Terms of the deal were not disclosed. Neither party used a broker, Morgan said.
Reeves had owned the dealership group since 1971, starting out with a Volkswagen dealership.
“This was actually the third time where we kind of had conversations with Vivian about an acquisition,” Morgan said.
Morgan said Kelly Rogers, general manager of Reeves Import Motorcars, is staying on and will work with Victor Young, who will be regional platform director at Morgan Import Motorcars. Young is a partner at three other Morgan dealerships.
Morgan Auto now has 53 dealerships, all in Florida. In August, it bought Fuccillo Nissan of Clearwater from Fuccillo Automotive Group.
Larry Morgan, Brett’s father, turned a single tire shop into the 600-store Tires Plus empire, which he sold in 2001. Larry Morgan came out of retirement in 2004 and invested in Kuhn Honda-Volkswagen in Tampa. The Morgan group later purchased that store.
For about a decade, the Morgan group bought about one dealership a year. Then, in a five-year stretch from 2015 to 2020, the group acquired 32 stores.
Morgan ranks No. 11 on Automotive News‘ list of the top 150 dealership groups based in the U.S., retailing 41,842 new vehicles in 2020.
Most Related Links :
Business News Governmental News Finance News