OUR ADVANTAGE
Why Stevens: The Operator-Founder-Investor Advantage
Stevens Automotive Partners sits at the intersection of operating expertise, technology entrepreneurship, and institutional capital.
Operating Heritage
Three generations in automotive operations; OEM-approved Dealer Principal standing.
Technology Entrepreneurship
Proven record building and scaling tech companies (e.g., Yodle, OpCity), now applied to automotive retail.
Institutional Capital Discipline
Purpose-built balance sheet and platform to acquire, modernize, and scale dealerships.
MARKET OPPORTUNITY
A Large, Fragmented Market Ripe for Consolidation
18,000+
U.S. franchised dealerships
~90%
Independently owned (family or small groups)
$1.2T+
Annual U.S. automotive retail revenue
Fragmented Mom & Pop Dealerships
Aging, independent, family-owned dealerships dominate the $1.2T market — a large acquisition universe PE can't easily penetrate.
Retiring Owners
Thousands of long-time Baby Boomer owners will reach retirement, creating a large supply of high-quality, cash-flowing businesses needing new ownership.
The Tech Deficit
Incumbents lack modern software, AI and marketing tools, leaving substantial cash flow trapped inside legacy showrooms.
The Arbitrage Spread
The multiple expansion across this platform is a documented, peer-comparable spread from entry to exit that requires no heroic assumptions.
Valuation Stage | EBITDA Multiple |
|---|---|
Entry — Mom-and-Pop (Distressed / Succession) | 5x |
Baseline Public Multiple (Penske / Lithia Upper End) | 12x |
Tech-Enabled Ceiling (Carvana Comparable) | 37x |
Entry Multiple: 4.0x – 6.0x EBITDA
Mom-and-pop dealerships acquired from distressed or succession situations.
Baseline Public Multiple: 10.0x – 12.0x EBITDA
Upper end of public retail groups like Penske and Lithia, via institutional governance.
Tech-Enabled Ceiling: Up to 37x EBITDA
Proprietary AI lead routing, sales coaching and automated customer acquisition, benchmarked against Carvana.
Net Multiple Expansion: 3x – 9x on Day-One EBITDA
Reclassifying the asset from fragmented retail to a scaled, AI-enabled platform.
EXECUTION & RESULTS
Proof of Concept (The Operational Playbook)
STEVENS FORD OF MILFORD | MILFORD, CONNECTICUT
Documented results at Stevens Ford of Milford validate the playbook and technology stack.
Centralized Financial Management
New ERP, consolidated reporting, expense rationalization, data-driven management.
Sales Technology & AI Development
AI-assisted lead conversion, inventory and pricing intelligence, modern CRM; per-unit vehicle margin up 54%.
Fixed Operations Margin Enhancement
Service AI scheduling, higher hours per RO, improved labor & parts markup, selective OEM parts programs.
$800K
Earnings at Acquisition, Q4 2022
$2.74M
June 2026 Annualized Earnings Run Rate
3.4x
Earnings Run-Rate Growth
Significant Upside Remaining
Further technology deployment and optimization.
The Platform Flywheel: A Compounding Automotive Ecosystem
The three businesses are mutually reinforcing: each dealership acquisition makes the entire platform stronger.
Acquire Dealerships
Sound businesses at sensible valuations.
Install Operating Playbook
Centralize shared services; improve fixed ops, sales, F&I.
Deploy Proprietary Technology
TechCo tools increase revenue, productivity, and EBITDA.
Generate Cash Flow
Compound cash flow and acquire real estate (PropCo).
Grow Data & Technology Adoption
Each rooftop improves TechCo ROI proof points.
Increase Purchasing Power
Reduce unit costs, improve acquisition capacity.
Expand OEM Relationships
More credibility, pipeline, and rooftops.
Acquire More Dealerships
Repeat with increasingly mature infrastructure.
Why Scale Matters
More Revenue & EBITDA
More Technology Leverage
More OEM Relationships
More Real Estate Opportunities
EXIT STRATEGY
The Exit & Value Realization Strategy
The Three-Sisters architecture enables a multi-pathway exit — each entity monetized independently at its optimal multiple.
Sum-of-the-Parts Value
Separate retail cash flow from software IP; value each entity by its peer group.
The OpCo Listing
Take the scaled retail group public as a premier consolidator at Penske/Lithia-level multiples.
The TechCo Spin-Off
Spin off or sell standalone to capture SaaS-level multiples — the highest-value exit.
Exit Pathway by Entity
Entity | Exit Vehicle | Valuation Framework |
|---|---|---|
OpCo | IPO / Strategic Sale | 8.0x – 12.0x EBITDA (Public Retail) |
PropCo | Sale-Leaseback / REIT Spin | Cap Rate Compression / NAV |
TechCo | Software Spin-Off / M&A | 15.0x – 37.0x EBITDA (SaaS/Tech) |
REAL ESTATE STRATEGY
The PropCo Thesis
Every acquisition creates two assets: a retail business and a commercial real estate holding. PropCo captures, protects and monetizes both independently — a hard-asset floor beneath every dollar of equity.
Structural Asset Separation
At closing, OpCo is separated from the real estate (PropCo) under long-term NNN leases.
Downside Capital Protection
Hard real estate in prime demographic corridors with long-term NNN tenants insulates against volatility.
Clean OpCo Balance Sheet
No mortgage debt keeps OpCo asset-light and optimized for public market multiples.
Capital Extraction Event
At 15 to 30+ rooftops, a sale-leaseback or independent public REIT spin-off returns significant capital ahead of the tech and operating exits.
Acquisition Closing
Real estate bifurcated into PropCo.
Portfolio Assembly
15–30+ rooftops in prime corridors.
Capital Extraction
Sale-leaseback or REIT spin-off.
OpCo & TechCo Exits
Each valued at its peer-group multiple.
INVESTMENT PHILOSOPHY
The Investment Principle & Long-Term Vision
We do not need heroic assumptions, every acquisition to become a technology company, or public-market multiple expansion. Each dealership is underwritten as an automotive operating business; real estate, technology and public-market valuation are added layers of value.
Our Capital Allocation Hierarchy
Buy good businesses at sensible prices.
Improve their operations.
Compound the resulting cash flow through additional acquisitions.
Capture real-estate value where attractive.
Use the network to develop and commercialize proprietary technology.
Allow scale and the capital markets to determine the optimal ultimate structure.
The Long-Term Vision
Automotive Operations
Cash flow and distribution foundation; scaled national retailer.
Real Estate
Hard-asset value and financing capacity; can be held, refinanced, or monetized separately.
Technology & Data
Operating leverage and market growth; standalone platform with strategic separation optionality.
TRANSACTION PIPELINE
Example Near-Term Acquisition Opportunities
Multiple actionable opportunities with strong brands, attractive markets, and operational upside.
Opportunity / Deal Name
Location
Approx. Target Price
Deal Structure
Current Status
Barberino Nissan
Nissan Franchise
Wallingford, CT
$15,000,000
100% Dealership & Property
Due Diligence
Chevy of Milford
Chevrolet Single Store
Milford, CT
$10,000,000
100% Dealership (3-5 yr RE option)
APA / Active Pipeline
Country Club Auto Group
3 Dealerships + Real Estate
Oneonta, NY
$8,000,000
100% Group & Land Acquisition
NDA Signed / Financial Audit
Lincoln of Milford
Standalone Black Label +3,572 SF
Milford, CT
$2.65M - $3.5M
100% Construction & Expansion
SBA Loan Application
I-95 Nissan
Nissan Dealership & RE
Riviera Beach, FL
$4,500,000
33% Out-of-State RE Stake
Under Negotiation
Stamford Kia
Kia Franchise
Stamford, CT
[TBD]
100% Dealership & Property
Active Pipeline
Hiller Company
Chrysler Dodge Jeep Ram
Marion, MA
[TBD]
100% Dealership & RE
Under Evaluation
APPENDIX
The Global TAM: 17 Deals in pipeline … 109,000+ Brand Points Worldwide
OpCo provides TechCo with an initial captive customer base. But the ultimate addressable market extends far beyond the dealerships we own. The United States alone has approximately 17,000 unique franchised new-vehicle dealership rooftops — and the global
franchised automotive ecosystem encompasses tens of thousands of dealer locations across North America, Europe, and the rest of the world.
01
02
Owned OpCo Rooftops
Captive development, testing, and distribution environment
OEM Networks
Credentialed access to 6,000+ GM/Ford domestic rooftops
03
North America
~34,700 brand points across U.S. and Canada
04
Global Automotive Retail
~109,000 brand points worldwide
OEM / Brand Group
U.S.
Canada
North America
Europe
Rest of World
Approx. Global
~6,700
~1,400
~8,100
~200
~3,400
~11,700
~3,400
~520
~3,920
~2,800
~2,050
~8,800
~2,600
~500
~3,100
~5,500
~3,500
~12,100
~1,500
~285
~1,785
~3,350
~4,200
~9,300
~1,340
~290
~1,630
~1,000
~3,850
~6,500
~1,750
~470
~2,220
~4,100
~5,700
~12,000
~1,200
~250
~1,450
~7,000
~8,000
~16,500
~500
~80
~580
~2,500
~3,200
~6,300
General Motors
(Chevrolet, GMC,
Buick, Cadillac)
Ford Motor Co. (Ford,
Lincoln)
Stellantis (Jeep, Ram,
Dodge, Chrysler, Alfa
Romeo, Fiat, Maserati)
Toyota Motor (Toyota,
Lexus)
Honda Motor (Honda,
Acura)
Hyundai Motor Group
(Hyundai, Kia,
Genesis)
Volkswagen Group
(VW, Audi, Porsche,
Bentley, Lamborghini)
BMW Group (BMW,
MINI, Rolls-Royce)
TOTAL — Major OEM
Brand Points
~29,000
~5,700
~34,700
~27,000
~47,000
~109,000
The Multi-Billion-Dollar Tech-Enabled Automotive Roll-Up