Record profits drive a surge of M&A activity among auto dealerships

Morgan Automotive Group, to quote The Eagles, lived “life in the fast lane” in 2020-21 in terms of revenue growth. According to company spokesman Tanner Boyle, the firm’s revenue jumped from $3.22 billion in 2020 to $5.41 billion last year, up 68%. It ended 2021 with 4,593 employees.

Part of the Tampa company’s growth can be attributed to its aggressive M&A strategy. After its latest acquisitions, in mid-May, Morgan Automotive now boasts 55 dealerships, including 23 in the Tampa Bay region.