Korey Neal of K. Neal Truck & Bus Center has acquired Highway Motors, a commercial truck dealership business with four Virginia locations, transaction adviser Performance Brokerage Services announced October 30.
The sale transfers the business from Tom Mohr to Neal. Highway Motors will continue using its existing name and operating at its current locations, according to the announcement. Financial terms were not disclosed.
Highway Motors operates dealerships in Harrisonburg, Roanoke and Winchester, plus a parts location serving Leesburg. Its services include sales of new and used commercial trucks, parts, maintenance, repairs and other support for fleet operators.
The business began in Harrisonburg in 1929 and developed a presence along the Interstate 81 corridor, the adviser said. It is an International truck dealer.
K. Neal Truck & Bus Center is headquartered in Hyattsville, Maryland. The acquisition brings its combined network to eight locations across Maryland and Virginia, according to the sale announcement.
Performance Brokerage Services identified Dan Argiro and Pat Albero as the exclusive advisers representing the seller. The release includes statements from both Mohr and Neal describing the transaction as completed, but does not give a separate closing date.
Sources Performance Brokerage Services — October 30 sale announcement: https://www.prnewswire.com/news-releases/performance-brokerage-services-advises-on-the-sale-of-highway-motors-inc-an-international-dealer-with-4-locations-in-virginia-from-tom-mohr-to-korey-neal-of-k-neal-truck--bus-center-inc-302925295.html