Driving the news: Lithia Motors, Inc. purchased a Hyundai dealership from Clay Cooley Auto Group in a deal that closed Aug. 31, the company confirmed to CDG News.
For context: The nation’s largest public retailer purchased Clay Cooley Hyundai of Rockwall in that Texas city, about 25 miles northeast of Dallas.
Renamed Rockwall Hyundai, the dealership is expected to add an estimated $75 million in annual revenue, according to a press release.
Lithia owns more than 30 dealerships in Texas, including in Houston, San Antonio, Austin and the Dallas-Fort Worth area.
What they’re saying: Lithia CEO Bryan DeBoer said in a release that the acquisition strengthens its presence there and “creates greater network density for our customers.”
“This acquisition reflects our disciplined and strategic approach to expansion, and we remain focused on growing strong teams, high-quality franchises, and providing seamless ownership experiences throughout the car buying process,” DeBoer said in the statement.
Strategic note: Lithia said it bought the Hyundai store with on-hand cash and borrowing capacity, bringing its total acquisition activity to $915 million in expected annual revenue so far this year.
You can see this deal announcement and many more throughout the entire year by visiting the CDG Buy/Sell tracker at CDGbuysell.com, presented by Presidio.
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