Holman to acquire Leith Automotive Group

Holman, one of the country's largest private dealership groups, will acquire Leith Automotive Group in a megadeal expected to be final by the end of the first quarter, the companies confirmed in a joint statement to Automotive News.

Leith Automotive, of Raleigh, N.C., owns more than 25 franchised dealerships and a Jaguar used-car and service center across four cities, all in North Carolina, according to its website. The acquisition is expected to about double Holman's new-vehicle dealership count.

Employees were told about the pending deal Wednesday, according to Leith and Holman. The Leith name and team will stay in place per the agreement, the companies said.

"Over the past 56 years, the Leith family has built an incredible organization and a large, close-knit family of employee partners, and Holman is committed to keeping their tradition of success moving forward," the companies said in the statement.

The pending acquisition news comes just days after Vietnamese electric vehicle startup VinFast announced the opening of its first franchised U.S. dealership, with Leith Automotive, in Cary, N.C.

If completed, the megadeal will continue a trend of private auto retailers largely dominating the dealership acquisition landscape. But last month, public auto retailer Asbury Automotive Group Inc. bought Jim Koons Automotive Cos. in a $1.2 billion deal, adding 20 new-vehicle stores and six collision centers in the Mid-Atlantic.

Holman, bolstered by its acquisition of Kuni Automotive nearly a decade ago, has more than 25 franchised dealerships selling mostly luxury brands in eight states, including California, Pennsylvania and Florida, according to its website. Holman sold an Audi dealership in Kansas last year to Baxter Auto Group.

Holman, of Mount Laurel, N.J., ranks No. 26 on Automotive News' list of the top 150 dealerships groups in the U.S., retailing 23,902 new vehicles in 2022.

Kerrigan Advisors, a sell-side firm in Incline Village, Nev., is representing Leith in the transaction.