Florida dealership sold to Morgan Auto Group, marking the 121st Kerrigan-led dealership sale since 2014
INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Kerrigan Advisors, a leading sell-side advisory firm and thought leader to auto dealers in the US, represented and advised Fuccillo Automotive Group in its sale of Fuccillo Nissan of Clearwater to Florida's Morgan Auto Group. With this transaction, Kerrigan Advisors has sold five Florida dealerships on behalf of the Fuccillo family since December 2019. The sale of Nissan of Clearwater is the 121st dealership sale led by the Kerrigan Advisors team since 2015 and the firm's 9th dealership sale in Florida in the last 28 months, cementing Kerrigan Advisors' position as the most active advisor in the state.
Fuccillo's dealerships have built a commanding reputation in the highly sought-after Florida car market. Fuccillo Nissan of Clearwater is located in the Tampa metropolitan area, one of the top 10 fastest growing markets in the US, and operates in a new, state-of-the-art facility in South Clearwater's auto row on US Hwy19, a major retail thoroughfare. The acquirer, Morgan Auto Group, is one of the largest dealership groups in Florida with 46 retail locations in Tampa, Gainesville, Ocala, Lake City, Jacksonville, Sarasota, Naples, Fort Myers, Brandon, New Port Richey, Orlando, and the surrounding areas.
"This was a match that just made sense. Our goal was to make sure that Nissan of Clearwater continued to serve the community with the highest of standards, and Morgan Auto Group's deep roots in Florida, and superlative record, should ensure just that" said Billy Fuccillo Jr., President of Fuccillo Automotive Group. "Once again, Kerrigan Advisors demonstrated their strategic expertise and comprehensive knowledge of our market with another seamless transaction."
Previously, Kerrigan Advisors represented and advised Fuccillo Automotive Group in its sale of Fuccillo Kia of Cape Coral and Fuccillo Kia of Port Charlotte in Southwest Florida to LMP Motors, and of Fuccillo Nissan of Orange Park and Fuccillo Kia of Wesley Chapel to Morgan Automotive Group.
"From our prior work with the Fuccillo group, we knew the importance of the relationship between the Fuccillos and the Florida communities they serve, as well as the significance of their legacy in the state. We are proud to have had the opportunity to preserve that legacy as we shepherded the group through another successful transaction in today's dynamic auto retail buy/sell market" said Gabe Robleto, Vice President of Kerrigan Advisors.
Florida is a highly sought-after state by buyers due to its high population growth, thriving economy, lower taxes and high revenue per dealership - the 2nd highest in the US.
"The Florida auto retail market is incredible, and certainly among the best in the United States. As evidenced by this transaction, all franchises in Florida can generate significant profits, strong buyer demand and, ultimately, high valuations" said Ryan Kerrigan, Managing Director of Kerrigan Advisors. "It has been our pleasure to work with the Fuccillo family over the last several years to monetize their decades of hard work. Working with dealer families, and helping them make generational planning and legacy decisions, is one of the most fulfilling parts of our work at Kerrigan Advisors. We have been honored to do this for the Fuccillo family."
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