Kia dealer Wilson and Co, trading as Drayton Motors, has acquired Victor Wood Group for an undisclosed sum.
Victor Wood Group is also a Kia dealership based in Grantham and has been run by the same family since it was formed in 1949.
Drayton Motors already operated two sites, in Boston and Louth, and this will grow its footprint to three in Lincolnshire.
ASE chairman Mike Jones brokered the deal and advised the shareholders.
He said: ‘It’s great to see Tim and the remaining shareholders complete the exit they were looking for.
‘It’s been a pleasure working with them on the deal and I’m glad to have helped achieve the final outcome.
‘I wish them all the very best for the future.’
He added: ‘The Kia business was a natural fit for Robin and the team at Drayton, already holding two representation points with the brand in Lincolnshire.
‘This acquisition will no doubt enable his business go from strength to strength with Kia continuing to establish themselves as a strong and respected brand. I wish Drayton every success.’
Tim Griffin, shareholder and managing director at Victor Wood, said: ‘After nearly 50 years working in our family business that my father-in-law founded in 1949 I feel overdue for retirement!
‘I wish Robin Wilson and his family every success in taking the business forward.’
Owner and managing director of Drayton Motors Robin Wilson said: ‘We’re very pleased and excited to welcome the Victor Wood team into the award winning Drayton Motors family and look forward to building on the success of this long established Kia dealership in Grantham.
‘I would like to wish Tim a long and happy retirement.’