Ed Morse Automotive Group, already one of many nation’s largest dealership teams, simply obtained a bit greater because it entered a brand new state, including 4 Detroit 3 shops.
The Delray Seaside, Fla., group and CEO Teddy Morse this week purchased three dealerships in Missouri from Larry Lindsay and Darrell Lindsay and one from Ken Rhinehart. Phrases of the offers weren’t disclosed.
The Morse-Lindsay transaction, which closed Monday, was for Lindsay Chevrolet and Lindsay Ford in Lebanon and Lindsay Chrysler-Dodge-Jeep-Ram in St. Robert. Each cities are southwest of St. Louis alongside Interstate 44.
The shops have been renamed Ed Morse Chevrolet Lebanon, Ed Morse Ford Lebanon and Ed Morse Chrysler-Dodge-Jeep-Ram Saint Robert.
Teddy Morse informed Automotive Information that he discovered concerning the Lindsay shops within the fall.
“Missouri is a good automotive market; it is truly an excellent truck market,” he mentioned. “We have simply been trying to develop for the final couple of years.”
Morse mentioned assembly the dealerships’ staffs bought him on increasing into Missouri. The group additionally has shops in Florida, Oklahoma and Texas.
“We may purchase buildings, we may purchase filth, we are able to purchase automobiles wherever within the nation,” Morse mentioned. “However the folks, the persons are what makes the shop run.”
Ed Morse group on Wednesday acquired Fairground Auto Plaza in Rolla from Rhinehart, which has been renamed Ed Morse Chevrolet-Buick-GMC Rolla. Morse mentioned Efficiency Brokerage Providers, a dealership buy-sell agency in Irvine, Calif., that dealt with each transactions, informed him concerning the alternative as he was trying on the Lindsay shops.
Rolla is also alongside I-44, and all 4 shops are inside about an hour’s drive and provides the group “a pleasant footprint,” Morse mentioned.
Ed Morse Automotive ranks No. 60 on Automotive News‘ list of the top 150 dealership groups based in the U.S., retailing 14,169 new automobiles in 2020. The group final 12 months generated greater than $1.3 billion in income.
The corporate, in its seventy fifth 12 months, now has 24 dealership areas and 42 franchises and represents 15 automotive manufacturers. Ed Morse, Teddy’s grandfather, began the enterprise in 1946 when he based Morse Motors.
In 2020, the corporate expanded into northern Texas and Oklahoma when it purchased three Fiat Chrysler Cars model dealerships from Hoyte Auto Group. A 12 months earlier, it entered the Dallas market when it acquired two dealerships — one promoting Common Motors manufacturers, the opposite FCA manufacturers — from Roundtree Automotive Group.
And Morse indicated his group is not accomplished shopping for.
“There’s going to be extra progress for the Ed Morse auto group this 12 months,” he mentioned.