Case Studies
Recent M&A, take-private and financing transactions in auto retail and related sectors.
Case studies are prepared by Trackhawk Advisors from the sources cited on each page. They are for information only and are not investment advice or a recommendation to buy or sell any security.
M&A
Copart's Acquisition of ACV Auctions
On 9/10/26, Copart, Inc. (NASDAQ: CPRT) agreed to acquire ACV Auctions Inc. (NYSE: ACVA) for $10.50 per share in cash, valuing ACVA at ~$1.9bn, or ~25x ACVA’s 2026E Adj. EBITDA
September 2026
Term Loan B
Carvana Taps Institutional Loan Market to Repay Bonds
$1.7bn 7yr Senior Secured Term Loan B
August 2026
Term Loan B
Blue Compass RV Refinances Its Term Loan B
$650mm 7yr Senior Secured Term Loan B
February 2026
Acquisition Financing
Gee Automotive’s Acquisition of Tuttle-Click and Jim Click
On 4/28/26, Gee Automotive (Gee) closed the acquisition of the Jim Click Automotive Team and Tuttle-Click Automotive Group (Tuttle-Click)
January 2026
Turnaround
Carvana’s Resurgence
Carvana’s Turnaround from a $1bn Adj. EBITDA Loss to $2.2bn of Adj. EBITDA
4Q 2025
Refinancing
America’s Car-Mart Refinanced Credit Facility
Silver Point Capital funded a 5-year, $300mm term loan for America’s Car-Mart on 10/30/25
October 2025
High Yield Notes
Lithia Taps the Bond Market
Lithia’s $600mm Offering of Senior Unsecured Notes
September 2025
High Yield Notes
Hudson Upsizes Notes Offering to Refinance Debt
$675mm 8yr Senior Unsecured Notes
May 2024
High Yield Notes
Global Auto Refinances Lookers Acquisition Debt
$1.05bn Senior Unsecured Notes for M&A
January 2024
High Yield Notes
Morgan Add-on Funds South Motors Acquisition
$350mm Add-on to 2031 Senior Notes for M&A
January 2024