Lithia makes 2023 income move with 14-store offer

BE desk

That may heartless Lithia has to procure dealerships representing about $800 million extra in income this hour.

“This deal seems in line with management’s strategy of prioritizing accretive M&A in this market,” Stephens Inc. analyst Daniel Imbro wrote in a June 13 be aware to traders.

Ellmer, who stayed on with Lithia and extra CEO of Precedence Auto, one at a time retained two Lexus shops, Tom Dobry, Lithia’s vp of strategic operations, showed to Automobile Information in an electronic mail.

A Lithia spokesperson mentioned Ellmer reached out to the corporate without delay and deny agents had been concerned within the transaction.

The purchase, which additionally integrated two buy-here, pay-here dealerships, two automobile purchasing facilities and an authorized used-vehicle shop, bolsters Lithia’s presence in Virginia, which the automobile store considers a part of Patch 5, the Northeast. It had simply two dealerships in Virginia, representing luxurious and unique manufacturers, close Washington, D.C.

Precedence’s shops are unfold around the Chesapeake, Hampton and Newport Information, Va., markets, plus close Washington, D.C. It additionally has one location within the southwest a part of Virginia.

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