Driving the news: Lithia Motors, Inc. purchased Toyota of Gallatin from Dave Stumbo of Stumbo Automotive in a deal that closed on March 2.
For context: The public retailer, which also closed on a Mercedes-Benz store in February, will keep the store’s name, according to Pinnacle Mergers & Acquisitions, which represented the seller in the transaction. Gill Automotive Group also advised the seller.
Gallatin, Tennessee, is about 25 miles north of Nashville, the state’s capital.
This makes four Lithia dealerships in the state, according to its website.
Lithia said that the most recent acquisitions were bought using on-balance sheet capacity and that the additions bring the group’s acquired annual revenue in the U.S. to $225 million.
What they’re saying: “We are proud to welcome Toyota of Gallatin to the Lithia family as we continue to expand our strategic footprint across high-growth markets like Nashville,” Lithia CEO Brian DeBoer said in a statement.
Bottom line: Pinnacle said the transaction underlines the continued strength of the Toyota brand across the country. “The Toyota franchise continues to command unprecedented demand and valuations, a result of its consistency, high throughput sales, profit per outlet model, and the strength of their trusted mutual relationship with dealers,” Dennis J. Thornhill, executive advisor at Pinnacle Mergers & Acquisitions, said in a release.
You can see this deal announcement and many more throughout the entire year by visiting the CDG Buy/Sell tracker at CDGbuysell.com powered by:
OUTSMART THE CAR MARKET IN 5 MINUTES A WEEK
Get insights trusted by 55,000+ car dealers. Free, fast, and built for automotive leaders.
