Thompson Distribution expands truck dealer network through purchase

Tps Logo Online Headshot
Updated Jan 26, 2023
International HV Series on a job site

Thompson Truck Group, a division of Thompson Distribution in Nashville, has acquired Goodpasture Motor Company in Bristol, Virginia.

The official announcement was made in December, in Bristol, though preliminary conversations were taking place throughout the fourth quarter of 2022 that led up to the acquisition.

“Thompson Truck Group is thrilled with this new growth opportunity. Our family has been in the dealership business for four generations, but we are humbled by the Goodpasture family’s incredible 103-year-old legacy, for which we have endless respect," John Thompson, CEO of Thompson Distribution. "Our family and company values align with the Goodpastures’, and we are grateful for their willingness to partner with Thompson over their many other options. We are determined to accept this important stewardship with the utmost diligence and passion in serving the customers, the employees, and the International brand in this vibrant region of our country.”

[RELATED: Thompson Distribution acquires Landmarks Trucks]

Goodpasture Motor Company has served the five state region surrounding the Tri-Cities since it was founded by Frank Goodpasture Sr. in August of 1919. In the early days they would often sell a customer his first truck and take a mule or a horse in trade. Goodpasture has sold and serviced many truck brands throughout its history, but today they are an authorized International dealer.

Currently Goodpasture offers the most complete line of new and used trucks Class 4 to 8 trucks within a 150-mile radius

"With truck manufacturers moving toward franchise dealers, having several dealership properties, and with the increasing expense of operating a single-point dealership, such as ours, my son and I decided to put our company on the market," says Frank Goodpasture III, former president of Goodpasture Motor Company. "In the process we had several suitors and in the last analysis, the Thompson group was the most agreeable and was the best geographical, cultural, and financial fit. The Thompson Family history mirrored ours in several ways and we felt comfortable moving toward a sale. I wish for our new owners, the very best success."

Frank Goodpasture IV, served as the vice president of sales with Goodpasture Motor Company and will continue as the regional vice president with Thompson Truck Group. He shared his thoughts on the acquisition:

"From the viewpoint of the fourth generation in a family business, the process of selling and finding the proper buyer for such a company is not an easy one. There is a tremendous amount of consideration and emotion involved. We have to make a calculated decision on behalf of our employees and our family legacy. Ultimately, we decided that John Thompson, his family history, and his culture driven message was the best fit for our family style organization. We are confident in the bright future that lays ahead of this company and we are excited for the strength that will come from this collaboration."

Learn how to move your used trucks faster
With unsold used inventory depreciating at a rate of more than 2% monthly, efficient inventory turnover is a must for dealers. Download this eBook to access proven strategies for selling used trucks faster.
Used Truck Guide Cover