A management buyout at Beechdale Motor Group in Derby has seen founder Les Waterfall retire.
John Oldfield, already a director at the business, has taken a majority stake in the company as managing director, joined by Gary Siddall, who has taken part ownership as sales director.
The company sells around 700 cars a year and is a main dealer for Alfa Romeo, Hyundai, Isuzu and SsangYong.
Les Waterfall had founded the company with partner Mike Wood in 1982.
The deal was completed by a team led by tax partner Stuart Peck and business services director David Nelson, from Smith Cooper.
Ran Oren, partner and head of corporate at Derby law firm Flint Bishop, advised Beechdale and its new owners.
Oldfield said: “We are delighted to have completed the buyout. Beechdale Motors has established a reputation as one of the leading family-owned dealerships in the Midlands and we look forward to developing the business still further.”