“To be capable to extend our automotive footprint into the fantastic point out of Iowa is greatly exciting for our firm,” Teddy Morse, CEO of Ed Morse Automotive, mentioned in a statement. “We appear ahead to building sizeable cash advancements and supporting the communities of Muscatine and DeWitt.”
The Ed Morse team has been in growth mode. In December, it acquired a Ford dealership in St. Robert, Mo., and entered Illinois with the purchase of Weir Chevrolet-Buick-GMC and Weir Ford, both equally in Crimson Bud, and Weir Chrysler-Dodge-Jeep-Ram in New Athens. In July, Ed Morse Automotive acquired two dealerships in Texas,and in May well, it entered Missouri with the buy of four dealerships the team also bought two Florida dealerships that thirty day period.
Ed Morse now has about 30 franchised dealership rooftops in Florida, Illinois, Oklahoma, Missouri, Texas and Iowa.
It ranks No. 60 on Automotive News‘ most recent record of the best 150 dealership groups primarily based in the U.S., retailing 14,169 new vehicles in 2020.
Jennifer Rafael of Seller Solutions Mergers and Acquisitions, a Markham, Ontario, get-promote agency with U.S. places of work, represented the seller in the transaction, in accordance to the Ed Morse team.