Lithia Motors Welcomes Florida Stores, Expands Reach to 92% of U.S.
MEDFORD, Ore.--(BUSINESS WIRE)--Nov 4, 2019--
Lithia Motors Inc. (NYSE: LAD) announced today the acquisition of Williams Automotive Group’s Honda and Toyota stores located in the desirable Greater Tampa, Florida market. The partnership between the two companies establishes a base of people and stores for Lithia to grow from in the Southeastern United States.
“We are excited to expand our presence in Florida and position Lithia for further growth in this key geographic region,” said Bryan DeBoer, Lithia Motors Inc. President and CEO. “This new partnership increases our national coverage, now reaching nine out of every 10 consumers in the country and also furthering our modernization strategy.”
This latest acquisition expands Lithia’s reach from 82% to 92% of the U.S. and gives Lithia the broadest coast-to-coast network of any auto retailer. This new platform includes Wesley Chapel Toyota, Wesley Chapel Honda and Tampa Honda. These stores are strong performers and are expected to generate a combined $325 million revenue annually. For the year of 2019, Lithia has purchased stores totaling $800 million in revenue.
“We’re thrilled to partner with and welcome John Williams and his talented team to the Lithia family,” said DeBoer. “We look forward to our new team continuing their success and assisting us in expanding our network throughout the Southeastern United States.”
About Lithia Motors Inc.:
Lithia Motors Inc. is one of the largest providers of personal transportation solutions in the United States and is among the fastest-growing companies in the Fortune 500 (#265 in 2019). Lithia is a growth company powered by people and innovation. By purchasing and building strong businesses that have yet to realize their potential, Lithia generates significant cash flows while maintaining low leverage. Operational excellence is achieved by focusing on the consumer experience and by utilizing proprietary performance measurements to increase market share and profitability. With a unique growth model, Lithia invests to expand and modernize its nationwide network to create personal transportation solutions wherever, whenever and however consumers desire.
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CONTACT: Eric Pitt
Vice President, Investor Relations & Treasurer
Lithia Motors, Inc.
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA OREGON
INDUSTRY KEYWORD: FLEET MANAGEMENT RETAIL GENERAL AUTOMOTIVE AUTOMOTIVE SPECIALTY
SOURCE: Lithia Motors Inc.
Copyright Business Wire 2019.
PUB: 11/04/2019 07:00 AM/DISC: 11/04/2019 07:01 AM