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Lithia Motors Inc.’s sequence of irregular and ultraluxury dealerships expanded with a prefer of a store in Colorado.
December 08, 2022 03:49 PM
Lithia Motors Inc. on Monday expanded its irregular and ultraluxury car footprint with the acquisition of a Colorado dealership selling extra than one excessive-live brands including Ferrari, Bentley and Lotus.
Lithia provided the dealership, located in Highlands Ranch, south of Denver, from Aleks Vekselberg, in line with Invoice Scrivner, CEO of Pinnacle Mergers & Acquisitions, a Frisco, Texas, purchase-promote agency that represented Lithia within the transaction.
Lithia, in a LinkedIn post, mentioned right here is its first Ferrari store.
“We’re contented to welcome this Denver crew into the Lithia & Driveway household,” mentioned Lithia CEO Bryan DeBoer in a assertion, noting the reveal will change into “a centrally located hub for premium luxury vehicles within the country.”
While it became now not straight away certain if Lithia has owned Colorado dealerships within the previous, the Highlands Ranch dealership appears to be the auto retail big’s most effective store within the reveal, in line with the team’s online page.
Lithia mentioned the acquisition is expected so that you simply might well perhaps add $75 million in annual earnings.
Ferrari, Bentley and Lotus dealerships are rare within the U.S. On Jan. 1, there had been an estimated 46 Ferrari franchises, an estimated 38 Lotus franchises and forty eight Bentley franchises within the U.S., in line with the Automotive news annual dealership census.
Vekselberg provided Algar Ferrari of Philadelphia in Bryn Mawr, Pa., to RDS Automotive Community in December 2021.
Lithia’s prefer follows its November acquisition of a Stellantis store in Texas.
While Lithia has remained an active buyer of mass-market and luxury stores over the previous two years, the expanding firm also has bulked up its irregular and ultraluxury dealership count.
Lithia’s August 2021 prefer of Pfaff Automotive Partners in Canada incorporated McLaren, Pagani and Pininfarina stores, while its April 2021 mega-acquisition of Michigan’s Suburban Series incorporated Aston Martin, Bentley, Bugatti, Lamborghini, Maserati, McLaren and Rolls-Royce brands.
In November 2020, Lithia provided Sterling Motorized vehicles in Virginia, which incorporated Rolls-Royce, Lamborghini and McLaren brands.
Lithia, of Medford, Ore., ranks No. 2 on the Automotive news listing of the live 150 dealership groups based fully mostly within the U.S., retailing 260,738 recent vehicles in 2021. During the third quarter, the team is now tracking sooner than No. 1 AutoNation for unusual-car gross sales in 2022.