Tampa auto group becomes largest car dealer in Florida after buying Hollywood Kia
By Brian Bandell
Tampa Bay Business Journal
Published: Jun 6, 2024

Hollywood Kia was sold to an affiliate of Tampa-based Morgan Automotive Group.

The price on the two deeds for the Hollywood dealership was $22.5 million, however, sales of auto dealerships often include additional compensation besides the real estate purchase price. Fort Lauderdale-based Haig Partners said it was the sell-side adviser on the deal, which it called a record price for a Kia dealership.

The broker said that Hollywood Kia, owned by Joe Levy and Steve Gutstein, was the No. 2 Kia dealership in the nation with 4,342 new vehicle sales in 2023 and No. 1 in the Southeast Region. It’s on pace to be No. 2 in the nation this year as well, it added.

Levy Properties LLC and 6022 Flagler LLC sold the 5.38-acre property with a 23,911-square-foot dealership at 1616 and 1640 S. State Road 7, 6022 to 6039 Flagler St., 6027 to 6041 Fletcher St., and 6101 Pembroke Road to Hollywood K Automotive Management LLC, an affiliate of Morgan Auto Group. Property data firm Vizzda confirmed the size of the property.

The dealership was built in 1977, but it wasn’t a Kia at the time. Kia started selling vehicles in the United States in 1993. Joe Levy acquired the Kia franchise in Hollywood in 2008, according to Haig Partners. Gutstein became a partner in the business in 2019.

“It was a pleasure for our family to own Hollywood Kia for the past 16 years, but we have decided to focus our efforts on real estate development,” Levy stated. “The auto industry is becoming a more complex business where companies like Morgan Auto Group will thrive in the future. Larry ‘Captain’ Morgan and I became friends during this process, and I know they will take good care of our people. My partner, Steve Gutstein, will be staying on to continue to run the dealership, and together, they will be a dream team for Kia.”

Morgan Auto Group now owns 77 dealerships, making it No. 8 in the nation and the largest automotive group in Florida, according to Haig Partners.

“We are excited to bring Hollywood Kia into the Morgan family,” said Morgan Automotive CEO Brett Morgan in a statement. “This acquisition not only highlights our commitment to growth but also reinforces our dedication to providing exceptional service and quality vehicles to our customers. Hollywood Kia is certainly a significant addition to our group."

In January, Morgan Auto Group acquired South Motors-Vista Motors. In 2023, it acquired Al Hendrickson Toyota.