New Ownership Empowers Morrie's Automotive Group to Continue Evolving Vehicle Shopping and Owning

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Oct 16, 2015, 10:00 ET

MINNETONKA, Minn., Oct. 16, 2015 /PRNewswire/ -- Morrie's Automotive Group in Minneapolis, Minn., is being purchased by a group consisting of current Morrie's Automotive Group CEO, Karl Schmidt, and Fremont Private Holdings, LLC. The agreement includes the sale of all Morrie's dealerships, body shops and related real estate. Transfer of ownership is expected to take place during the fourth quarter or early in 2016 pending manufacturer approval. Morrie's does not anticipate any material changes to its management structure, staffing or dealership operations as a result of the transaction.

During the last six years, Morrie's Automotive Group has enjoyed significant growth. Morrie's introduced the Buy Happy® brand to the market, which transformed the car-shopping experience with innovations, including one-price selling, real pictures of every vehicle online, no-cost oil changes, complimentary car washes and a free lifetime powertrain warranty with every new vehicle. "Buy Happy and everything it stands for is a promise to customers, and it's a promise Morrie's will continue to keep," said Schmidt.

Schmidt followed a formula put in place by Morrie Wagener, the current owner who founded Morrie's in 1960. "I built a business on the basics. Do what's right, hire good people and provide a better experience. Running a business is nothing more than satisfying people, those who work for Morrie's and those who shop Morrie's," said Wagener.

Years of consistent financial growth and the recent opening of the new Morrie's Luxury Auto offered Wagener the perfect opportunity to exit the automotive business and transfer a portion of the new ownership to Schmidt who has overseen operations since 2009.

The purchase will allow Morrie's Automotive Group to add more dealerships, expand brand offerings, hire more staff and bring further innovation to the car-shopping experience to make it more transparent and more enjoyable.

Proud of what he built, Wagener looks forward to the future of Morrie's Automotive Group. "The Morrie's name will continue to be used, and Morrie's will continue to lead the way in customer experience. I'm excited for my family, excited for the customers and, most of all, excited to watch how Morrie's Automotive Group evolves the dealership concept," said Wagener.

About Morrie's Automotive Group
Morries' Automotive Group was founded in 1960 by Morrie Wagener, a graduate of Dunwoody College of Technology. Currently, Morrie's Automotive Group offers 10 brands including Aston Martin, Bentley, Cadillac, Ford, Hyundai, Lincoln, Maserati, Mazda, Nissan and Subaru with locations in Minnesota and Wisconsin. Visit morries.com to learn more.

SOURCE Morrie's Automotive Group