John Weller of Weller Truck Parts and Zach Bawel, president of Jasper Engine and Transmission Exchange, announced that a letter of intent to purchase Weller Truck Parts has been signed by all parties.
He added that Weller will remain an independent company, as will Jasper. Both groups will work together to share best practices and make improvements.
Although the transaction is expected to close in the spring of 2014, both Weller and Jasper will begin working more closely together. Weller Auto is not part of this transaction and will continue to be owned by the Weller family.
Recent Class 8 trade volumes have been lower than predicted, which means pricing has been more stable than expected for used trucks, according to J.D. Power & Associates.