Dec 5, 2023   SOURCE: BusinessWire

Haig Partners Serves as Exclusive Sell-Side Advisor on the Sale of Vic Bailey Automotive in Spartanburg, SC

Haig Partners LLC, a leading buy-sell advisory firm to higher-value auto dealers, served as the exclusive sell-side advisor to Vic Bailey III and his family on the sale of Vic Bailey Automotive, located in Spartanburg, SC, to Hudson Automotive Group. The sale included all five of Vic Bailey Automotive’s dealerships, including Vic Bailey Honda, Subaru, Ford-Lincoln, Mazda, and Volkswagen.

Vic Bailey Automotive, a second-generation, family-owned-and-operated business, has served the greater Spartanburg and Greenville, SC region for over 54 years. Vic Bailey Jr. opened his first dealership, Vic Bailey Lincoln Mercury, in 1969. Vic Bailey Jr. and later his son, Vic Bailey III, have played pivotal roles in establishing and growing the business into one of the leading automotive groups in South Carolina. Their commitment to customer satisfaction and business integrity has been a driving force behind the group's success. Vic Bailey III won the prestigious TIME Dealer of the Year award in 2012. He has operated the stores alongside his brother-in-law Chip Foster, with support from many third-generation members of the Bailey family who actively contributed to the expansion of their grandfather’s dealership legacy.

Vic Bailey III, President of Vic Bailey Automotive, said, “It is not an easy decision to make without a lot of soul searching and forethought when considering the sale of your family business. All the Bailey family members are very proud to have served the Spartanburg community for all these years and for the reputation we have built during that time. We will miss seeing our customers and the great family of employees every day. We are grateful to John Davis, Derek Garber, and the entire Haig Partners team for their advice and guidance, leading us through a smooth and successful sale. John understood that the sale of a family business is more than just a financial transaction; it is an emotional transition and a significant journey for all our family members. After spending considerable time with John and our other family advisors evaluating current market conditions, it was clear to us that it was the right time for our family to sell our business. John led us through every step of the way, providing us access to a team with unmatched experience, knowledge, depth of dealer relationships, and commitment to finding the right buyer. We congratulate David Hudson and the team at Hudson Automotive and look forward to seeing the continued growth of their group in South Carolina.”

John Davis, Managing Director at Haig Partners, said, “It has been such a pleasure working with Vic, Chip, and the Bailey family. Their reputation is beyond reproach, and their dedication and commitment to their employees, customers, and community is remarkable. I have spent my 35+ year career serving automotive dealers as a trusted advisor, as both a CPA and a buy-sell advisor, and the most satisfaction comes when I am able to help a family accomplish a successful goal, such as selling their business. The Haig process, developed by years of auto retail experience, presents a clear picture of the investment opportunity, providing reliable information and telling a compelling story to potential investors, ultimately producing the most motivated buyer. Hudson Automotive was clearly the right group to continue serving the Spartanburg community, and I look forward to following David and his team’s success.

“This sale continues to exemplify the demand for acquisitions in growing markets, particularly in the Southeast. The I-85 corridor through upstate South Carolina is a rapidly growing market. The expansion over the last decade and the potential for further economic development in the future are 'off the charts,' as this area will continue to be one of the fastest-growing markets in the country. Dealerships in this region will continue to command high prices thanks to the rapidly increasing population and economy.”

David Hudson, Hudson Automotive Founder and President, said, "We’re honored to welcome Vic Bailey Automotive to our growing business and are excited about the continued expansion in the Southeast. We thank the Bailey family for their trust in us to continue to grow what they have built. With this acquisition, we now have 52 dealerships spanning South Carolina, North Carolina, Tennessee, Georgia, Kentucky, Louisiana, Ohio, and Alabama.”

Frank Killgore of Killgore, Pearlman, Semanie & Squires, P.A. and Koger Bradford of Holcombe Bomar, P.A. served as legal counsel and Richard Lynch of Helm Tax and Advisory Group, P.A served as accounting advisory for Vic Bailey Automotive. Jeff Roberts and Emily Dillow of Underwood & Roberts, PLLC served as legal counsel and Travis Horton and Jon Paul Davis of HHM Advisory Services served as accounting advisors for Hudson Automotive Group.

About Haig Partners

Haig Partners is a leading buy-sell advisory firm that helps owners of higher-value auto, truck, RV, and motorsports dealerships maximize the value of their businesses when they are ready to sell. The team at Haig Partners has advised on the purchase or sale of more than 545 dealerships with a total value of over $9.7 billion. It has represented 26 dealership groups that qualify for the Top 150 Dealership Groups list published by Automotive News, more than any other firm. Clients of Haig Partners benefit from the group's collective experience as previous executives with leading companies such as AutoNation, Bank of America, Toyota Financial Services, J.P. Morgan, Credit Suisse, FORVIS, and Deloitte. Leveraging its unmatched expertise and extensive relationships, Haig Partners guides clients to successful outcomes through a confidential and customized sales process. The firm authors The Haig Report®, the leading industry quarterly report that tracks trends in auto retail and their impact on dealership values, and co-authors NADA’s Guide, “Buying and Selling a Dealership.” Haig Partners team members are frequent speakers at industry conferences and are regularly quoted in reputable media outlets, including Reuters, Forbes, The Wall Street Journal, The New York Times, BBC, CNBC, Automotive News, Wards, CarDealershipGuy, and CBT News. For more information, visit www.haigpartners.com