Episode 271: Reading the M&A market with Harry Caruso

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Episode 271: Reading the M&A market with Harry Caruso

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In this episode of Wash Talk: The Carwash Podcast, host Meagan Kusek sits down with Harry Caruso, founder of Car Wash Advisory, for a candid assessment of where carwash mergers and acquisitions stand heading into the back half of 2026. Recorded live at The Car Wash Show™, the conversation opens with Caruso's frank take on the current deal environment: Transaction counts are on pace to be the lowest in about a decade, not because the industry is less attractive, but because it has matured past the frenzied growth phase of recent years.
Caruso explains that many of the most active buyers from the last decade are now approaching the end of their investment horizons and pulling back. At the same time, a large share of the best-performing carwashes have already been acquired, and newer sites haven't yet built the track record needed to be acquirable at scale. He notes that for operators with five to 15 sites considering a sale, the message is straightforward: The window is open now and conditions are unlikely to improve over the next two years.
The episode also covers the significance of Mister Car Wash's return to private ownership. Caruso closes with a reminder that declining transaction volume is not the same as a declining industry and that carwash mergers and acquisitions remain active for operators positioned to move.

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