California, Texas Acquisitions Continue Lithia Growth
Lithia Motors Inc. adds a large-volume Honda store in Southern California and two import dealerships near Dallas, Texas.
Lithia
Lithia Motors Inc. continues to expand, acquiring a large-volume Honda store in Southern California and two import dealerships near Dallas.
The acquisitions follow a partnership with NFL Linebacker Jessie Armstead to open Grapevine Honda in Texas in July 2021.
The second-largest dealership group in the U.S. purchased Rock Honda (considered the 16th largest in Honda dealership in the U.S.), from Bill Piercey and Tom Chadwell, who still own five dealerships across Arizona, California and Colorado.
The Fontana, California store will add an estimated $170 million in annual revenue. Lithia renamed the dealership, Honda of Fontana. The dealership also holds licenses to provide customers with personal insurance, Lithia reported.
“We are excited to reach more consumers in the Southwest region and welcome the Rock Honda team to the Lithia & Driveway family,” said Lithia CEO Bryan DeBoer in a statement. “This high-performing, customer-focused store expands our omnichannel network and introduces a new adjacency with personal insurance products, further complementing our ability to provide consumers transportation solutions wherever, whenever and however they desire.”
Bill Scrivner of Pinnacle Mergers & Acquisitions in Frisco, Texas, represented Lithia in the Rock Honda transaction.
Lithia also purchased five Southwest Auto Group Kia stores in June.
Lithia said it now has 32 stores in Texas.
Originally posted on Auto Dealer Today
More Showroom
California Sees Quarterly Gains
California’s new-vehicle market saw a boost in hybrids in the third quarter and its first overall quarterly market gain of the year.
Read More →
New-Vehicle Prices Stay Put
Affordability pressures and model availability shaped new-vehicle sales in September, according to an analysis by Kelley Blue Book.
Read More →
EV Buyer Consideration Shifts
What drives American consumers to purchase an electric vehicle is shifting as the question moves away from Should I?' to 'Which features and experience do I want to have?'
Read More →
Year-to-Date Auto Sales Holding Their Own
A forecast through August shows that automakers have shifted strategies to keep deliveries and revenues up despite tariffs and other economic challenges.
Read More →
Slow to Robo
Ten years of polling consumers shows autonomous vehicles’ profiles have risen considerably, but even more people now want at least some level of control if they go that route.
Read More →
Dealers a Little Down
A third-quarter Cox Automotive survey finds them in a mixed mood, bummed by fallen customer traffic but encouraged by better profits, costs and EV interest.
Read More →
European EV Sales Skyrocket
The EV market on the continent held strong in July with almost 25% of new-car sales being fully electric units, a stark contrast to the U.S., where EV sales declined about 42%.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →
Used Market Stabilizes
The Carfax Used Car Index noted a major drop in used-vehicle price increases in July after several months of hikes.
Read More →