Eagers Automotive (ASX:APE) shares climbed as much as 1.8% to A$14.490, reaching their highest level since September 18.

The automotive retailer announced it has entered a non-binding agreement to acquire a large portfolio of dealerships and strategic properties situated across Melbourne and the Mornington region of Victoria.

The total purchase price is A$245 million ($157.39 million).

The company shares are trending upward for a second consecutive trading session.

Previously, Eagers Automotive (ASX:APE) stock was noted to be up by 31.2% YTD.

Eagers Automotive (ASX:APE) is an automotive retailer in the Australian market.