Driving the news: Lithia Motors $LAD ( ▲ 2.15% ) has acquired Porsche Beverly Hills and Audi Santa Monica, adding an estimated $450 million in annualized revenue to the group’s portfolio.
For context: The two stores are positioned to become among the highest-volume dealerships globally for their respective brands, according to Lithia.
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.
OUTSMART THE CAR MARKET IN 5 MINUTES A WEEK
Get insights trusted by 55,000+ car dealers. Free, fast, and built for automotive leaders.
