Dream Motor Group, backed by University of Alabama’s legendary football coach Nick Saban, alongside former Mercedes-Benz CEO Steve Cannon, and CEO Joe Agresti, has made a significant move into the South Florida automotive market. In a deal estimated at approximately $700 million, Dream Motor Group has acquired two Mercedes-Benz dealerships, signaling a major expansion for the company.
On July 31st, Dream Motor Group officially entered the Florida market, purchasing a collision center, Mercedes-Benz of Cutler Bay, and Mercedes-Benz of Coral Gables from Bill Ussery Motors. Joe Agresti highlighted the rarity and scale of this acquisition, stating, “This is significant. It is rare for Mercedes-Benz to produce this much volume in one fell swoop.” This acquisition instantly establishes Dream Motor Group as a prominent player in the competitive Florida luxury car market.
Industry experts suggest Florida’s favorable franchise laws for dealerships contribute to high profitability and goodwill values, making it an attractive market for acquisitions. Alan Haig, president of Haig Partners, a dealership buy-sell company based in Fort Lauderdale, Florida, commented on the transaction’s significance, noting, “Florida has these great franchise laws that allow dealers to generate high profits, and that shows up in high goodwill values.” While Haig’s company was not involved in this particular deal, he anticipates further similar transactions in the automotive sector within the coming year, indicating a trend towards consolidation and expansion in profitable markets like Florida.
The Florida acquisitions significantly broaden Dream Motor Group’s existing portfolio of dealerships, which already includes locations across Alabama, Louisiana, Tennessee, and Texas. Their current holdings feature:
- Mercedes-Benz of The Woodlands in Texas
- Mercedes-Benz of Baton Rouge in Louisiana
- Mercedes-Benz of Birmingham in Irondale, Alabama
- Mercedes-Benz of Music City in Nashville, Tennessee
- Ferrari dealership Prancing Horse of Nashville, Tennessee
- Infiniti of Birmingham in Hoover, Alabama
With the addition of the two Florida Mercedes-Benz dealerships, Dream Motor Group anticipates selling around 22,000 new vehicles annually. Agresti emphasized the group’s strategic focus on brand excellence over brand diversification: “Unlike most dealers who spend a lot of time thinking about franchise diversity, we spend a little bit of time doing that,” Agresti explained. “We spend more time trying to be the best we can at running the brands we have, so we consider ourselves a bit of Mercedes-Benz experts.” This concentrated approach, coupled with the leadership of figures like Nick Saban and Steve Cannon, positions Dream Motor Group for continued success and growth within the Mercedes-Benz brand and the luxury automotive market.
