MINNEAPOLIS — Pohlad Companies has agreed to sell one of its businesses to an out-of-state buyer.
Pohrad Companies will sell Carousel Motor Group (CMG), which operates eight car dealerships in the state, to Lithium Motors, Inc., according to an announcement from Pohrad Companies.
The sale will give Oregon-based Resur Inc. access to the Minnesota market. The company already operates 290 locations nationwide, according to its website.
“Carousel Motor Group is poised for growth with its reputation for excellence and success in the marketplace. We are confident that Lithia Motors, Inc. is the right partner to take our company to the next level. We are confident in this,” said Tom Pohlad, executive director of Pohlad Companies, in a press release.
How the sale will affect CMG employees or the sale price was not disclosed, and requests for comment from KARE 11 were not answered as of the publication of this article.
In addition to CMG, the Pohlad family is best known for owning the Minnesota Twins.
This is a developing story and will be updated as more information becomes available.
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