Ed Morse scores $114M refinance for 10 Florida dealerships

Loan assumes and adds to a $95M mortgage from 2015

Ed Morse Cadillac of Delray Beach (Credit: DealerRater.com)
Ed Morse Cadillac of Delray Beach (Credit: DealerRater.com)

UPDATED March. 12th, 3:35 p.m.: Auto titan Edward “Teddy” Morse III just scored $114.3 million in financing for 10 of his dealerships in Florida.

Midvale, Utah-based Ally Bank is the lender, according to property records. The bank assumed a $95 million mortgage from Bank of America in 2015 and increased the loan to $114.3 million. It covers dealerships in Brandon, Tampa, Lakeland, Port Richey, Delray Beach, Riviera Beach, Fort Lauderdale, Sunrise and Lake Park.

“The timing was right, with rates on the rise, to lock in a fixed rate,” Teddy Morse, Chairman and CEO of Ed Morse Automotive Group said via email. He added the company is planning to expand.

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After his father’s death in 2016, Morse took over his family’s dealership company, founded by his grandfather in 1963. In 2016, the company recorded $1.3 billion in sales, making it one of the largest car dealers based on sales volume.

In January, Terry Taylor, head of Daytona Beach-based Automotive Management Services, picked up a dealership in Royal Palm Beach for $44.7 million. A month before, Orlando-based Greenway Automotive Group, paid $6.2 million for a warehouse near Deerfield Beach.