Lithia Motors Inc. last week took a significant step toward reaching its expectation to add $4 billion in revenue in 2023 via acquisitions, with the purchase of 14 franchised dealerships from Dennis Ellmer of Priority Auto Group in Virginia. The June 12 Priority Auto acquisition, which included domestic, import and luxury brands, is expected to
MEDFORD, Ore. — Dealership acquisitions, already a hallmark of Lithia Motors Inc.‘s long-term growth strategy as it became the country’s largest seller of new vehicles, will play an even bigger role in an update to its audacious plan to reach $50 billion in annual revenue by the end of 2025. CEO Bryan DeBoer said Lithia’s
Lithia Motors Inc., now the largest seller of new vehicles in the U.S., appears to have eliminated around 1,000 unspecified positions this year. The move comes amid lower gross profits on new and used vehicles and as the auto retailer’s same-store new and used vehicle sales slipped in the first quarter compared to a year
Idaho’s Goode Motor Auto Group, with a March acquisition, joined an exclusive list of auto retailers with Alaskan dealerships. And after the purchase of the two stores representing eight brands in Juneau, Goode Motor owns all the new-vehicle dealerships in the Alaska capital, according to Matt Cook, the group’s CEO. Goode (GOOD’-ee) Motor on March
In an active dealership buy-sell market in the U.S., one mass-market brand is rising to the top of many buyers’ wish lists, brokers say. It’s Kia. Once known for its economically priced models with subpar quality and ho-hum styling, the Kia narrative has shifted through improved vehicle quality and dependability and the launch of nameplates
Dalton Corp., a large Mexican company with businesses in several industries including auto retail, entered the U.S. dealership market in November with the purchase of two California stores after searching for years for the right fit. And it wants to add more north of the Mexican border. Dalton, of Guadalajara in western Mexico, on Nov.
A personal connection and an interest in cars were catalysts for an NFL team owner to enter automotive retail and quickly expand his dealership holdings via acquisitions. Ed Glazer, an owner of the NFL’s Tampa Bay Buccaneers, founded US Auto Trust in Los Angeles in 2018 when he bought his first dealership, a rare Aston
Lithia Motors Inc. appears a step closer to entering the United Kingdom, which would be the auto retailer’s second international market and a continuation of its geographic diversification, according to a recent report. Sky News on Jan. 23, citing sources, said Lithia is “within weeks of finalizing a deal to buy” Jardine Motors Group for
LAS VEGAS—Nick Gronenthal arrived at Volvo at a crucial time as the luxury brand strives to become an all-electric brand by early 2030. Gronenthal, who previously worked at electric startup Canoo as well as Faraday Future and BMW’s Designworks, joined Volvo Car USA in July as head of design and leads one of its three
LAS VEGAS — Production of the McLaren 720S, a cornerstone of the British exotic brand’s lineup since it arrived in 2017, ceased at the end of 2022, McLaren said. But what happens next is less clear. Nicolas Brown, McLaren’s president of the Americas region, was mum on specifics but said customers have been putting down
