With dad as a guide, CEO leads dealership group through expansion

Editor's note: An earlier version of this story included an incorrect title for Brett Morgan.

When Brett Morgan looks back on the impressive run of dealership acquisitions made by Morgan Automotive Group of Tampa, Fla., during the last five years or so, he can't help but think of his father, Larry, who led his son into the automotive industry.

"My dad had a tremendous impact on my career," said Morgan, 41, the group's CEO. "He's the hardest-working man I know, and I learn something new from him every day. He wakes up every morning ready to win but also wants to see people grow in their abilities and be able to provide for their families."

As a result, Morgan views most things in his life "through this mindset of foundational entrepreneurship," as he puts it.

"The stakes were against [my dad] at certain times, but he always bet on himself, and it always turned out very well," Morgan said.

The same could be said for Morgan's career, which includes recognition as an Automotive News 40 Under 40 honoree in 2013.

Morgan earned that recognition in part for reversing the fortunes of an unprofitable Buick-GMC store in Gainesville, Fla., in 2010, in the aftermath of the Great Recession.

"A lot of who I am today was informed by those recessionary days when our backs were against the wall," Morgan said. "We became experts in managing expenses. We did our own landscaping and cleaned the dealership ourselves. Those were tough days."

The 40 Under 40 recognition validated that he was doing things the right way — and gave him a stronger platform from which to talk about and implement business and management principles.

"Receiving that award gave me more credibility," Morgan said.

Growing businesses is in the Morgan family's DNA.

Larry Morgan turned a single tire shop into the 600-store Tires Plus empire, which he sold in 2001. But he came out of retirement in 2004 and invested in Kuhn Honda-Volkswagen in Tampa. The Morgan group later purchased that store, Brett Morgan said.

For about a decade, the group bought about one dealership a year.

Then came the big boom — 32 stores acquired in a five-year stretch from 2015 to 2020, bringing Morgan Automotive's store count to 45 at the end of last year.

The growth vaulted Morgan Automotive to No. 11 on Automotive News' most recent list of the top 150 dealership groups based in the U.S. That was up from No. 79 for 2013.

Morgan Automotive has continued its expansion this year; it now owns 46 stores.

To manage the exponential growth, Brett Morgan, who held a number of positions on his way to becoming CEO, said he and his father, the group's chairman, focus on empowering people vs. micromanaging.

"At the end of the day, we're more or less conductors," Morgan said. "We like to hire really good general managers and pay them very well. While we have rules of the road, we also want them to engage in the entrepreneurial spirit. ... Our job is to hold them accountable."

Morgan cites humility as a key factor in effectively managing people. That's an especially valuable attribute when climbing the corporate ladder as the son of the company's owner.

"I'm my own toughest critic," he said. "I know how people tend to view the children of very successful businesspeople, so a little bit of self-awareness goes a long way."

Another factor in the company's growth: Morgan and his father won't abide complacency, he said.

"I have a real problem with someone in automotive retail that's content," Morgan said. "My dad still comes into work each day like he has something to learn. I know it's not for everyone, but we're never satisfied as a company."

There's always room for improvement, he added.

"This is a very complex business, but success is fundamental," he said. "It's all about good communication and discipline, especially at our rate of acquisitions."

What would Morgan tell a younger version of himself, knowing what he knows now?

"Take care of yourself. No one will do it for you," he replied without hesitation.

"I was a late bloomer to the idea of self-care. ... I used to always put others first and worked for the approval of others. But I've learned there's nothing wrong with serving yourself if it puts you in a better place to serve others."

Morgan said one of the great joys of his job is seeing people develop personally and professionally. He said he's proud that other Morgan Automotive Group employees have earned the 40 Under 40 designation over the years.

"Watching people grow — putting them in a good environment and providing them with the skills and resources to get better — is the best part of my job," Morgan said. "We love to put people in a position to win."

After all, that's what Larry Morgan did for his son 17 years ago.