Download The 2025 M&A Report For Free!
Your download is on the way to your email inbox!
Please make sure your email is typed corectly.
All information is protected & secure.
Car Wash Advisory founder Harry Caruso joins Wash Talk to discuss slowing transaction volume, buyer activity and the outlook for car wash M&A in 2026.
Car Wash Advisory founder Harry Caruso joins Wash Talk to discuss slowing transaction volume, buyer activity and the outlook for car wash M&A in 2026.
The first half of 2024 has brought a major and significant slowdown in carwash M&A, along with a stark decrease in the dispersion of acquiring parties. Transaction count is down ~46% and the number of sites sold and acquired is down nearly 40%, both compared to the first half of 2023. By way of most active acquirers, 2024 posted a large increase in deal concentration. Most notably, during the first half of 2023, the most active acquiror by transaction count was El Car Wash, having been the acquiring group in just 11% of the announced transactions. The first half of 2024 had Whistle Express representing a commanding 43% of deals as the acquiring group. In this industry report, we cover all announced M&A transactions in Q2 and provide a candid overview of market trends.
Car Wash Advisory founder Harry Caruso recently joined Meagan Kusek on Wash Talk: The Carwash Podcast for a candid conversation about the state of car wash mergers and acquisitions heading into the second half of 2026.
Recorded live at The Car Wash Show™, the episode examines why transaction activity has slowed, what current market conditions mean for car wash operators and why owners considering a sale should pay close attention to timing.
Caruso explains that car wash transaction counts are on pace to reach their lowest level in approximately a decade. However, the slowdown does not necessarily indicate that the industry has become less attractive.
Instead, the car wash market has matured following several years of rapid expansion and aggressive acquisition activity. Many of the industry’s most active buyers are now approaching the end of their investment horizons, causing some groups to reduce or pause acquisition activity.
A significant portion of the industry’s strongest-performing car washes has also already been acquired. Meanwhile, many recently developed locations have not yet established the operating history and financial performance needed to attract institutional buyers at scale.
For operators with approximately five to 15 locations who are considering a potential sale, Caruso’s message is direct: The current window remains open, but market conditions are unlikely to improve significantly over the next two years.
Waiting does not automatically produce a stronger valuation or a larger pool of buyers. Owners should instead evaluate the performance of their businesses, their personal objectives and the current buyer landscape when deciding whether to begin exploring a transaction.
The episode also examines the significance of Mister Car Wash’s return to private ownership and what the move may indicate about the differences between public and private market valuations.
Caruso discusses how the transaction fits into the broader evolution of the car wash industry and what other operators and investors can learn from it.
Lower transaction volume should not be confused with declining industry performance. The car wash industry continues to attract buyers, investors and lenders, particularly when businesses demonstrate strong operating results, defensible locations and clear opportunities for future growth.
Car wash mergers and acquisitions remain active, but owners must understand how the market has changed and position their businesses accordingly.
Listen to Harry Caruso’s full interview on Wash Talk: The Carwash Podcast.
Car Wash Advisory is an investment banking firm focused exclusively on the car wash industry. Operators considering a sale, recapitalization or other strategic transaction can contact our team to better understand their current options.
The Definitive Quick Guide: Created and Written by Car Wash Advisory Team
