Salt Lake auto dealer Rick Warner has bought the franchises and assets of Stephen Wade Pontiac-Mazda, 535 S. Main, and will relocate the two dealerships to facilities at 702 S. Main that now house Warner's Nissan-Volvo-Sterling dealerships.

In turn, Wade will take over Warner's Volvo franchise and incorporate it into his Stephen Wade Automotive Group at 5500 S. State, Murray.The exchange of franchises will take place March 1. Financial terms were not disclosed.

Warner said his Nissan franchise will move into a new showroom due for completion next month at 717 S. West Temple. Sterling will likely move into his Chrysler-Plymouth dealership at 777 S. West Temple.

"This takes us another step closer to completion of our auto plaza," said Warner. He said the company plans a "complete renovation" of the new Pontiac Mazda facilities by late spring.

Wade, who has leased the Main Street facilities, said the Volvo dealership will be a good addition to his Jaguar showroom in Murray.

With the new addition, Warner now has 15 auto and four truck dealerships in Salt Lake, Ogden and Provo.