Two Canadian dealership groups expanded their U.S. portfolios in fourth-quarter transactions to end 2022.
Foundation Automotive Corp., which entered Tennessee in July, further expanded in the southern state with a fourth-quarter acquisition.
Foundation Automotive on Dec. 14 bought Humboldt Chrysler-Dodge-Jeep-Ram in Humboldt, Tenn., the auto retailer confirmed.
Foundation Automotive purchased the store from Lonnie Cobb. The dealership's name remains. Cobb still owns a Ford dealership in Henderson, Tenn., Foundation Automotive said.
Humboldt is west of Nashville. One of the four dealerships Foundation Automotive bought in July from Jones Motor Co. is in Humboldt, while the other three are in Savannah, Tenn., east of Memphis and north of the Mississippi and Alabama borders.
"This is our fifth acquisition in Tennessee with an additional two stores in the Nashville area closing in early 2023," Foundation Automotive CEO Kevin Kutschinski said in a statement.
In August, Foundation Automotive bought a Mercedes-Benz dealership in Texas.
Foundation Automotive, 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, plus three in Canada.