Erhard Motors Sales, Inc. (Erhard), founded in 1964, began as a single BMW dealership located in Farmington Hills, MI. After relocating its original BMW operations to Bloomfield Hills, MI in 1990, Erhard opened a Jaguar & Land Rover dealership in Farmington Hills in 1997. An additional BMW dealership in Farmington Hills was opened in 2003.
The business continued to grow by improving upon its core service offerings. Following a long-tenured audit and tax relationship with the Baker Tilly US, LLP (Baker Tilly) team, Baker Tilly Capital, LLC (Baker Tilly Capital) was engaged to explore potential sale options. The Erhard shareholders sought a full exit from the business and related real estate while maintaining the management team and employees.
Baker Tilly Capital, along with Baker Tilly’s automotive dealership practice, identified a list of qualified potential buyers based on regional and operational fit. After running a full sale process, Baker Tilly Capital assisted Erhard in completing transactions for the dealerships that achieved the objectives of all stakeholders. In addition, the shareholders will continue their ownership of AutoMark Collision Center of Farmington Hills.
Erhard found the right partners in Fox Motors (which acquired Erhard BMW of Farmington Hills and Jaguar Land Rover of Farmington Hills) and Penske Automotive (which acquired Erhard BMW of Bloomfield Hills and the AutoMark Collison Center of Bloomfield Hills). The transactions allowed the Erhard management teams and employees to continue operating the dealerships and provided the shareholders with a successful sale outcome.
To learn more about how Baker Tilly can help your organization with its transaction needs, contact our M&A team.
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Baker Tilly Capital professionals have completed hundreds of middle market transactions for public and private companies in various industries.