Cavender Auto Family has signed a purchase agreement to buy Alderson Auto Group's six luxury stores in Texas that will double Cavender's store count and add nearly 20 percent in annual revenue.
The companies on Monday announced the pending transaction to employees.
Rick Cavender, vice president of the San Antonio dealership group with six stores in Texas, said Alderson's CEO and owner, David Alderson, reached out about six months ago, asking if the group had an interest in buying his stores. Cavender's brother Stephen is president of the auto group and dealer principal.
The Alderson group has been in business more than 70 years, founded in 1949 with a Cadillac store.
Alderson's dealerships are in Lubbock and Midland. They include Audi, BMW, Cadillac, Lexus and Mercedes-Benz stores in Lubbock and a Mercedes-Benz dealership in Midland.