The founder of a payment processing company, a longtime Ford dealership executive and the executive’s son have bought three Ford dealerships in Maine.

Stephen Goodrich, who founded and was chief executive officer of PowerPay; Bob Esposito, who has been vice president of sales and marketing at Yankee Ford in South Portland; and his son, Anthony Esposito, have purchased Brunswick Ford, Rockland Ford and Yankee Ford.

The transaction was effective Tuesday. Terms were not disclosed.

Bob Esposito said the dealerships have a total of about 120 employees. He said the new owners plan about $10 million in upgrades to the three dealerships, with improvements to Yankee Ford and Brunswick Ford expected to be completed this year, and the renovations at Rockland Ford expected in 2017.

PowerPay is now owned by EVO Payments International.