Lithia & Driveway announced two purchases Tuesday, one of which gives the company a presence in one of the largest markets in the Southeast: Atlanta.
The retailer said it has acquired Curry Honda in Chamblee, Ga., giving Lithia its first store in the Peach State. Additionally, Lithia bought Orange Coast Chrysler Jeep Dodge Ram in Costa Mesa, Calif.
Jon Gray, who is a prior national dealer chairman of what is now known as the Stellantis National Dealer Council, will remain head of the Orange Coast store.
Lithia anticipates the stores will bring in combined annualized revenues of $320 million.
“As we strive to bring seamless online and offline experiences to consumers throughout North America, we’re ecstatic to welcome these two high-performing dealership teams to the family,” Lithia & Driveway president and chief executive officer Bryan DeBoer said in a news release.
“These additions help us expand our omni-channel network and reach our goal of delivering and servicing consumer vehicles within a 100-mile radius anywhere in the country,” DeBoer said.
Asbury sells BMW store in Charlottesville
Elsewhere, another public retailer was involved in an M&A transaction, but this time on the sell side.
Asbury Automotive Group has sold BMW of Charlottesville to Flow Companies, said The Presidio Group, which advised Asbury on the deal.
“As we made the decision to exit the Charlottesville market, we once again turned to The Presidio Group to assist with this strategic divestiture of our only dealership in the area,” Asbury president and CEO David Hult said in a news release. “The team of consummate professionals at Presidio identified an ideal buyer and facilitated a quick and seamless transaction that met all of our goals, and we could not be more pleased with the outcome”.
Flow Automotive Companies chairman and CEO Don Flow said in the release: “We are excited to add to our footprint in the Charlottesville market and could not ask for a better franchise than BMW. I attended university in Charlottesville and am personally connected to this amazing community. We welcome the associates at BMW of Charlottesville to our team and look forward to further serving this great community.”
Wise Auto Group buys 2 Harley-Davidson stores
In another automotive M&A move, Rami Yanni and Wise Auto Group has purchased Orange County Harley-Davidson in Irvine, Calif., and Coronado Beach Harley-Davidson in National City, Calif., from Mark Smith. The deal was shared in a news release from Performance Brokerage Services, which is an automotive and Harley-Davidson brokerage firm.
“Thank you George Chaconas and Courtney Bernhard at Performance Brokerage Services for another successful dealership closing. This sale allows me to focus more on expanding in my home state of Texas,” Smith said in a news release.
“Thank you, Rami and team, for being such pros through the entire process,” he said. “Finally, thank you to the outstanding teams at both stores that did an incredible job taking them from where they were when we started to where they are today. Now, I’m excited to pass the torch to Rami and Wise Auto Group so they can continue to take both stores to the next level.”
Source : AutoFinanceNews
