The auto retail large on Monday additionally purchased Henderson Hyundai Superstore/Genesis of Henderson close to Las Vegas from Frank Malone, based on DCG Acquisitions, a Dave Cantin Group firm that dealt with the transaction. Dave Cantin and George Pero from the agency have been brokers.
That Hyundai-Genesis retailer is anticipated so as to add $100 million in estimated annual income.
Lithia entered the Las Vegas market final yr, shopping for Hyundai dealerships and a Genesis retailer.
Bryan DeBoer, Lithia CEO, stated he was thrilled so as to add the dealerships and new teammates to the corporate.
“The Lehman household has deep roots in south Florida, serving the group for over 86 years,” DeBoer said in a statement. “Below its management, the shops have achieved a status for incomes lifelong prospects with their impeccable stage of service.”
Lithia stated it paid for the shop purchases with out there funding from its stability sheet.
The auto retailer stated that with the Florida and Nevada purchases, it has acquired dealerships this yr which can be anticipated so as to add $2.1 billion in annual income.
In separate acquisitions this yr, Lithia purchased 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 additionally has sold some dealerships this yr.
Individually, the corporate stated Tuesday that it has repurchased about 1.9 million shares, or about 6.5 p.c of its shares excellent, to this point within the second quarter.
Lithia, of Medford, Ore., ranks No. 2 on Automotive News‘ list of the top 150 dealership groups based in the U.S., retailing 260,738 new autos in 2021.
