expected to close in March.
Other deals by public retailers this quarter include Lithia buying three stores in Florida, plus Subaru, Jeep and Dodge-Chrysler-Ram-Fiat stores in West Virginia. And Group 1 purchased two Lexus stores in New Mexico, while Sonic Automotive Inc. sold five stores in Ohio.
Erin Kerrigan, managing director of Kerrigan Advisors, said she suspects more big moves by the publics, especially given their rising stock prices.
"This transaction by Asbury is going to be another trigger point where we will see more buyers leaning in and seeking to grow because they feel more confident," she said.
Both Kerrigan and Haig noted a rise in single-store transactions through the first nine months of 2019.
Kerrigan estimates 20 percent of deals completed in that period were multi-dealership, while Haig estimates 70 percent of stores sold in the third quarter were single dealerships, compared with a typical 45 percent rate.
The Kerrigan and Haig reports both noted a higher mix of domestic-brand transactions so far this year.
And Haig's report said Nissan stores represented 11 percent of dealerships sold through the first nine months, up from 6 percent for the same period in 2018.
While some dealers have given up on Nissan, some Nissan stores generate large profits, according to Haig.
"Perhaps this franchise has reached the bottom and now might be the time to acquire one for far less than even a year or two ago," the Haig Report said.