UPDATED: 8/11/14 2:33 pm ET
Florida dealer David Maus is bowing out of a deal to become part owner and COO of a new South Carolina dealership holding company called First Team Automotive Group.
The deal was announced last week, but Maus had a change of heart, said a spokeswoman for Maus.
"We were unable to agree on the terms of the agreement," the spokeswoman added.
Warner Peacock, CEO of New River Auto Mall in South Carolina, created First Team Automotive on Aug. 1. It owns nine dealerships representing 15 brands at the New River Auto Mall in Hardeeville, S.C., plus a Jaguar and a Land Rover store in Columbia, S.C. It employs about 400 people.
First Team Automotive plans to buy more dealerships in South Carolina, Georgia and Florida to expand its reach, the company said in a statement last week.
Maus had been the dealer principal for David Maus Toyota, David Maus Chevrolet, David Maus VW South and David Maus VW North, all in central Florida.
Those stores, which are now owned by the Van Tuyl Group, are not part of First Team Automotive.