MINNEAPOLIS — The Pohlad Companies has agreed to sell one of its businesses to an out-of-state buyer.
The Pohlad Companies will sell the Carousel Motor Group (CMG), which operates eight car dealerships state-wide, to Lithia Motors, Inc., according to a statement from the Pohlad Companies.
The sale will allow Oregon-based Lithia access to the Minnesota market. The business already operates 290 locations nationwide, according to its website.
“Carousel Motor Group’s reputation for excellence and success in our market has poised them for growth. We are confident Lithia Motors, Inc. is the right partner to take them to the next level,” said Tom Pohlad, executive director of the Pohlad Companies, in a press release.
How the sale will impact CMG employees and the sale price was not disclosed and a request for comment from KARE 11 has not been answered at the time of publishing.
In addition to CMG, the Pohlad family is most famously known for its ownership of the Minnesota Twins.
This is a developing story and will be updated as more information becomes available.
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