The 401 Group of Companies has taken another step toward “connecting all the dots” in Northern Ontario with the June 1 acquisition of Farquhar Chrysler-Dodge-Jeep-Ram, its first store in North Bay.
The purchase builds on the dealership group’s strong presence in the southern part of the province and its footprint in Sudbury, said Ted Lancaster, the company’s executive vice-president of business development, and mergers and acquisitions.
“It fits well with our business,” which now totals 19 new-vehicle dealerships in Ontario, Lancaster told Automotive News Canada.
The Cambridge, Ont.-based dealership group purchased a majority interest in the store from owner Ryan Farquhar. Financial terms of the deal were not disclosed.
Along with the North Bay locale and nearly 25,000 square-foot (about 2,300 square-metre) dealership facility, Lancaster said the store’s long-tenured staff stood out as one of the rationales for the acquisition.
“A lot of them have been there for a number of years, and with what we’re capable of doing and working with people that have been in the community for a long time, it just fits very, very well for us and for our brand.”
The dealership group operates mainly in smaller Ontario markets, focusing on integrating new sales techniques and lead generation technology at the stores it acquires.
The North Bay deal follows a pair of acquisitions that closed late last year and added seven new-vehicle dealerships to the 401 Group’s portfolio. The company now owns 19 new-car dealerships, as well as more than a dozen RV and powersports stores across Ontario.
