Kerrigan Advisors Advises Paramount Automotive in Landmark Sale of Foreign Cars Italia Dealerships to Hendrick Automotive Group
Kerrigan Advisors has successfully represented Paramount Automotive in the sale of its prestigious Foreign Cars Italia dealerships in Charlotte and Greensboro, North Carolina, to Hendrick Automotive Group, marking another milestone transaction in the U.S. automotive retail industry. The acquisition strengthens Hendrick Automotive Group’s luxury vehicle portfolio while allowing Paramount Automotive to continue focusing on its remaining dealership operations across North Carolina.
The transaction involves Foreign Cars Italia, one of the Southeast’s most respected luxury automotive dealership groups, known for representing some of the world’s most exclusive automotive brands. The sale highlights the increasing demand for premium automotive franchises in high-growth markets and reinforces the ongoing consolidation trend within the luxury dealership sector.
A Landmark Transaction in Luxury Automotive Retail
Hickory, North Carolina-based Paramount Automotive, led by President and Chief Executive Officer Benny Yount, has sold its Foreign Cars Italia dealerships located in Charlotte and Greensboro to Hendrick Automotive Group, the largest privately held automotive retailer in the United States.
Foreign Cars Italia has built a distinguished reputation over decades by serving luxury vehicle enthusiasts throughout the Carolinas. The dealership network includes eight prestigious franchises spread across its two locations.
The Charlotte operation features five globally recognized luxury brands:
- Ferrari of Charlotte
- Alfa Romeo of Charlotte
- Aston Martin Charlotte
- Bentley Charlotte
- Maserati of Charlotte
Meanwhile, the Greensboro location consists of:
- Ferrari of Greensboro
- Maserati of Greensboro
- Porsche Greensboro
Together, these dealerships represent one of the strongest collections of luxury automotive franchises in the southeastern United States.
Exclusive Ferrari Representation Across the Carolinas
One of the most significant aspects of the transaction is the inclusion of Foreign Cars Italia’s Ferrari operations.
Since 1993, Paramount Automotive has served as the exclusive Ferrari retailer for both North Carolina and South Carolina. This exclusive territory covers a combined population exceeding 16 million residents, making it one of Ferrari’s most significant regional retail markets in the United States.
For more than three decades, the dealership has cultivated long-term relationships with luxury automobile buyers while building a reputation for exceptional customer service and brand stewardship.
Following the completion of the transaction, Paramount Automotive will continue operating several other dealerships throughout North Carolina, including locations in Asheville, Hickory, and Valdese. The sale therefore represents a strategic divestiture of its luxury dealership operations rather than a complete exit from automotive retail.
Kerrigan Advisors Celebrates Another Major Achievement
The transaction represents another significant milestone for Kerrigan Advisors, a firm specializing in dealership mergers and acquisitions across North America.
According to Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors, representing Paramount Automotive in the sale was both an honor and a notable achievement given the rarity of the assets involved.
She described Foreign Cars Italia as one of the most desirable luxury dealership groups in the Southeast, highlighting its exclusive Ferrari representation in the Carolinas alongside an attractive collection of other ultra-luxury automotive brands, including Porsche, Bentley, Aston Martin, Alfa Romeo, and Maserati.
Kerrigan noted that the firm was especially pleased to facilitate a transaction that placed the dealerships under the ownership of Hendrick Automotive Group, widely regarded as one of the industry’s premier privately owned dealership organizations.
Historic Milestone for Kerrigan Advisors
The sale also represents an important benchmark in Kerrigan Advisors’ corporate history.
With this transaction, the advisory firm has now completed the sale of:
- 450 automotive franchises since its founding in 2014
- 165 franchises located across the Southern United States
- 83 luxury automotive franchises
These figures reinforce the company’s strong position in the dealership acquisition and divestiture market, particularly within the premium and luxury automotive segments where transactions often involve highly specialized valuation expertise and confidential negotiations.
Luxury dealership sales remain among the firm’s strongest areas of specialization, reflecting sustained demand from major dealership groups seeking premium automotive brands with limited market availability.
Hendrick Automotive Group Expands Luxury Portfolio
For Hendrick Automotive Group, the acquisition significantly broadens its presence within the luxury vehicle segment.
Already recognized as the largest privately held automotive retailer in the United States with more than 100 dealerships nationwide, the company adds several prestigious brands to its retail network through the acquisition.
The transaction brings Ferrari, Alfa Romeo, Aston Martin, Bentley, and Maserati dealerships into Hendrick’s portfolio while also adding its third Porsche franchise.
The acquisition aligns with Hendrick Automotive Group’s strategy of expanding into premium automotive markets while strengthening relationships with globally recognized luxury manufacturers.
The addition of these franchises further enhances the company’s already diversified portfolio of domestic, import, and luxury vehicle brands.
Paramount Automotive Reflects on the Transition
Benny Yount emphasized that Paramount Automotive carefully selected Kerrigan Advisors to guide the transaction because of the firm’s professional reputation and shared commitment to integrity.
According to Yount, Paramount Automotive has always prioritized excellence, customer satisfaction, employee development, and community involvement throughout its history.
These values played an important role during the selection of an advisory firm capable of managing such a significant transaction.
Yount also expressed confidence in Hendrick Automotive Group as the ideal successor for the luxury dealerships.
He noted his longstanding relationship with Rick Hendrick, describing him as both a respected industry leader and a longtime customer and friend. Knowing the dealerships would continue under Hendrick’s leadership provided reassurance that employees, customers, and manufacturers would remain well served.
Hendrick Leadership Welcomes the Acquisition
Rick Hendrick, Chairman and Chief Executive Officer of Hendrick Automotive Group, praised the accomplishments of Benny Yount and his family in building the Foreign Cars Italia business.
He acknowledged that taking ownership of these dealerships carries significant responsibility due to their longstanding reputation and the prestige of the represented automotive brands.
Hendrick also welcomed the employees joining his organization through the acquisition, emphasizing the importance of maintaining the exceptional customer experience that Foreign Cars Italia has established over the years.
Additionally, he recognized Kerrigan Advisors for facilitating an efficient and successful transaction between both organizations.
Paramount Automotive Leadership Expresses Appreciation
Nick Kincaid, Chief Operating Officer of Paramount Automotive, described the sale as an important transition for the company’s luxury operations.
He credited Benny Yount with building the organization around the principle of treating customers, employees, and communities with respect while consistently delivering outstanding service.
According to Kincaid, Kerrigan Advisors demonstrated a clear understanding of those values throughout every stage of the transaction process.
He also extended appreciation to the advisory team members who worked extensively on the deal, including Erin Kerrigan, Gabe Robleto, Mercedes Hendricks, Pierre Dempsey, and Marie Brashears.
Their coordinated efforts helped ensure the transaction proceeded smoothly while maintaining confidentiality and professionalism.
Strong Market Fundamentals Supported the Transaction
The sale attracted substantial interest because of the exceptional market position occupied by Foreign Cars Italia.
Charlotte and Greensboro continue to rank among the fastest-growing metropolitan areas in the southeastern United States, benefiting from sustained population growth, business investment, and rising household incomes.
North Carolina and South Carolina together now represent the third-largest regional population concentration in the United States.
The region has also experienced a substantial increase in affluent households over the past decade. Estimates indicate that the number of millionaire tax filers across the Carolinas has increased by roughly 60 percent since 2015.
This demographic shift has contributed to rising demand for luxury products and services, including high-end automobiles.
As wealth continues to expand throughout the region, dealerships representing prestigious international automotive brands are expected to remain highly attractive acquisition targets.
Luxury Dealership Demand Remains Strong
Gabe Robleto of Kerrigan Advisors explained that luxury automotive franchises continue to command exceptional demand in today’s dealership buy-sell market.
Unlike mass-market automotive brands, luxury franchises are relatively scarce, making acquisition opportunities infrequent and highly competitive.
Brands such as Ferrari, Bentley, Porsche, Aston Martin, and Maserati benefit from limited dealership networks, strong customer loyalty, premium pricing, and consistent profitability.
Markets including Charlotte and Greensboro are particularly attractive because buyer interest significantly exceeds the number of dealerships available for acquisition.
Foreign Cars Italia’s longstanding reputation for customer service further increased its appeal among sophisticated automotive retailers seeking strategic expansion opportunities.
Robleto noted that the successful completion of more than 80 luxury franchise sales over the past twelve years demonstrates the confidence dealership owners continue to place in Kerrigan Advisors’ confidential and professionally managed transaction process.
Experienced Legal Teams Supported the Sale
The transaction was supported by experienced legal advisors representing both parties.
Paramount Automotive received legal counsel from Stephen Dietrich of Holland & Knight.
Hendrick Automotive Group was represented by Brian Nolen and Eric Anderson of Nolen PLLC.
Their legal guidance helped facilitate the successful completion of one of the year’s most significant luxury automotive dealership transactions, ensuring a smooth ownership transition for employees, manufacturers, and customers alike.
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