Jacksons, one of the largest car dealerships in the Channel Islands, is being sold to investment company Ravenscroft in a £41.7m cash and stock deal.
The sale is expected to be completed by the end of the year, subject to approval from the Jersey Competition Regulatory Authority and the Jersey Financial Services Commission.
The deal includes the Jacksons and Motor Mall car showrooms in Jersey and Guernsey, Trinity Tyres in Jersey and St Martin's Tyres in Guernsey.
The group has car dealerships representing Aston Martin, Audi, BMW and Mini, Bentley, Mercedes-Benz, Porsche, Smart and Volkswagen.
The Scott family will retain an interest in the group, with Tom Scott remaining as a director. The management team will continue to be led by Paul Collier.
Scott said: "We are confident that we have found the right custodians to work together with the strong management team and take forward a business that our family has built up over the last two decades."
The Scott family has been advised by law firm Carey Olsen.
The purchaser, Ravenscroft Investments PCC Limited, is an investment vehicle backed by Bailiwick Investments Limited and a number of high net worth clients of Ravenscroft Limited, an independently owned investment services group based in the Channel Islands which manages more than £1.5bn in assets for both private clients and institutional clients from around the world.