Florida Toyota Dealership Sale Sets Transaction Price Record
Published June 22, 2023
The sale of Al Hendrickson Toyota in Coconut Creek, FL, to Morgan Automotive Group (MAG) set a record for the highest blue sky value ever paid for a single dealership, regardless of franchise, said Haig Partners LLC, which served as the exclusive sell-side advisor.
Haig Partners did not disclose the sale price.
Al Hendrickson Toyota, the No. 2 highest-volume Toyota dealership in the U.S., opened its doors as a father-son business in 1989. Under Al Hendrickson Jr.’s leadership, the dealership performs at the highest levels for sales performance and customer satisfaction.
In 2022, it was No. 1 in the U.S. in passenger car sales for any brand, and in 2021 and 2022, it was No. 2 in the U.S. in total new unit sales for any brand. It is also the top volume Toyota dealer in the Southeast region and a recipient of the Toyota Board of Governors Award and Toyota President’s Award.
MAG, led by Larry Morgan and son Brett Morgan, is a privately held group that ranks No. 8 on the Automotive News list of Top 150 Dealership Groups. MAG is the largest dealership group in Florida.
“I always knew I wanted to be in business with my dad, and I am so incredibly fortunate to have had the opportunity to spend the last 30+ years working with and learning from him,” said Hendrickson. “There have been many changes in automotive retail, but the principles of hard work and commitment to our associates, customers and communities we serve have been the backbone of our success. To say that I am extremely proud of what we have built together is an understatement. It is truly more than I could have ever dreamed. I have loved every minute of these 30+ years.
“Making the decision to sell has been an emotional, but also exciting, time for me and my family,” Hendrickson continued. “Initially, we considered potentially expanding, but given the explosive popularity of Florida and Toyota, we were intrigued to know the current value of the business.
“Thank you to all of you who have helped grow Al Hendrickson Toyota into one of the best-known names in the state of Florida and nationwide,” Hendrickson concluded. “And I give my sincere congratulations to Larry Morgan, Brett Morgan and the team at Morgan Automotive Group on bringing our family business into theirs.”
“We are immensely grateful to Al Hendrickson and his team for their outstanding partnership throughout this transaction,” said Larry Morgan, president and CEO of MAG. “Working with Al has been an absolute pleasure, and his dedicated staff has shown tremendous professionalism and excellence. We are excited about the future and eager to elevate the store to new heights with the support of their exceptional team and store leadership. Together, we are poised for success and look forward to the opportunities ahead. We also extend our appreciation to Haig Partners for their expertise and thoroughness, making the entire transaction a seamless and pleasant experience.”
The team at Haig Partners has been involved in the purchase or sale of 90 dealerships in Florida, making it, by far, the most experienced buy-sell advisory firm in the industry.
Source: Haig Partners LLC