Steve Landers said Tuesday that his family is considering an offer for his share of two Little Rock dealerships.
Landers, 60, who with his sons owns Landers Toyota and Steve Landers Chrysler Dodge Jeep, said the offer from Minneapolis-based Luther Auto Group would not affect his sons' ownership or involvement.
"It wouldn't be to buy all of our stores," Landers said. "Just to buy me out."
Landers, who has had a number of knee surgeries in recent years, cited his health when he in 2012 sold most of his interest in the multistate RLJ-McLarty-Landers Auto Group. He sold the remainder of his interest in the group's U.S. and Mexico dealerships last month, the Arkansas Democrat-Gazette reported.
Landers, with his sons Scott and Steve, maintained ownership of the Little Rock Toyota and Chrysler Dodge Jeep dealerships.
He said Tuesday that the offer to buy him out of those dealerships was made last month and there was no timetable for when or if it would be accepted.
He said it ultimately would be a "joint decision" for his sons to make.
"It's attractive because I've got other things I can work with and do but I would still have some ties with my sons," Landers said. "It would be a good deal. They've just made a really good offer. I'm looking at it and we have not decided to accept it. But it's up to them really."