On March 1, Morrie's Automotive Group, was sold to Karl Schmidt, the CEO since 2009, and Fremont Private Holdings. The businesses will continue to operate under the Morrie's name.
The sale included 11 stores covering 10 brands that generate approximately $600 million in annual revenue. According to Automotive News, the group plans to add at least 200 employees across all departments in the coming years. Fremont also wants to diversify the group's brand mix by adding premiere luxury and domestic brands, preferably in the Midwest.
AUTOMOTIVE NEWS