“We’re keeping everybody in their place doing what they’ve been doing,” Morgan mentioned.
Kevin Nill, managing director of Castle Lauderdale buy-sell company Haig Companions, represented Hendrickson Jr. within the transaction.
The Hendrickson population opened their simplest dealership in 1989, consistent with Nill. Al Hendrickson Jr. purchased the gather from his father years in the past.
“Al was considering whether he wanted to grow the organization or if now is the right time for him to go ahead and sell and set his family up for future opportunities,” Nill advised Automobile Information. “And ultimately, he made that decision to go in that direction.”
Nill mentioned the sale offered a possibility that doesn’t occur incessantly.
“You have one of the most desirable franchises, one of the highest-volume dealerships in the country in one of the most attractive markets,” Nill mentioned. “It certainly created a lot of intense demand for it, so it was a fun transaction to work on.”
The dealership offered 9,221 modern automobiles and greater than 2,500 old automobiles in 2022, consistent with Haig Companions. The brand new-vehicle gross sales overall made it the second-highest quantity Toyota broker within the nation in response to new-vehicle gross sales in 2022 and the easiest quantity broker for the franchise within the Southeast pocket for a similar date length, consistent with a Toyota Motor North The us spokesperson.
Despite the fact that Nill and Morgan declined to expose the gross sales value, Nill mentioned “we’re very, very confident that it well exceeds the past record for a single-store sale.”
Haig Companions in the past advised Automobile Information that it believed Team 1 Automobile Inc.’s March 2022 acquire of Charles Maund Toyota in Austin, Texas, fetched the easiest quantity paid for dealership blue sky — the intangible worth of a dealership, together with kindness — that it is aware of of at $206.5 million. Haig cited a Team 1 regulatory submitting for the determine.
Morgan mentioned the Hendrickson population had been “first-class people” throughout the trade in and that their groups shared alike philosophies in centering the crowd — shoppers and staff — of their dealerships.
“The Hendrickson deal was a smooth transaction and that’s the way we like them,” Morgan mentioned.
Plans for construction a modern facility are within the works, however the dealership identify will stay, Morgan mentioned. Coconut Creek is north of Castle Lauderdale.
Tuesday’s transaction marks the 5th dealership added this time to Morgan Automobile’s portfolio, following the acquisition of its first Miami gather in March and 3 retail outlets in Leesburg and Fruitland Terrain, additionally in Florida, in April.
One of the crucial nation’s biggest dealership teams, Morgan Automobile added 10 retail outlets in 2022, together with two Kia dealerships bought from LMP Automobile Holdings Inc. in December.
Morgan Automobile owns greater than 60 dealerships in Florida and ranks Negative. 8 on Automobile Information’ checklist of the lead 150 dealership teams within the U.S., retailing 59,378 modern automobiles in 2022.
