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This week, Haig Partners served as the exclusive sell-side advisor for the most expensive dealership purchase in history with the sale of Al Hendrickson Toyota to Morgan Automotive Group.
Al Hendrickson Toyota, located in Coconut Creek, Florida, is the nation’s second-busiest dealership, with the distinction of selling the most passenger cars among any franchise in 2022. The storefront worked solely with Haig Partners for the transaction, successfully negotiating the highest blue sky value on record.
Opened as a father-son business in 1989, Al Hendrickson Toyota employs over 200 associates. Hendrickson Jr., who has worked at the dealership for more than three decades, attributed the business’s success to its focus on excellent customer service. He thanked Haig Partners for their help in closing the deal: “Their information and advice were dead on, and they truly outperformed even my lofty expectations. I can give them my strongest recommendation to anyone considering the same path…”
Morgan Automotive Group is Flordia’s biggest dealership conglomerate and is owned by father-son duo Larry Morgan and Brett Morgan. “We are immensely grateful to Al Hendrickson and his team for their outstanding partnership throughout this transaction,” writes Larry Morgan. “We also extend our appreciation to Haig Partners for their expertise and thoroughness, making the entire transaction a seamless and pleasant experience.”
With this latest purchase, Morgan Automotive Group now has 67 stores representing multiple domestic and import brands. Alan Haig, company president, noted the historic nature of the occasion, stating, “We were extremely proud and honored to partner with [Al Hendrickson Toyota] in this record-setting sale.” The company has overseen the purchase of 90 storefronts in Florida alone.
The sale underlines the sustained rate of activity in the dealership buy-sell market since the start of the COVID pandemic. Haig remarked that demand is still high for dealerships in 2023, despite the uncertainty caused by the COVID pandemic. Haig Partners recently published its quarterly report, offering extensive insight into the profitability of the car business and the changes it has undergone since the beginning of the year.