M&A activity snapshot
The biggest specialty-vehicle retail deal of 2026 is in marine. MarineMax agreed in August to be acquired by Safe Harbor, a Blackstone Infrastructure portfolio company, in an all-cash transaction that represents an enterprise value of approximately $1.5 billion. The $53.00 per share price represents a premium of 96% to the stock's January 30, 2026 close, before an unsolicited proposal became public.
Powersports retail is consolidating more slowly, and its largest public group has been shrinking. RideNow Group, formerly RumbleOn, operated a total of 48 dealerships at year-end 2025 and says it closed or sold five underperforming dealership locations in 2025. In September 2026 it received a $220 million loan from affiliates of Centerbridge Partners to push its debt maturity to 2031.
The supply of targets is deep. OneWater Marine estimates the boat dealership market is highly fragmented with approximately 4,000 dealerships nationwide, most owner-operated with three stores or fewer. On the powersports side, Polaris alone sells through approximately 2,400 independent dealers in North America. No public data provider counts private powersports dealer transactions, so deal flow is visible mainly through public filings and trade press.
Who is buying
Public marine and powersports consolidators. OneWater has completed 35 acquisitions (83 dealerships, 12 distribution centers/warehouses acquired) since 2014 and now runs 95 dealership locations. Its model keeps each acquired dealer's local name and brands. MarineMax, with over 70 retail dealership locations, has mixed dealer buys with marinas and service businesses.
Franchised auto dealer groups. Sonic Automotive bought five Harley-Davidson stores in California, Florida, Georgia and North Carolina in April 2026. After the deal, Sonic Powersports now operates 20 rooftops nationwide, representing 46 franchises, and the division reported a record $202.9 million in revenue and $11.5 million in adjusted EBITDA.
Infrastructure and private equity capital. Safe Harbor's MarineMax deal shows marina-focused infrastructure capital paying up for dealer networks attached to service and storage. Credit funds also appear as lenders, as with Centerbridge's loan to RideNow.
New operator-led groups. New entrant Republic Powersports is typical. Led by Shane Talbert, Andre Lecompte and Gerald Lindenmuth, it bought Kent Powersports, a three-store dealership group serving the Austin, San Antonio and New Braunfels markets, in a deal brokered through Rockmoor Consulting.
What buyers look for
OEM brand mix and consent. Franchise value starts with which brands a store holds. At RideNow, Polaris supplied 26.3% and BRP 24.0% of new vehicle revenue in 2025. Manufacturers can require manufacturer consent before we can acquire, sell or relocate dealerships, so a buyer the OEM won't approve cannot close.
Floorplan cost and inventory discipline. New units are carried on OEM-affiliated or bank floorplan lines. Polaris notes most of the Company's sales are financed by the customer under floorplan financing arrangements, and Harley-Davidson's finance arm reports that all of the U.S. and Canadian independent dealers of HDMC used its programs in 2025. OneWater's interest expense – floor plan decreased $5.6 million, or 16.5%, to $28.5 million in fiscal 2025, a swing that flows straight to earnings.
F&I and parts, service and accessories income. Back-end income steadies earnings when unit sales slow. RideNow earned $1,711 of net F&I revenue and $3,478 of parts, service and accessories revenue per retail vehicle in 2025.
Pricing compliance. Advertised-price practices are now a diligence item. The National Powersports Dealers Association warned that current pricing practices put dealers at risk under new federal pricing transparency rules. RideNow said its "Clear Price" FTC-compliant pricing model had a short-term negative impact on August 2026 results.
What makes a strong company
A dealer that draws competitive interest typically shows:
- Franchises from in-demand OEMs with no open performance-standard disputes, and an OEM relationship that will support the sale.
- Same-store growth in a soft market. OneWater's dealership same-store sales increased 5.9% in fiscal 2025, while MarineMax's same-store sales decreased 2% in fiscal 2025.
- Aged-inventory control. RideNow's floorplan interest fell in 2025 primarily due to lower average inventory levels.
- Service bays, parts and a pre-owned program that keep earning when new-unit demand is weak.
- Clean, documented advertising and F&I practices that hold up under federal pricing rules.
- A location in a market the OEM considers under-served or growing, which helps consent.
Valuation and deal structure
There is no published blue-sky multiple series for powersports or boat franchises comparable to the auto-dealer data advisors publish. The best public reference is MarineMax's merger proxy. Wells Fargo used Camping World Holdings, Inc. OneWater Marine Inc. RideNow Group, Inc. as comps and selected 6.5x to 8.5x to be applied to 2026E Adjusted EBITDA (net of floor plan interest).
The Safe Harbor price ran well above that range. The proxy puts the deal at 13.6x and 10.8x consensus estimates for MarineMax's Adjusted EBITDA (net of floor plan interest) for fiscal 2026 and 2027. MarineMax also owns marinas and superyacht services, so that premium is a ceiling for scale assets, not a dealer benchmark.
Smaller dealers earn thinner margins. Sonic's powersports division made $11.5 million of adjusted EBITDA on $202.9 million of revenue, about 5.7% (Axia arithmetic, inputs from Powersports Business). The cited filings and trade reports do not disclose earnout, rollover or goodwill terms for private powersports deals, so treat those as negotiated case by case.
RV dealers are a close comp but a separate code. Camping World, America's largest retailer of RVs, operated a total of 196 store locations on December 31, 2025. Under the 2022 NAICS, boat dealers are 441222 Boat Dealers and powersports dealers are 441227 Motorcycle, ATV, and All Other Motor Vehicle Dealers, while RV dealers are 441210 Recreational Vehicle Dealers.
Outlook
Expect selective buying through 2027 rather than a broad roll-up. The public consolidators are cutting weaker stores and restructuring debt, while auto groups like Sonic and new operator groups pick off strong single-brand stores. Harley-Davidson shipped 124,477 motorcycles worldwide during 2025, which was 16.4% lower than 2024 as dealers worked down inventory, so earnings quality will separate sellers.
Rates are the swing factor. Advisors writing in Powersports Business note that lower interest rates can increase buyer activity and make dealers easier to finance, for both retail buyers and acquirers. Owners with clean OEM standing, steady F&I and service income, and tight floorplan control should be best placed to sell in the next 12-24 months.
Own a powersports, marine or specialty vehicle dealership and want a sense of what it's worth before you talk to anyone? Run the valuation tool. See also: how buyers build an M&A target list in a fragmented niche, and the parent overview of automotive and equipment M&A.