Matt McKay, who over nearly four decades went from teenage car salesman to owner of Louisiana’s largest auto dealership empire, has agreed to sell his All Star Automotive Group for a reported $700 million in what industry experts said is a record transaction for the state.
McKay’s auto network includes 14 brands in 13 locations in Baton Rouge, Denham Springs and Prairieville, as well as a collision center, a parts warehouse and a used car “super center.” Brands include Toyota, Lincoln, Genesis and Hyundai — those four dealerships are located near to each other along a car dealer’s row on Airline Highway, where the huge used car center also can be found.
The terms of sale were not publicly disclosed, but people familiar with the deal said it valued the group at around $700 million. That includes just under $200 million of real estate, all of which is fully owned by All Star, as well as group brand value of around $80 million, with the automobile inventory as well as other tangible assets making up the rest…