Another big dealership group has outside money backing its search for dealerships to buy.
Roundtree Automotive Group said last week that it has formed a partnership with private investment firm Lantern Capital Partners. The new venture, dubbed Roundtree Capital Partners, unites the two Dallas outfits to focus on acquiring "high-quality" dealerships throughout the U.S., Roundtree said in a press release.
The company's acquisition strategy is to partner with local entrepreneurs and dealership operators who will maintain minority ownership and strive to improve store performance, the release said.
Roundtree -- founded by Frank Stinson and run now by his son, Matt Stinson -- owns dealerships from California to Louisiana.
In 2014, it ranked No. 81 on Automotive News' list of the top 125 dealership groups based in the U.S., with retail sales of 10,904 new vehicles in 2013. It has not been included in more recent rankings.
A Roundtree spokesman declined to disclose how much money the new partnership has earmarked for acquisitions.