Orlando-area dealership sold to Morgan Automotive Group, marking—the 155th—Kerrigan-led dealership sale since 2015
INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Kerrigan Advisors, the premier sell-side advisor and thought partner to auto dealers nationwide, represented Fuccillo Automotive Group in the sale of Fuccillo Kia of Clermont to Florida's Morgan Automotive Group, one of the fastest growing and largest private dealership groups in Florida.
With the transaction, Kerrigan Advisors has now sold six Florida dealerships on behalf of the Fuccillo family since December 2019; it's also the 155th sale led by the firm since 2015. Kerrigan Advisors is the most active auto dealership sell-side advisor in the state of Florida.
Founded over 30 years ago, the Fuccillo Automotive Group built a reputation for friendly service that resulted in a commanding position in the highly sought-after Florida car market. Fuccillo Kia of Clermont, located in the Orlando metropolitan area, is among the most desirable stores in one of the fastest growing markets in the US: Orlando is the 3rd largest metro in Florida, 4th largest in the Southeast, and 22nd largest in the United States -- and among the top areas nationally for job growth, career opportunity, quality of life, and education. Clermont itself is one of the 20 fastest growing cities in the region.
The acquirer, Morgan Automotive Group, is ranked in the top ten by Automotive News in its Top 150 Dealership Groups list, with 53 Florida locations in Tampa, Gainesville, Ocala, Lake City, Jacksonville, Sarasota, Naples, Fort Myers, Brandon, New Port Richey, Orlando, and the surrounding areas.
"Florida dealerships are among the highest volume and most profitable in the nation" said Gabe Robleto, Vice President of Kerrigan Advisors. "Given that fact, we were humbled to once again advise the Fuccillo family, this time on the Fuccillo Kia of Clermont transaction. We're proud of the work we've done in helping the family monetize over 30 years of dedication, hard work and community investment."
"Representing the Fuccillo organization again was a real honor" said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. "Demand for dealerships remains at record high levels given the industry's robust profitability and attractive business model. Kerrigan Advisors expects 2022 to be at or above 2021's record level for transactions, as valuations remain high and dealers continue to allocate record amounts of capital to acquisitions."
Kerrigan also noted that demand for dealerships in Florida is the highest in the nation. One out of every 3 buyers in Kerrigan Advisors' proprietary buyer database is seeking a dealership in Florida, resulting in blue sky multiples one to two turns higher, as compared to the published national multiples in The Blue Sky Report. Kerrigan also commented that demand for Kia dealerships is on the rise and this transaction reflects the franchise's increased blue sky multiple in the most recent Kerrigan report.
To contact Kerrigan Advisors, the most active sell-side advisor on larger transactions in the auto retail industry, click here.
Kerrigan Advisors is the leading sell-side advisor and thought partner to auto dealers nationwide. Since its founding in 2014, the firm has led the industry with the sale of over 275 dealerships representing $9 billion in client proceeds, including the third largest transaction in auto retail history – the sale of Jim Koons Automotive Companies to Asbury Automotive Group. The firm advises the industry’s leading dealership groups, enhancing value through the lifecycle of growing, operating and, when the time is right, selling their businesses. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, Kerrigan Advisors does not take listings, rather they develop a customized sales approach for each client to achieve their personal and financial goals. In addition to the firm’s sell-side advisory services, Kerrigan Advisors also provides a suite of consulting and investor services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.
Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report®, which includes Kerrigan Advisors’ signature blue sky charts, multiples, and analysis for each franchise in the luxury and non-luxury segments. To download a preview of the report, click here. The firm also releases monthly The Kerrigan Index™ composed of the seven publicly traded auto retail companies with operations focused on the US market. The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail. To access The Kerrigan Index™, click here. To read the 2023 Kerrigan Dealer Survey, click here. To read the 2024 Kerrigan OEM Survey, click here. Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.
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