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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.
The U.S. car wash industry is moving into a more mature phase of its evolution. After several years of rapid consolidation, aggressive expansion, and elevated valuations, the market is settling into a more disciplined operating environment. Activity has not disappeared. Instead, it has become more selective. Buyers are placing greater emphasis on asset quality, unit-level performance, and operational efficiency, while transaction volume has stabilized closer to historical norms. This shift reflects a market recalibrating after a period of accelerated growth.
At the same time, the current landscape is increasingly divided. Well-capitalized acquirers are focusing on densification, strategic add-ons, and scalable operations, while sellers shaped by the prior expansion cycle are facing more nuanced exit considerations. Deal structures have diversified, buyer participation has broadened, and premium assets continue to separate themselves in both liquidity and valuation. As new builds progress and sponsor exits come into view, the industry is moving toward a clearer balance between growth, risk, and return. The fundamentals that have long supported car washes remain intact, but success in this next phase will favor those positioned to operate efficiently and adapt as the market continues to evolve.
Backed by proprietary data and hands-on transaction experience, the 2025 Car Wash M&A Report provides operators, investors, and industry leaders with a clear view of where the market stands today and how shifting capital dynamics may shape deal activity 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.
The Meaningful and Visual Story of M&A, Growth, and Consolidation In the U.S. Car Wash Industry
