Divesting the five dealerships was the result of a process Prime began last summer.
"The sales are part of a larger Prime strategy to consolidate operations in the Northeast and are the culmination of agreements with manufacturers," the company said in a March statement.
In August, Prime said it had reached confidential agreements with Toyota Motor Sales USA and distributor Subaru of New England that settled threatened franchise terminations and other disputes. The retailer, at the time, wouldn't disclose whether the settlements required Prime and its majority owner, GPB Capital Holdings, to sell any of its then five Toyota or three Subaru of New England dealerships.
The divestitures are separate from litigation and federal government action involving GPB, an alternative-asset management firm.
GPB CEO David Gentile and two associates were charged by the U.S. Justice Department in February with conspiracy to commit wire fraud, conspiracy to commit securities fraud, and securities fraud. Gentile, who stepped down as GPB's CEO, also was charged with wire fraud and pleaded not guilty to all charges.
Several state governments also have brought actions against GPB and individual defendants.
In February, a federal judge in New York ordered the appointment of an independent monitor to oversee GPB as part of a U.S. Securities and Exchange Commission lawsuit alleging securities fraud.
Earlier this month, the court-approved monitor recommended that he remain in place for another six months. The amended monitor order states he will remain in place until terminated by the court.
Haig Partners, a Fort Lauderdale, Fla., buy-sell firm, advised Prime in the sale of the Chevrolet and Subaru stores. Copeland did not use a broker.
Prime Automotive Group ranks No. 18 on Automotive News' list of the top 150 dealership groups based in the U.S., with retail sales of 31,529 new vehicles in 2020.