CBT News: Honda and Acura dealer M&A activity creates opportunities for growth and succession

Honda and Acura Dealers See Rising M&A Momentum as Market Activity Accelerates

On a recent episode of CBT News’ Inside M&A, Dave Cantin, Founder, CEO, and Chairman of Dave Cantin Group, and Ray Mikiciuk, Managing Director of DCG, discussed the Honda and Acura dealer market and what dealers need to know as M&A activity picks up.

Mikiciuk began selling cars in 1986 and joined American Honda two years later, eventually leading the Honda brand nationally after holding a series of roles across both brands. He later joined Victory Automotive Group, where he managed a portfolio that included more than 20 Honda stores, giving him a close view of the operational and strategic challenges facing Honda and Acura dealers today.

M&A activity and how it is changing now

About 1,100 Honda dealers currently operate in the U.S. According to the Automotive News M&A Tracker, 26 Honda dealerships have changed hands this year, putting the market on pace for more than 40 transactions by year’s end. Strong demand is helping sellers maximize value, while dealer groups continue to seek out Honda and Acura stores as portfolio additions.

Cantin and Mikiciuk said dealers should think strategically about their options well before they’re ready to transact. Successful dealers tend to be process-driven and consistent about tracking performance metrics, Mikiciuk said, though the daily demands of running a store often leave little room for long-term planning. Owners can end up focused on the next 30-day cycle instead of where they want the business to be years down the line, whether that means rehabilitating an underperforming store, leveraging a strong management team to support another acquisition, or planning generational succession.

Advisory comes before M&A

Cantin said one of the biggest mistakes dealers make is waiting until they’ve already decided to sell or buy before seeking advice, by which point some opportunities to improve the outcome may have already passed. He recommends dealers begin working with an advisor while they’re still weighing their options, sometimes years before a transaction takes place, to understand timing, valuation, succession, and portfolio strategy. DCG’s partnership with Goldman Sachs adds further resources for succession planning, Cantin said, and Mikiciuk’s brand-specific experience adds another layer of insight for Honda and Acura dealers going through that process.

OEM approval how it can shape the outcome

Mikiciuk stressed the importance of understanding the OEM’s expectations before entering a transaction, since manufacturer approval is one of the final steps in completing a deal, and different automakers apply different criteria to prospective buyers. A proposal that looks strong financially may not address every factor an OEM considers when evaluating a new dealer or ownership group.

Mikiciuk pointed to his own experience at Victory Automotive Group, which completed two Honda sales and six acquisitions within the Honda dealer body last year, accounting for roughly 25% of all Honda transactions nationwide during that period, as an example of what it takes to see a Honda deal through from start to finish.

M&A is not just a single transaction

Cantin and Mikiciuk’s broader message was that M&A shouldn’t be viewed strictly as one deal. For some dealers, the right move could be an acquisition; for others, it may mean restructuring an existing portfolio, bringing on a partner, or preparing for succession. Understanding those options before circumstances force a decision can also surface operational improvements that strengthen the business regardless of whether a deal happens.

For owners considering an eventual sale, improving performance, developing management talent, and building a clear succession strategy can position a dealership for a stronger outcome. For buyers, understanding where they can add value before acquiring a store matters just as much.

DCG’s advisory approach is designed to give dealers a seat at the table before those decisions become transactional, Cantin said, calling early planning just as important as the deal itself for Honda and Acura dealers navigating an active market.