Driving the news: David and Dan Hodges sold their two Mazda dealerships in Jacksonville and St. Augustine to Morgan Automotive Group, marking their exit from automotive retail after decades in the business.
For context: The sale included Hodges Mazda of the Avenues in Jacksonville and Hodges Mazda of St. Augustine, with the Jacksonville deal setting a record for the highest blue sky value ever paid for a Mazda franchise, according to the deal’s advisers at Haig Partners. Morgan Automotive Group, Florida's largest dealership group, continues expanding its footprint across the state.
Why it matters: This represents a strategic exit for David Hodges, who spent 35 years in automotive retail including serving as CEO of Scott-McRae Automotive Group and most recently as Chairman of the Mazda Dealer Advisory Council. The brothers are shifting focus to their diverse non-automotive ventures, including minor league sports franchises, an insurance agency, and farming operations in Georgia.
The signal: Haig Partners' Kevin Nill notes that "buyer demand remains exceptionally strong, especially in desirable geographic markets and for top-performing franchises." And he suggests this may be "the most opportune time we've seen in years to explore a sale" for dealers who've been waiting to see how tariffs and interest rates would play out.
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