Cannon Motor, a family-operated company, formed in 1956 in Calhoun City, Miss., starting as a used-car business.
The group has 19 franchised dealerships across Mississippi and Arkansas, plus three used-vehicle dealerships in Mississippi.
Wood said the group is open to more growth “if the right opportunity comes along.”
Gerrick Wilkins, vice president and buyer’s broker representative for Dealer Support Network, a firm with offices in Winnsboro, Texas, and Leeds, Ala., represented the buyer in the transaction.
