Open Road Capital

What Open Road Capital does

Open Road Capital is a private equity firm that invests equity capital in US automobile dealerships and dealer groups. Founded in 2017 by Eric Chelline and Tim Batchelor, the firm operates a hands-off partnership model in which dealer operators retain full operational autonomy while Open Road holds minority or majority equity stakes (up to 70%), enabling acquisitions, succession planning, estate planning liquidity, and real estate redevelopment. The firm is headquartered between Hawthorne, NY and Fairfax, VA and is backed by Bain Capital Credit via a strategic partnership formed in October 2020, alongside capital from InterPrivate and a London-based family office.

Open Road's portfolio spans 53 stores, 28 automotive brands, and 7 dealer partner groups across California, Connecticut, Iowa, Mississippi, New York, and Virginia. Named dealer partners include Herrin-Gear Automotive Group, Sierra Auto Group, Keeler Motor Car Company, Trust Automotive Group, Beyer Auto Group, Pritchard Auto Company, and Price Auto / Toyota Walnut Creek — collectively representing 43 dealership investments as of 2024 with marquee assets such as Beyer (~$400M revenue, 7,000+ vehicles retailed annually). The firm is structured as an evergreen entity with no hold-period constraint, allowing it to remain invested indefinitely or sell back to dealer partners, and its investment structure is approved by every leading OEM.

Economically, Open Road monetizes through equity appreciation, dividends, and exits in partnership with operators; it does not consolidate dealership revenue on its own books. GTM is relationship-driven, sourced through industry networks, captive finance alumni, OEM contacts, and dealer-bank channels, with no traditional consumer-facing marketing. Capital deployment is targeting an initial $1 billion, backed by Bain Capital Credit and additional limited partners. The firm does not employ proprietary technology — its product is patient, flexible equity capital tailored to a single vertical: US franchised automotive retail.

Name

Open Road Capital

Legal name

Open Road Capital LLC

Website

https://openroadcapital.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Open Road Capital is a private equity firm that provides minority and majority equity capital to US automobile dealerships and dealer groups, operating a hands-off partnership model backed by Bain Capital Credit and structured as an evergreen entity with no hold-period constraints.

Ownership category

akta.pro rank

Product category

Private Equity - Automotive Retail

NAICS

Other Financial Investment Activities (5239), Other Financial Vehicles (52599)

SIC

Investors, Nec (6799)

akta.pro primary industry

Private Capital Introducers (PE/VC/Private Credit) (FSAEAMAE)

Keywords

• Private equity investments
• Dealership equity capital
• Automotive retail investment
• Dealer partnership model
• Succession planning equity

Headquarters

HQ city

Fairfax

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Equity Investment Returns: Open Road Capital generates returns through equity investments in automobile dealerships and dealer groups. The firm takes minority or majority ownership stakes in exchange for capital, with returns realized through appreciation, dividends, or eventual sale of investments. As an 'evergreen' entity with no time horizon limitation, they can hold investments indefinitely.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Open Road Capital provides equity capital investments to automobile dealerships and dealer groups, taking minority or majority ownership stakes (up to 70%) alongside operating partners. The firm invests in dealership acquisitions, succession planning, estate planning liquidity, and growth initiatives while preserving dealer operational autonomy through a partnership model. Investments are structured as separately-organized partnerships with each dealer/operator and are backed by capital from Bain Capital Credit.

Product overview

Open Road Capital is a private equity investment firm that provides equity capital solutions to automobile dealerships. The company operates through a dealer partnership model where it invests alongside dealership operators, offering minority or majority ownership stakes. Open Road's investment thesis focuses on supporting dealer acquisitions, succession planning, estate planning liquidity, and growth initiatives while allowing dealer/partners to maintain operational autonomy. The firm is backed by Bain Capital and has invested in multiple dealer groups across the United States, including Herrin-Gear Automotive Group, Sierra Auto Group, Keeler Motor Car Company, Trust Automotive Group, Beyer Auto Group, Pritchard Auto Company, and Toyota Walnut Creek.

Differentiator

Problem solved

Functional benefit

Brands

• Sierra Auto Group: Automotive dealership group based in Los Angeles, Irvine, and Monrovia, CA with 13 stores including Chevrolet, Honda, Subaru, Chrysler Dodge Jeep Ram, Infiniti, Nissan, Toyota, Jaguar Land Rover, INEOS Grenadier, and Acura.
• The Pritchard Auto Company
• Herrin-Gear Automotive Group
• Keeler Motor Car Company
• Trust Automotive Group
• Beyer Auto Group

Products and services

• Equity Investment Services Equity capital investments provided to automobile dealerships, supporting acquisitions, succession planning, diversification, and growth initiatives through minority or majority ownership stakes. Target customers are automobile dealers and dealer groups seeking equity capital.
• Dealer Partnership Model A partnership model where dealer/partners retain operational autonomy over their franchises while benefiting from minority or majority investments from Open Road Capital. Dealer/partners enjoy competitive scale benefits of large auto retailers while keeping entrepreneurial spirit intact. For automobile dealer operators and dealer group principals.

Quantifiable outcome

• 53 stores across 28 brands through 7 dealer partnerships
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Asbury Automotive Group: Public U.S. auto retailer (NYSE: ABG) known for aggressive acquisition strategy, including Park Place, Stevinson, and Larry H. Miller. Directly comparable to Open Road as an acquisitive consolidator of dealership groups, though Asbury takes full operating control rather than a partnership stake.
• Group 1 Automotive: Public U.S. auto retailer (NYSE: GPI) with ~$19B in revenue and operations across the U.S. and U.K. Comparable to Open Road as a dealership consolidator with a long M&A track record; Open Road advisor Randy Callison was an original Group 1 executive responsible for growing revenue to $6.5B.
• Lithia Motors: Largest U.S. auto retailer (NYSE: LAD) and most aggressive consolidator in the industry with a stated goal of $50B+ in annual revenue. Comparable to Open Road as a scaled acquirer of dealership groups, though Lithia is a fully integrated operator rather than a hands-off equity partner.
• Sonic Automotive: Public U.S. auto retailer (NYSE: SAH) operating franchised dealerships and EchoPark used-vehicle stores. Comparable to Open Road as a dealership group operator and acquirer, though Sonic is a controlling acquirer rather than a minority/majority equity partner.
• Hendrick Automotive Group: Largest privately held U.S. auto dealership group with ~$15B in revenue and 140+ franchises. Comparable to Open Road as a scaled dealership consolidator; Open Road's Director of Real Estate previously held a senior role at Hendrick, signaling direct talent and operating model overlap.
• Holman Automotive: Large privately held dealership group and fleet services provider with operations across the U.S. and internationally. Comparable to Open Road as a multi-generational, family-influenced dealership platform pursuing both retail and commercial vehicle opportunities.
• Ken Garff Automotive: Large privately held U.S. dealership group with 80+ locations across multiple states. Comparable to Open Road as a scaled dealership platform pursuing growth through acquisitions and OEM relationship development.
• RFJ Auto Partners: Private equity-backed dealership holding company founded by Robert F. James (former Asbury executive). The closest direct PE-backed peer to Open Road's partnership model, pursuing dealership investments with operational involvement and consolidation playbooks.
• Audax Group: Private equity firm with active investments in the auto retail and aftermarket services space. Comparable to Open Road as a PE platform pursuing long-hold equity investments in fragmented dealer and dealer-services markets.

Broad incumbents

• Berkshire Hathaway Automotive: Subsidiary of Berkshire Hathaway (NYSE: BRK) operating one of the largest U.S. dealership groups (formerly Van Tuyl). Comparable to Open Road as a major dealership consolidator, but operating as part of a much broader conglomerate portfolio with effectively unlimited patient capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/open-road-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Open Road Capital