Growing Canadian retailer Foundation Automotive Corp. has entered a brand new state and added a brand new model, Nissan, to its portfolio with its newest acquisition of dealerships.
Foundation Automotive purchased Jones Buick-GMC, Jones Chrysler-Dodge-Jeep-Ram and Jones Nissan in Savannah, Tenn., and Jones Chevrolet Humboldt in Humboldt, Tenn., from Jones Motor Co. on Friday, in response to Andy Gill, CEO of Gill Automotive Group, a sell-side agency in St. Augustine, Fla., who represented the sellers within the deal.
Foundation is retaining the dealership names.
Savannah is east of Memphis and simply north of the Mississippi and Alabama borders. Humboldt is northwest of Savannah.
Jones Motor Co., owned by brothers Clark Jones and Charlie Jones in addition to Chad Jones, Clark’s son, nonetheless owns Jones Ford in Savannah, which was not included within the sale to Foundation, Gill stated.
Foundation stated Chad Jones “will continue to work with Foundation Automotive as an executive under the expansion of the used-car platform” for every of the group’s dealerships.
“The used-car platform they have built at Jones Motor Co. is second-to-none, and we are fortunate to have Chad Jones on board to help expand it to all of our stores,” Foundation CEO Kevin Kutschinski stated in an announcement.
The Canadian group, which purchased two shops and bought one in 2021, has been in progress mode this yr.
In February, Foundation purchased 5 franchised dealerships, plus a used-vehicle dealership and two RV dealerships in Wichita Falls, Texas. And in March, the group purchased a Stellantis dealership south of Houston.
Foundation, of Calgary, Alberta, has a U.S. base in Houston. In addition to Tennessee and Texas, the group has dealerships in Colorado and North Dakota, in addition to three in Canada.
Source: www.autonews.com