Lithia Motors Inc. has entered Georgia with the acquisition of a Honda retailer and individually purchased a Chrysler-Dodge-Jeep-Ram-Fiat dealership in Southern California.
Both transactions closed on Monday.
Combined, the 2 acquisitions will add an anticipated $320 million to Lithia’s annual income.
Lithia purchased Curry Honda in Chamblee, Ga., northeast of Atlanta, from Bernie Curry. Lithia is retaining the dealership’s title.
DCG Acquisitions, a Dave Cantin Group company, represented Curry in the transaction.
Lithia additionally acquired Orange Coast Chrysler-Jeep-Dodge-Ram-Fiat in Costa Mesa, Calif., in Orange County, from Jon Gray.
Gray, a past chairman of the Stellantis, then often known as FCA, National Dealer Council, is staying on as common supervisor and the dealership’s title is staying the identical, Lithia stated. Neither get together used a dealer in the Costa Mesa transaction.
Terms weren’t disclosed, however Lithia stated it paid for the 2 dealerships utilizing current stability sheet funding.
“As we strive to bring seamless online and offline experiences to consumers throughout North America, we’re ecstatic to welcome these two high-performing dealership teams to the family,” Lithia CEO Bryan DeBoer said in a statement. “These additions help us expand our omnichannel network and reach our goal of delivering and servicing consumer vehicles within a 100-mile radius anywhere in the country.”
Omnichannel is digital purchasing know-how that gives a seamless shopping for expertise for customers no matter system or whether or not they store on-line, in-store or each.
The acquisitions are Lithia’s first because it acquired Canadian retailer Pfaff Automotive Partners on Aug. 30.
Lithia, of Medford, Ore., ranked No. 3 on Automotive News‘ most up-to-date checklist of the highest 150 dealership teams primarily based in the U.S., retailing 171,168 new autos in 2020. But its April acquisition of Michigan’s Suburban Collection makes Lithia the second-largest group going ahead.