Morgan Automotive Group broke into the list’s top 10 for the first time, adding eight stores and bringing its total to 53. Seven came from the group’s purchase of Reeves Import Motorcars in Tampa, Fla., in October.
CEO Brett Morgan told Automotive News the group continues to eye acquisition targets, particularly in its key markets in Florida.
More growth is also on the mind of Borches. Expansion allows Carter Myers to offer weightier career opportunities, she said.
“Back in the day when there were a lot of single-point dealerships, you might hit the ceiling of your career as a sales manager or service manager because maybe there were three or four family members at that next level,” Borches said.
LaFontaine Automotive Group, of Highland, Mich., rose 10 spots on the list to No. 33. Its acquisitions in 2021 brought its total to 29 and added brands new to the group — Lincoln and Mazda. But there are still franchises the group doesn’t have — high-end German brands such as BMW, Mercedes-Benz and Audi and luxury British brands Jaguar and Land Rover, spokesman Max Muncey said.
“We have a gap in our portfolio,” Muncey said. “We recognize that, so those definitely are brands we’re looking for.”
LaFontaine’s leaders see opportunity as smaller dealership groups explore selling, something that can be triggered when store owners don’t have a line of succession, he said.
Such exploration means deal-making could speed up more in 2022, experts say.
“We’re gonna see a continued acceleration in consolidation and then the normal sort of changing hands of targets that aren’t really the typical consolidators,” said Mark Johnson, president of buy-sell firm MD Johnson in Enumclaw, Wash.
Jack Walsworth contributed to this report.
For all the latest Automobile News Click Here
For the latest news and updates, follow us on Google News.
