Haig Partners LLC served as exclusive sell-side adviser on the sale of second highest-volume Toyota dealership in the nation, Al Hendrickson Toyota, in Coconut Creek, Fla., to Morgan Automotive Group.
The sale of Al Hendrickson Toyota sets a record for the highest blue-sky value ever paid for a single dealership, regardless of franchise.
Al Hendrickson Toyota opened its doors as a father-son business in 1989. Dealership accomplishments include, according to owner Al Hendrickson:
- No. 1 in the nation in passenger car sales in 2022 for any brand
- No. 1-volume Toyota dealer in the Southeast region
- No. 2 in the nation in total new unit sales in 2021 and 2022 for any brand
- 2021 Toyota Board of Governors Award recipient
- Toyota President's Award recipient
Morgan Automotive Group (MAG), led by Larry Morgan and son Brett Morgan, is a privately held group that ranks eighth on the Automotive News list of Top 150 Dealership Groups. MAG is the largest dealership group in Florida.
Al Hendrickson, Jr. said, "I always knew I wanted to be in business with my Dad, and I am so incredibly fortunate to have spent the last 30+ years working with and learning from him. 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."
He added that deciding to sell had been an emotional but also exciting time for him and his family. "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," he said. "David Snodgrass from Bank of America has been our banker for many years, and he encouraged me to engage with experienced buy-sell advisors to get a sense of what our business could be worth and what a sale process would look like. I considered other firms, but I was aware of Haig Partners and its reputation of being a trusted advisor to other Toyota dealers nationwide, and I also knew they had a lot of experience in Florida.”
He added that Kevin Nill and the team at Haig Partners provided him with a realistic idea of what the business would be worth, along with a short list of dealers who would be most interested in buying it.
Hendrickson Jr. also thanked the customers and employees who “helped grow Al Hendrickson Toyota into one of the best-known names in the state of Florida and nationwide. 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."
Alan Haig, president of Haig Partners, stressed that the transaction shows the strength of the buy-sell market and the importance of running a competitive but confidential sales process to uncover the Most Motivated Buyer®.
"Earlier this year, we represented a Stellantis client in another record-breaking transaction, and we are not seeing any slowdown in demand from dealers looking for stores,” Haig concluded.
John Forehand from Kurkin Forehand Brandes, LLP and Glen Goldsmith of Glen R. Goldsmith, P.A. served as legal counsel, Don Linzer, formerly a shareholder of Schneider Downs, provided consulting services and Steven Barber of Schneider Downs provided accounting services to Al Hendrickson Toyota. Greg Humphries from Shutts & Bowen, LLP represented Morgan Automotive Group as legal counsel.
The team at Haig Partners has been involved in the purchase or sale of 90 dealerships in Florida.