Gossett Motor Cars, the largest privately owned dealership group in Memphis, Tenn., has sold four Kia and Hyundai dealerships to Lithia Motors, according to Kerrigan Advisors, which represented the seller.

The stores are Gossett Kia, Gossett Hyundai, Gossett Kia South and Gossett Hyundai South, and they sit on Covington Pike and Mt. Moriah Road, two of the city’s top auto rows. The sale includes two of the three Kia points and two of the four Hyundai points in the Memphis market and more than doubles the local presence of Lithia, which became the nation’s No. 1 auto retailer this year.

“This was a strategic decision for our group. It allows our team to focus our efforts on our remaining eight dealerships, and Lithia’s recent expansion in Memphis made them the right partner for our Kia and Hyundai stores,” writes Al Gossett, the group’s founder and chief executive.

Kerrigan Advisors raised its blue sky multiple for Kia in both the first and second quarters, as noted in its Q2 Blue Sky Report.

Read more at Business Wire