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America’s Car-Mart Inc. of Bentonville said it would buy Taylor Motor Co. and Auto Credit of Southern Illinois.
Terms of the acquisition were not released. Taylor Motors of Benton, Illinois, has three dealerships and a reconditioning facility. The dealerships are located in Marion, Benton and Mt. Vernon, cities on Interstate 57 in the southern half of Illinois.
Car-Mart (Nasdaq: CRMT) does not have dealerships in Illinois so the Taylor Motors’ locations will be its first foray in the state, the 12th for Car-Mart. CEO Jeff Williams said Car-Mart will lease the locations.
“Taylor Motors has served southern Illinois for over 88 years and has strong sales volume productivity with a dominant market position in its service areas,” Williams said in a news release.
Steve Taylor, the third-generation owner of Taylor Motors, will join America’s Car-Mart. Taylor’s grandfather, Carmen, founded Taylor Motors in 1931.
Williams said he expects the sale to become final in January.