Wichita Falls is northwest of Dallas, near the Oklahoma border.
Kutschinski said Foundation renamed four of the dealerships: Foundation Cadillac-Buick-GMC Wichita Falls, Foundation Chrysler-Dodge-Jeep-Ram-Fiat Wichita Falls, Foundation Hyundai Wichita Falls and Foundation Kia Wichita Falls. The BMW dealership’s name remains the same.
Jon Oeltjen, general sales manager, and Brad Rodgers, general manager, are staying on with Foundation as managing partners.
Oeltjen is managing partner for the Cadillac-Buick-GMC, Hyundai and the used-vehicle dealership and is general manager of the BMW store. Rodgers is managing partner of the Stellantis and Kia dealerships.
They each have ownership stakes but Foundation didn’t disclose percentages.
Patterson’s Honda and Mercedes-Benz dealerships in Wichita Falls were not included in the transaction, Kutschinski said. Nor was Patterson of Bowie, a Ford-Chrysler-Dodge-Jeep-Ram dealership in Bowie, Texas.
The Texas purchase marks Foundation’s first acquisition since it bought a Hyundai store in Boulder, Colo., in July. In October, Foundation sold a Honda dealership in Ohio.
Kutschinski this month told Automotive News that Foundation also expects to buy a dealership in the Houston area in early March, plus four dealerships in Tennessee later that month.
Foundation, of Calgary, Alberta, has a U.S. office in Houston. With the Wichita Falls acquisition, Foundation has 22 franchised dealerships spread across Colorado, North Dakota and Texas, as well as three in Canada.
