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.
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