Lithia Motors Acquires Three Orange County Hyundai Dealerships, Adds $440 Million in Revenue
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Lithia & Driveway, a network of automotive dealerships operated by Lithia Motors Inc., acquired Anaheim Hyundai, Huntington Beach Hyundai and Garden Grove Hyundai in Orange County. The group is estimated to generate $440 million in annualized revenue.
“These highly profitable acquisitions increase our brand diversity and bring thousands of new customers into our unique ecosystem. Our new teams and omnichannel platform will deliver a seamless ownership experience and deepen lifetime relationships,” said Bryan DeBoer, chief executive and president of Lithia Motors, in a statement.
These additions bring the network’s total year-to-date expected annualized U.S. revenue acquired to $1.16 billion. This acquisition was financed using existing on-balance sheet capacity and was purchased for less than 10% of revenues.
These stores complement the company’s electrification strategy in California, and Hyundai’s innovative and growing electric vehicle and hybrid lineup helps meet customer desires across the adoption curve.
Information for this article was sourced from Lithia Motors.
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