Driving the news: Lithia Motors $LAD ( ▼ 1.59% ) acquired two South Florida dealerships representing three brands on September 8, including Palm Beach Acura, West Palm Beach Hyundai, and West Palm Beach Genesis, from Napleton Auto Group.
For context: The acquisition, facilitated by the Dave Cantin Group, strengthens Lithia's Southeast expansion and is expected to bring the company's total year-to-date expected annualized revenue from acquisitions to $620 million.
What they’re saying: "These high-opportunity stores expand our presence in the growing Southeast region, increasing the density of our omnichannel platform and improving the diversity of our brands," said Bryan DeBoer, President and CEO of Lithia & Driveway.
Bryan DeBoer
"These acquisitions reflect our continued focus on strategic growth powered by our disciplined approach to deploying capital and maximizing shareholder return."
Why it matters: The deal adds luxury brands to Lithia's portfolio in one of the country's wealthiest markets, where high-end vehicle sales can generate outsized profits. Having multiple brands in the same geographic area also typically allows for shared operations and marketing costs.
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