Automobile

Lithia Motors buys 10 dealerships in Florida, Nevada

The auto retail giant on Monday also bought Henderson Hyundai Superstore/Genesis of Henderson near Las Vegas from Frank Malone, according to DCG Acquisitions, a Dave Cantin Group company that handled the transaction. Dave Cantin and George Pero from the firm were brokers.

That Hyundai-Genesis store is expected to add $100 million in estimated annual revenue.

Lithia entered the Las Vegas market last year, buying Hyundai dealerships and a Genesis store.

Bryan DeBoer, Lithia CEO, said he was thrilled to add the dealerships and new teammates to the company.

“The Lehman family has deep roots in south Florida, serving the community for over 86 years,” DeBoer said in a statement. “Under its leadership, the stores have achieved a reputation for earning lifelong customers with their impeccable level of service.”

Lithia said it paid for the store purchases with available funding from its balance sheet.

The auto retailer said that with the Florida and Nevada purchases, it has acquired dealerships this year that are expected to add $2.1 billion in annual revenue.

In separate acquisitions this year, Lithia bought three California dealerships in January and three Las Vegas dealerships in March. In Canada, Lithia bought a Honda dealership near Toronto last month. The retailer also has sold some dealerships this year.

Separately, the company said Tuesday that it has repurchased about 1.9 million shares, or about 6.5 percent of its shares outstanding, so far in the second quarter.

Lithia, of Medford, Ore., ranks No. 2 on Automotive Newslist of the top 150 dealership groups based in the U.S., retailing 260,738 new vehicles in 2021.

Most Related Links :
usnewsmail Governmental News Finance News

Source link

Back to top button