Prince Automotive Group Closes Purchase of Albany's Tri-State Peterbilt
Wednesday, April 3rd, 2013
On March 28, Prince Automotive Group completed its purchase of Tri-State Peterbilt in Albany. Tri-State Peterbilt, which has been in business for about 38 years, sells heavy-duty Class 8 trucks, which are any trucks with a gross vehicle weight over 33,000 lbs. and all tractor-trailers.
"With this purchase, we become a much bigger player in heavy-duty trucks. We already sell and service Volvo Class 8 trucks in Tifton," said John Prince III, President of Prince Automotive Group. "Now we'll have Peterbilt sales and service in Albany and we're going to add Peterbilt service to our Tifton location as well."
Prince Automotive plans to retain the staff and existing Tri-State Peterbilt facility in Albany. In addition, the company expects to add about six new jobs in both the Albany and Tifton locations.
A Bigger Player
According to John Prince, the purchase of Tri-State Peterbilt gives Prince Automotive a bigger presence in the truck market. Volvo and Peterbilt each have approximately 15 percent market share in the heavy-duty truck segment.
"Now we represent about 30 percent of the market or nearly one-third of the big trucks on the highway," Prince said.
"Peterbilts are known as the king of the road to independent operators. They love to drive 'Petes'."
Peterbilt also manufactures a line of medium-duty trucks, which are used in inner city, short haul and worksite operations. Examples include beverage delivery vehicles, dump trucks and garbage compactors.
"Peterbilt is very big in garbage compactors. With this purchase, we'll be able to compete more for municipal business," Prince said.
Made in the USA
Peterbilt trucks are made entirely in the U.S., which is another positive for Prince Automotive. Fluctuations in currency exchange rates frequently affect the prices of cars sold in the U.S. but manufactured outside of the U.S.
"Adding Peterbilt to our business not only gives us excellent product lines, it also stabilizes our pricing structure," Prince said.
For nearly 50 years, Prince Automotive has served Tifton and more recently Valdosta, Douglas and Albany through seven dealerships representing numerous automakers including General Motors, Ford, Toyota, Honda and Mazda. The company continues to expand on the strength of a growing auto industry.
"In rural areas like south Georgia, the automobile is really a utility. You have to have it; it's a way of life," Prince said.
"Today the average age of vehicles on the road is 11 years. We expect the auto industry to continue to grow."
More information on Prince Automotive Group is available at www.princeauto.com or call (229) 242-3311.