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Terms of the contract are not disclosed. Neither side used a broker, Morgan said.
Reeves had owned the dealership group since 1971, starting with a Volkswagen dealership.
“This was actually the third time we’ve had any kind of conversations with Vivian about an acquisition,†Morgan said.
Morgan said Kelly Rogers, Managing Director of Reeves Import Motorcars, will stay and work with Victor Young, who will be Regional Platform Director at Morgan Import Motorcars. Young is a partner of three other Morgan dealers.
Morgan Auto now has 53 dealers, all in Florida. In August, it bought Fuccillo Nissan from Clearwater from Fuccillo Automotive Group.
Larry Morgan, Brett’s father, turned a single tire store into an empire Tires Over 600 stores, which he sold in 2001. Larry Morgan retired in 2004 and invested in Kuhn Honda-Volkswagen in Tampa. The Morgan Group then bought this store.
For about a decade, the Morgan Group bought about one dealership per year. Then, in five years from 2015 to 2020, the group acquired 32 stores.
Morgan ranks # 11 on Automotive Newslist of the top 150 US-based dealer groups, retailing 41,842 new vehicles in 2020.
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