Driving the news: Lithia Motors $LAD ( ▼ 0.94% ) has acquired Porsche Beverly Hills and Santa Monica Audi from longtime owner Geoff Emery in a transaction projected to generate nearly $450 million in annual revenues, according to exclusive sell-side advisor MD Johnson Inc.
For context: Both dealerships operate on LA's West Side, covering Beverly Hills, Santa Monica, Bel Air, Brentwood, and the surrounding affluent corridor widely considered the country's premier luxury automotive market.
The stores have ranked among North America's top-performing Porsche and Audi retailers for three decades, with Mark Johnson, President of MD Johnson Inc., describing them as "arguably close to, if not the top retailers of Porsche and Audi products in the U.S."
Emery joined the dealerships 34 years ago as a practicing attorney helping the previous owners with financial matters and eventually became the principal owner.
What they're saying: "These stores elevate our luxury mix, expand our ecosystem, and will deliver meaningful, accretive earnings,” said Bryan DeBoer, Lithia Motors President and CEO.
Bryan DeBoer
Bottom line: Lithia’s acquisition spree continues, bringing the company’s total year-to-date expected annualized revenue acquired to $2.1 billion.
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