Latest news with #TIMEDealeroftheYear
Yahoo
4 days ago
- Automotive
- Yahoo
The Presidio Group Exclusively Facilitates the Sale of Two Mercedes-Benz Dealerships in Mississippi and Tennessee to Lithia Motors
JACKSON, Miss., June 10, 2025--(BUSINESS WIRE)--The Presidio Group LLC ("Presidio"), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, exclusively advised Trudy Higginbotham Moody, Wallis Higginbotham and family on the sale of two Mercedes-Benz dealerships to Lithia Motors, Inc. (NYSE: LAD). The transaction, which was finalized June 2, involved Mercedes-Benz of Jackson in Mississippi and Mercedes-Benz of Collierville in suburban Memphis, Tenn., and included their associated real estate. The Mercedes stores had been part of a family business led by longtime dealer Dennis Higginbotham, who founded his first dealership in New Smyrna Beach, Fla., in 1976. He sold the dealership group he built to Sonic Automotive, Inc. in 1998. In 2001, he and his family became dealership owners again when they purchased Mercedes-Benz of Jackson. They later acquired the Tennessee Mercedes-Benz store as an open point. Moody, Dennis Higginbotham's daughter and the state of Mississippi's most recent TIME Dealer of the Year nominee, operated the Jackson location as dealer principal. "After careful consideration, our family made the difficult decision to sell these stores," said Moody, who also has served as chair of the Mississippi Automobile Dealers Association. "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." For Lithia, the transaction strengthens the company's growing footprint in the Southeast and further boosts its presence in the luxury market. "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." In Mississippi, Lithia already operates Toyota of Jackson. In Tennessee, it operates Sunrise Buick-GMC at Wolfchase and Sunrise Chevrolet-Buick-GMC at Collierville, both in suburban Memphis, and West Knoxville Chrysler-Dodge-Jeep-Ram in Knoxville. "Working with the Higginbotham family was a privilege," said Alex Watterson, managing director of 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." "Despite the daily tariff headlines, well-capitalized dealers continue to seek strategic acquisitions to strengthen their market presence and expand their dealership networks," said George Karolis, president of The Presidio Group. "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 Higginbotham family was represented by Eric Gregory of Gregory Law, LLC. Lithia Motors was represented by Edward Impert, the company's general counsel, and Aaron Weisman, the company's legal director of M&A and real estate. The Presidio Group provided exclusive M&A advisory services to the Higginbotham family through its wholly owned investment bank, Presidio Merchant Partners LLC. About Higginbotham Automobiles 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. About Lithia & Driveway 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. About The Presidio Group LLC The Presidio Group was founded in 1998 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively closed nearly 290 transactions for about $19 billion. The Presidio Group, based in Denver and Atlanta, publishes Presidio Perspectives: A Quarterly Outlook on Auto Retail and M&A Trends, a leading source of information about the automotive retail landscape. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit View source version on Contacts Brodie Cobb(720) 844-3151bcobb@ George Karolis(678) 831-5520gkarolis@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
4 days ago
- Automotive
- Business Wire
The Presidio Group Exclusively Facilitates the Sale of Two Mercedes-Benz Dealerships in Mississippi and Tennessee to Lithia Motors
BUSINESS WIRE)--The Presidio Group LLC ('Presidio'), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, exclusively advised Trudy Higginbotham Moody, Wallis Higginbotham and family on the sale of two Mercedes-Benz dealerships to Lithia Motors, Inc. (NYSE: LAD). The transaction, which was finalized June 2, involved Mercedes-Benz of Jackson in Mississippi and Mercedes-Benz of Collierville in suburban Memphis, Tenn., and included their associated real estate. The Mercedes stores had been part of a family business led by longtime dealer Dennis Higginbotham, who founded his first dealership in New Smyrna Beach, Fla., in 1976. He sold the dealership group he built to Sonic Automotive, Inc. in 1998. In 2001, he and his family became dealership owners again when they purchased Mercedes-Benz of Jackson. They later acquired the Tennessee Mercedes-Benz store as an open point. Moody, Dennis Higginbotham's daughter and the state of Mississippi's most recent TIME Dealer of the Year nominee, operated the Jackson location as dealer principal. 'After careful consideration, our family made the difficult decision to sell these stores,' said Moody, who also has served as chair of the Mississippi Automobile Dealers Association. '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.' For Lithia, the transaction strengthens the company's growing footprint in the Southeast and further boosts its presence in the luxury market. '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.' In Mississippi, Lithia already operates Toyota of Jackson. In Tennessee, it operates Sunrise Buick-GMC at Wolfchase and Sunrise Chevrolet-Buick-GMC at Collierville, both in suburban Memphis, and West Knoxville Chrysler-Dodge-Jeep-Ram in Knoxville. 'Working with the Higginbotham family was a privilege,' said Alex Watterson, managing director of 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.' 'Despite the daily tariff headlines, well-capitalized dealers continue to seek strategic acquisitions to strengthen their market presence and expand their dealership networks,' said George Karolis, president of The Presidio Group. '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 Higginbotham family was represented by Eric Gregory of Gregory Law, LLC. Lithia Motors was represented by Edward Impert, the company's general counsel, and Aaron Weisman, the company's legal director of M&A and real estate. The Presidio Group provided exclusive M&A advisory services to the Higginbotham family through its wholly owned investment bank, Presidio Merchant Partners LLC. About Higginbotham Automobiles 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. About Lithia & Driveway 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. About The Presidio Group LLC The Presidio Group was founded in 1998 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively closed nearly 290 transactions for about $19 billion. The Presidio Group, based in Denver and Atlanta, publishes Presidio Perspectives: A Quarterly Outlook on Auto Retail and M&A Trends, a leading source of information about the automotive retail landscape. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit
Associated Press
27-01-2025
- Automotive
- Associated Press
TIME and Ally Financial Name 2025 Dealer of the Year
Raymond Farabaugh, president of D-Patrick Inc. in Evansville, Ind. wins 56th annual award that recognizes industry accomplishments and community service at the 108th National Automotive Dealers Association Show NEW ORLEANS, Jan. 27, 2025 /PRNewswire/ -- Raymond Farabaugh, president of D-Patrick Inc. in Evansville, Ind. was announced as the 2025 TIME Dealer of the Year at the 108th National Automobile Dealers Association (NADA) Show. Now in its 56th year, the TIME Dealer of the Year award is one of the auto industry's most respected and highly coveted honors. Farabaugh was selected for his outstanding achievements in the auto industry and his unwavering commitment to making a positive impact in his community. He is a strong supporter of the Automobile Dealers Association of Indiana, where he has served as president, vice president, secretary, treasurer, and currently on the board of directors. Additionally, Farabaugh's auto group has invested hundreds of thousands of dollars annually in direct contributions and sponsorships, supporting an array of local organizations such as the Ark Crisis Children's Center, Boone County Cancer Society, Boys & Girls Club of Evansville, Evansville Philharmonic Orchestra, Mesker Park Zoo & Botanic Garden, Ronald McDonald House Charities of Ohio Valley, Special Olympics Indiana, Tri-State Food Bank, Walk to End Alzheimer's Southwest Indiana, and many more. Jessica Sibley, CEO of TIME, and Doug Timmerman, Ally's President of Dealer Financial Services, announced Farabaugh as the winner at a ceremony in New Orleans that honored all 49 nominees. Farabaugh was chosen from a field of more than 16,000 franchised dealers across the country. 'The TIME Dealer of the Year award celebrates the country's top dealers who understand that their businesses thrive when they give back and help their communities grow, and Raymond truly embodies those qualities that make this award so special,' Timmerman said. 'Raymond and all of the TIME Dealer of the Year nominees stand out for doing it right in their industry and investing in their communities and dealership teams.' Speaking about the importance of the recognition program, Sibley said, 'At TIME, our commitment to recognizing the exceptional contributions of automotive dealers remains as strong as ever. The TIME Dealer of the Year award continues to celebrate those who not only excel in their profession but also make a meaningful impact in their communities. We are thrilled to continue this legacy in partnership with Ally.' The TIME Dealer of the Year winner and finalists are chosen by a panel from the Tauber Institute for Global Operations at the University of Michigan. The panel selects finalists from each of the four NADA regions, and, ultimately, a national winner from those finalists. In addition to Farabaugh, the 2025 TIME Dealer of the Year finalists include: Sean P. Baxter, Kayser Ford Inc., Madison, Wis. George Haddad, Haddad Toyota, Pittsfield, Mass. Con Paulos, Con Paulos Chevrolet, Jerome, Idaho Cathy Stender, Woody Anderson Ford, Huntsville, Ala. As the exclusive sponsor of the TIME Dealer of the Year program for the 14th year in a row, Ally will provide grants to eligible 501c3 charitable organizations selected by the nominees, finalists, and winner. Ally has made donations in connection with the program, totaling nearly $1 million. This year, Ally will give $10,000 to the charity of Farabaugh's choice and $5,000 to a nonprofit organization selected by each of the finalists. In recognition of their achievements, Ally also will give $1,000 to a charity selected by each of the 49 nominees. For more information on the nominees, finalists, and winner, please visit: About Ally Financial Ally Financial Inc. (NYSE: ALLY) is a financial services company with the nation's largest all-digital bank and an industry-leading auto financing business, driven by a mission to 'Do It Right' and be a relentless ally for customers and communities. The company serves approximately 10 million customers with deposits and securities brokerage and investment advisory services as well as auto financing and insurance offerings. The company also includes a robust corporate finance business that offers capital for equity sponsors and middle-market companies. For more information, please visit About TIME TIME is the 101-year-old global media brand that reaches a combined audience of over 120 million around the world through its iconic magazine and digital platforms. With unparalleled access to the world's most influential people, the trust of consumers and partners globally, and an unrivaled power to convene, TIME's mission is to tell the essential stories of the people and ideas that shape and improve the world. Today, TIME also includes the Emmy Award®-winning film and television division TIME Studios; a significantly expanded live events business built on the powerful TIME100 and Person of the Year franchises and custom experiences; TIME for Kids, which provides trusted news with a focus on news literacy for kids and valuable resources for teachers and families; the award-winning branded content studio Red Border Studios; the sustainability and climate action division TIME CO2 and more. About the NADA Show The annual NADA Show brings together more than 20,000 franchised dealers and their employees, industry leaders, manufacturers and exhibitors to learn about the latest auto industry tools, trends, products and technologies. Contact: SOURCE Ally Financial
Yahoo
27-01-2025
- Automotive
- Yahoo
TIME and Ally Financial Name 2025 Dealer of the Year
Raymond Farabaugh, president of D-Patrick Inc. in Evansville, Ind. wins 56th annual award that recognizes industry accomplishments and community service at the 108th National Automotive Dealers Association Show NEW ORLEANS, Jan. 27, 2025 /PRNewswire/ -- Raymond Farabaugh, president of D-Patrick Inc. in Evansville, Ind. was announced as the 2025 TIME Dealer of the Year at the 108th National Automobile Dealers Association (NADA) Show. Now in its 56th year, the TIME Dealer of the Year award is one of the auto industry's most respected and highly coveted honors. Farabaugh was selected for his outstanding achievements in the auto industry and his unwavering commitment to making a positive impact in his community. He is a strong supporter of the Automobile Dealers Association of Indiana, where he has served as president, vice president, secretary, treasurer, and currently on the board of directors. Additionally, Farabaugh's auto group has invested hundreds of thousands of dollars annually in direct contributions and sponsorships, supporting an array of local organizations such as the Ark Crisis Children's Center, Boone County Cancer Society, Boys & Girls Club of Evansville, Evansville Philharmonic Orchestra, Mesker Park Zoo & Botanic Garden, Ronald McDonald House Charities of Ohio Valley, Special Olympics Indiana, Tri-State Food Bank, Walk to End Alzheimer's Southwest Indiana, and many more. Jessica Sibley, CEO of TIME, and Doug Timmerman, Ally's President of Dealer Financial Services, announced Farabaugh as the winner at a ceremony in New Orleans that honored all 49 nominees. Farabaugh was chosen from a field of more than 16,000 franchised dealers across the country. "The TIME Dealer of the Year award celebrates the country's top dealers who understand that their businesses thrive when they give back and help their communities grow, and Raymond truly embodies those qualities that make this award so special," Timmerman said. "Raymond and all of the TIME Dealer of the Year nominees stand out for doing it right in their industry and investing in their communities and dealership teams." Speaking about the importance of the recognition program, Sibley said, "At TIME, our commitment to recognizing the exceptional contributions of automotive dealers remains as strong as ever. The TIME Dealer of the Year award continues to celebrate those who not only excel in their profession but also make a meaningful impact in their communities. We are thrilled to continue this legacy in partnership with Ally." The TIME Dealer of the Year winner and finalists are chosen by a panel from the Tauber Institute for Global Operations at the University of Michigan. The panel selects finalists from each of the four NADA regions, and, ultimately, a national winner from those finalists. In addition to Farabaugh, the 2025 TIME Dealer of the Year finalists include: Sean P. Baxter, Kayser Ford Inc., Madison, Wis. George Haddad, Haddad Toyota, Pittsfield, Mass. Con Paulos, Con Paulos Chevrolet, Jerome, Idaho Cathy Stender, Woody Anderson Ford, Huntsville, Ala. As the exclusive sponsor of the TIME Dealer of the Year program for the 14th year in a row, Ally will provide grants to eligible 501c3 charitable organizations selected by the nominees, finalists, and winner. Ally has made donations in connection with the program, totaling nearly $1 million. This year, Ally will give $10,000 to the charity of Farabaugh's choice and $5,000 to a nonprofit organization selected by each of the finalists. In recognition of their achievements, Ally also will give $1,000 to a charity selected by each of the 49 nominees. For more information on the nominees, finalists, and winner, please visit: About Ally FinancialAlly Financial Inc. (NYSE: ALLY) is a financial services company with the nation's largest all-digital bank and an industry-leading auto financing business, driven by a mission to "Do It Right" and be a relentless ally for customers and communities. The company serves approximately 10 million customers with deposits and securities brokerage and investment advisory services as well as auto financing and insurance offerings. The company also includes a robust corporate finance business that offers capital for equity sponsors and middle-market companies. For more information, please visit For more information and disclosures about Ally, visit For further images and news on Ally, please visit About TIMETIME is the 101-year-old global media brand that reaches a combined audience of over 120 million around the world through its iconic magazine and digital platforms. With unparalleled access to the world's most influential people, the trust of consumers and partners globally, and an unrivaled power to convene, TIME's mission is to tell the essential stories of the people and ideas that shape and improve the world. Today, TIME also includes the Emmy Award®-winning film and television division TIME Studios; a significantly expanded live events business built on the powerful TIME100 and Person of the Year franchises and custom experiences; TIME for Kids, which provides trusted news with a focus on news literacy for kids and valuable resources for teachers and families; the award-winning branded content studio Red Border Studios; the sustainability and climate action division TIME CO2 and more. About the NADA Show The annual NADA Show brings together more than 20,000 franchised dealers and their employees, industry leaders, manufacturers and exhibitors to learn about the latest auto industry tools, trends, products and technologies. Contact: Peter Gilchrist Ally Communications (Media) 704-644-6299 View original content to download multimedia: SOURCE Ally Financial
