HALIFAX, N.S. – Christopher Megaffin has sold his Colonial Honda store to the Steele Auto Group.
The purchase, announced this week, is expected to close in February as due diligence continues.
Financial details have not been released.
The store is located on Robbie Street and has been operated by the Megaffin family for more than 40 years. It is also the latest in a string of purchases by Steele Auto Group as it continues to acquire stores in Atlantic Canada. Colonial marks the group’s second Honda store along with a rooftop in Corner Brook.
“The purchase of Colonial Honda is obviously an important strategic move for us,” Steele Group chief Rob Steele said in a release. “Honda is a tremendous brand, popular across all demographics as being a solid, dependable, attractive product.”
He also noted that growth opportunities within Halifax remain limited as the number of available dealerships operated independently continues to shrink.
The group currently operates 18 dealerships and five collision centres in Atlantic Canada. It represents 22 brands including luxury nameplates Audi, Porsche, Jaguar and Volvo.