The U.S. auto dealership buy-sell market picked up pace during the first half of 2026, with well-capitalized buyers focusing on larger dealer groups, premium franchises and markets with strong growth potential, according to the Q2 2026 Haig Report from Haig Partners.
The number of dealerships acquired increased 14.3% compared with the first half of 2025, while the number of transactions rose 3.2%. Five deals involving five or more dealerships were completed during the first half of 2026, compared with none during the same period last year.
Dealership values remain well above historical levels. Haig Partners estimates the average blue sky value of a publicly owned dealership at $18.2 million for the 12 months ended Q2 2026. That's more than twice the $8.3 million average in 2019, although down from $19.0 million for full-year 2025.
“There is still a tremendous amount of capital that wants to own dealerships, but buyers are becoming much more deliberate about where they put it,” said Alan Haig, President of Haig Partners. “The largest groups are chasing premium luxury and import franchises in markets where they can grow for decades. Finding the buyer who values your business the most has never mattered more.”
Earnings Remain Strong
Dealership earnings continue to come down from post-pandemic highs but remain well above historical levels.
Average dealership profits were about $1.1 million in Q2 2026, down 3% from a year earlier but still 119% higher than Q2 2019.
- New-vehicle gross profit per vehicle fell 15.8% to $2,764.
- Used-vehicle gross profit declined 2% to $1,634.
- Same-store fixed operations gross profit increased 2.3%, although growth trailed inflation.
The report also found that large dealer groups continue to favor premium franchises. Luxury brands accounted for 36.1% of acquisitions by the Top 20 groups over the past 24 months, while premium imports such as Toyota, Honda and Subaru accounted for 24.7%.
