Morgan Auto Group reaches Top 50 on Automotive News Top 150 Dealer Group List
The Tampa Bay area based Morgan Auto Group has reached the Top 50 on the Automotive News Top 150 Dealer Group List for the first time. They find themselves at #49 on the 2016 annual survey that is released each Spring. Our Chairman Larry Morgan was quoted extensively in the corresponding news article. The list is based on annual new car volume.
From Automotive News:
“Morgan Auto Group ranked third in rungs climbed, as its acquisitions brought it to No. 49, up 29 places from last year, on a retail new-unit sales increase of 45 percent. On a same-store basis, the Tampa, Fla., group outpaced the U.S. industry’s 0.3 percent sales increase, rising 2.2 percent, said Chairman Larry Morgan. The dealership group also strengthened its used-vehicle sales, fixed ops business and F&I results in 2016, he said.
Morgan Auto Group acquired Sun Toyota in Holiday, Fla., Mercedes-Benz of Gainesville (Fla.), and Rountree-Moore Toyota, Rountree-Moore Chevrolet-Cadillac, Rountree-Moore Ford-Lincoln, Rountree-Moore Nissan and Rountree-Moore Kia in Lake City, Fla.
“They were right in our own backyard,” Morgan said. “They were good brands. We saw upside that we thought could improve the operations. We had good bench strength to grow our business.”
From Automotive News:
2017 sales
“Morgan believes the days of record sales growth may be waning. “I think the industry has topped off,” he said. “I think it will be flat” in 2017.
Morgan Auto Group has budgeted for a same-store sales increase this year, he said, but “on the new side, we are not budgeting as aggressively as the last four to five years.”
In contrast, the dealership group continues to budget for growth by acquisition.
So far in 2017, Morgan Auto Group has added two stores: Naples (Fla.) Chrysler-Dodge-Jeep-Ram and Naples Mazda.
The group is expecting to acquire more stores in 2017, Morgan said.”
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