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Different potential acquisitions are in play. In April, Lithia had dealerships under contract worth $1.9 billion in annual revenue.
Tom Dobry, vice chairman of promoting for Lithia, mentioned he could not touch upon what number of dealerships Lithia now has beneath contract to purchase, nor how a lot in annual income they’d generate.
He additionally declined to touch upon the gross sales quantity of the newly acquired shops.
However it appeared within the first quarter that Lithia might have pulled forward of AutoNation within the variety of new autos bought.
AutoNation mentioned it bought 56,442 new autos within the U.S. within the first quarter, whereas Lithia reported new-vehicle gross sales of 64,942, together with a small however undisclosed quantity bought in Canada.
Lithia, which bought its first stores in Florida in 2019, final week purchased seven Lehman Auto World dealerships in southern Florida from Invoice Lehman Jr.: Largo Honda in Florida Metropolis; Doral Hyundai-Genesis, Doral Kia and Lehman Mitsubishi in Miami; and Lehman Buick-GMC, Lehman Hyundai-Genesis and Lehman Subaru in Miami Gardens.
Invoice Lehman Jr., the dealerships’ principal proprietor, said in a statement that he had a “nice run. I am 81 and I believe it is time.
“From a company perspective, there’s continued consolidation within the automotive retail area, so when Lithia expressed curiosity in beginning preliminary conversations with us, I felt that this was not solely the proper time however the proper firm.”
Dobry mentioned the Lehman dealerships are “extremely regarded” and “give us an on the spot benefit out there.”
He additionally mentioned the Lehman retailer names will stay, besides that Lehman Subaru might be renamed.
Lithia moreover acquired Esserman Worldwide Acura and Volkswagen dealerships in Doral, Fla., from the Esserman household, mentioned Alan Haig, president of buy-sell agency Haig Companions in Fort Lauderdale, Fla. Haig represented Lehman within the sale of his dealerships and in addition was concerned within the Lithia-Esserman transaction.
The Florida acquisitions are anticipated so as to add $850 million in annual income, Lithia mentioned.
The auto retail large additionally final week purchased Henderson Hyundai Superstore/Genesis of Henderson close to Las Vegas from Frank Maione, in accordance with DCG Acquisitions, a Dave Cantin Group firm that dealt with that transaction. Dave Cantin and George Pero had been the brokers.
That Hyundai-Genesis retailer is predicted so as to add $100 million in annual income and builds on Lithia’s growth within the Las Vegas market, which it entered last year.
Maione mentioned he had owned his Hyundai dealership for 21 years. He mentioned Lithia made him a suggestion “I could not refuse,” and he selected to promote his solely dealership.
Maione mentioned his Hyundai retailer at peak bought 300 new autos a month.
“I will miss this retailer, and principally I will miss my staff,” he informed Automotive Information.
In separate acquisitions this yr, Lithia additionally bought three California dealerships in January and three Las Vegas dealerships in March. In Canada, Lithia purchased a Honda dealership close to Toronto in Might. The retailer additionally has bought some dealerships this yr.
Lithia, of Medford, Ore., ranks No. 2 on Automotive Information‘ record of the highest 150 dealership teams primarily based within the U.S., retailing 260,738 new autos in 2021.
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