Lithia Motors buys 10 dealerships in Florida, Nevada

The car retail huge on Monday also acquired Henderson Hyundai Superstore/Genesis of Henderson close to Las Vegas from Frank Maione, in accordance to DCG Acquisitions, a Dave Cantin Team firm that handled the transaction. Dave Cantin and George Pero from the company ended up brokers.

That Hyundai-Genesis retail store is expected to insert $100 million in approximated yearly earnings.

Lithia entered the Las Vegas current market very last year, purchasing Hyundai dealerships and a Genesis retailer.

Bryan DeBoer, Lithia CEO, claimed he was thrilled to include the dealerships and new teammates to the organization.

“The Lehman household has deep roots in south Florida, serving the neighborhood for around 86 several years,” DeBoer reported in a statement. “Below its management, the stores have reached a popularity for earning lifelong customers with their impeccable stage of services.”

Lithia said it paid out for the keep buys with offered funding from its equilibrium sheet.

The car retailer explained that with the Florida and Nevada buys, it has acquired dealerships this 12 months that are anticipated to add $2.1 billion in yearly revenue.

In different acquisitions this yr, Lithia acquired a few California dealerships in January and three Las Vegas dealerships in March. In Canada, Lithia purchased a Honda dealership close to Toronto last thirty day period. The retailer also has bought some dealerships this year.

Independently, the organization claimed Tuesday that it has repurchased about 1.9 million shares, or about 6.5 % of its shares exceptional, so significantly in the next quarter.

Lithia, of Medford, Ore., ranks No. 2 on Automotive News‘ list of the leading 150 dealership teams based mostly in the U.S., retailing 260,738 new motor vehicles in 2021.