Driving the news: Ed Morse Automotive Group has entered into a definitive agreement to purchase a luxury dealership in Montana from DMN Auto Holdings. The deal is expected to close in July.
For context: The Delray Beach, Florida-based group is set to acquire Mercedes-Benz of Billings in Montana.
The store name is expected to stay the same.
Ed Morse Automotive owns 60 franchised dealerships and powersports stores in multiple states, including Arizona, Texas, and Colorado.
Once final, this will be the retailer’s third luxury brand and seventh luxury store, CEO Teddy Morse told CDG News.
In April, the group bought its first Porsche store. They also own five Cadillac dealerships.
What they’re saying: Randy Hoffman, COO for Ed Morse Automotive, said the Mercedes-Benz brand is iconic and complements the group’s OEM portfolio.
“Montana, specifically the Billings market, is an area that we've researched and targeted for several years, looking for the right opportunity,” Hoffman said.
Bottom line: The ever-expanding Ed Morse Automotive Group has completed two acquisitions so far this year, not counting the still-pending Montana deal, and Hoffman said the group expects to close more this year.
You can see this deal announcement and many more throughout the entire year by visiting the CDG Buy/Sell tracker at CDGbuysell.com, powered by:
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