In Part 2 of this 2-part interview series, we turn to valuation: how public and private markets think differently about dealership assets, why private buyers sometimes pay premiums, and what ultimately moves blue sky multiples over time.

In February 2026, the U.S. auto industry regained its footing after experiencing a 7.4% decline in the SAAR in January. From January to February, the SAAR increased by 6.3%, reflecting a notable increase from 14.8 million light total units sold in January to 15.8 million units sold in February. However, on a year-over-year basis, the SAAR fell 1.5% from February 2025, the fifth consecutive month of year-over-year decreases.

John Murphy’s move from Wall Street to Haig Partners reflects a shift from quarter-to-quarter forecasting toward long-term, research-driven strategy for dealership operators. He sees structural valuation support in the franchise model and significant untapped earnings potential through lifecycle customer retention and disciplined capital allocation.