Presidio Group Facilitates Sale of Two Mercedes-Benz Dealerships to Lithia Motors in Mississippi and Tennessee
The Presidio Group LLC (“Presidio”), a leading independent merchant banking firm specializing in mergers and acquisitions, capital raising, and strategic investments in the automotive retail and consumer mobility sectors, has successfully advised the Higginbotham family on the sale of two Mercedes-Benz dealerships to Lithia Motors, Inc. (NYSE: LAD). The transaction, finalized on June 2, 2025, includes the sale of Mercedes-Benz of Jackson in Mississippi and Mercedes-Benz of Collierville in suburban Memphis, Tennessee, along with the related dealership real estate.
A Legacy of Automotive Leadership
The two dealerships were integral to a longstanding family business established by veteran auto dealer Dennis Higginbotham. A respected figure in the industry, Higginbotham began his automotive career in 1976 when he founded his first dealership in New Smyrna Beach, Florida. Over the years, he grew a successful dealership group, which he sold to Sonic Automotive, Inc. in 1998.
Just a few years later, in 2001, Higginbotham reentered the automotive retail business alongside his family with the acquisition of Mercedes-Benz of Jackson. The family expanded their operations further by securing an open point to establish Mercedes-Benz of Collierville in Tennessee. These two luxury dealerships have since been operated with a strong focus on service, excellence, and community engagement, guided in recent years by Higginbotham’s daughter, Trudy Higginbotham Moody.
Moody, who served as the dealer principal at the Jackson location, has also been a prominent figure in the Mississippi automotive community. She was nominated as Mississippi’s most recent TIME Dealer of the Year and served as chair of the Mississippi Automobile Dealers Association. Reflecting on the decision to sell, Moody stated, “After careful consideration, our family made the difficult decision to sell these stores. We turned to our trusted friends at Presidio to help us achieve our goals and ensure a seamless transaction that honors our family’s automotive heritage and our father’s legacy. I am deeply grateful to our dedicated team members and loyal customers for their longtime support that made our business so successful.”
Strategic Acquisition for Lithia Motors
The acquisition represents a strategic move for Lithia Motors as the company continues to expand its footprint in the Southeast and enhance its luxury brand offerings. Lithia, one of the largest automotive retailers in the United States, has shown a strong appetite for growth through acquisition, and this deal further strengthens its presence in two key Southeastern states.
“This purchase allows us to expand our presence in Mississippi and Tennessee, two strategic markets for our company,” said Bryan DeBoer, president and CEO of Lithia Motors. “We are always excited to see acquisition opportunities from Presidio given its professionalism and top-notch processes. This marks our fifth transaction facilitated by the firm with the amount of revenue acquired through those deals topping $4 billion, and it upheld the smooth, high-quality approach we’ve come to associate with Presidio.”
Lithia already operates Toyota of Jackson in Mississippi. In Tennessee, it owns and manages several dealerships including Sunrise Buick-GMC at Wolfchase, Sunrise Chevrolet-Buick-GMC at Collierville, and West Knoxville Chrysler-Dodge-Jeep-Ram. The addition of the Mercedes-Benz stores further diversifies Lithia’s portfolio in the region, particularly in the luxury segment.
Presidio’s Role in the Transaction
As the exclusive M&A advisor, The Presidio Group played a critical role in guiding the Higginbotham family through the complexities of the deal. Presidio’s deep expertise in the luxury dealership space, particularly with brands like Mercedes-Benz, enabled it to identify and execute a highly strategic and value-driven transaction.
“Working with the Higginbotham family was a privilege,” said Alex Watterson, managing director at The Presidio Group. “Their commitment to excellence, deep automotive roots, and desirable brands and locations made this a meaningful transaction for both them and Lithia.”
George Karolis, president of The Presidio Group, emphasized the continued appetite for dealership acquisitions despite macroeconomic uncertainties. “Despite the daily tariff headlines, well-capitalized dealers continue to seek strategic acquisitions to strengthen their market presence and expand their dealership networks,” Karolis said. “We were well suited to represent these dealerships to the market as our team has first-rate expertise in luxury automotive transactions, especially with Mercedes-Benz stores. We were honored to guide this process and provide a successful outcome for Trudy and the Higginbotham family, and we thank them for the trust they placed in us.”
The Presidio Group delivered its advisory services through its wholly owned investment banking subsidiary, Presidio Merchant Partners LLC, ensuring the family received comprehensive support throughout the process—from valuation and buyer identification to deal negotiation and closure.
Legal Representation
The Higginbotham family was represented by Eric Gregory of Gregory Law, LLC, a firm with a track record of supporting auto retailers in complex transactions. Lithia Motors’ legal team for the transaction included Edward Impert, the company’s general counsel, and Aaron Weisman, legal director of M&A and real estate.
Continued Momentum in Auto Retail M&A
This transaction exemplifies the ongoing consolidation trend in the automotive retail industry, where family-owned dealerships are increasingly acquired by larger, publicly traded dealer groups. Firms like Lithia Motors continue to actively pursue high-value acquisition opportunities that align with their long-term growth strategies.
Presidio’s involvement underscores its leadership in brokering high-profile, strategic deals in the luxury dealership space. With five major deals completed in partnership with Lithia, representing over $4 billion in acquired revenue, Presidio continues to be a go-to advisor for both sellers and buyers navigating today’s evolving automotive retail landscape.
As the automotive industry continues to transition through digital transformation, electrification, and shifting consumer expectations, transactions such as this one highlight the importance of strategic alignment, trusted advisory relationships, and deep sector expertise.
Higginbotham Automobiles is a family-owned business operating in the Southeast and founded by Dennis Higginbotham, who first became a dealer in 1976. After selling stores to Sonic in 1998, the Higginbotham family became dealership owners once again in 2001. The family has been recognized for its emphasis on creating an excellent work environment and for staff longevity at its stores.
Lithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient and transparent experiences are offered through Lithia’s comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings and other synergistic adjacencies. The company delivers consistent, profitable growth in a massive and unconsolidated industry. Its highly diversified and competitively differentiated design provides it the flexibility and scale to pursue its vision to modernize personal transportation solutions wherever, whenever and however consumers desire.
