MEDFORD, Ore.--(BUSINESS WIRE)--Lithia Motors, Inc. (NYSE: LAD) announced today the addition of Hazleton Honda in Hazleton, Pennsylvania. The team joins Lithia's nationwide family and extends the store network into Eastern Pennsylvania.
Lithia anticipates that Hazleton Honda will generate approximately $50 million in annual revenue. The store is an example of Lithia’s strategy of acquiring a strong brand with considerable earnings potential.
“We’re excited to welcome the existing team and their expertise to expand our customer offerings and market share,” said Bryan DeBoer, Lithia Motors, Inc. President and CEO. He added, “Located between our store groupings in Western Pennsylvania and the Tri-State area, this location is strategically positioned to provide customers with experiences wherever, whenever, and however they desire.”
Lithia is on pace for another solid year of acquisition growth. "The acquisition market remains robust as we expand beyond our current national reach of 82%. New digital solutions and future business adjacencies will further activate our network by providing comprehensive solutions that our customers crave," remarked DeBoer.
Lithia Motors, Inc. is one of the largest providers of personal transportation solutions in the United States and is among the fastest-growing companies in the Fortune 500 (#265-2019). Lithia is a growth company powered by people and innovation. By purchasing and building strong businesses that have yet to realize their potential, Lithia generates significant cash flows while maintaining low leverage. Operational excellence is achieved by refocusing the business on the consumer experience and by utilizing proprietary performance measurements to increase market share and profitability. Lithia's unique growth model reinvests to expand its nationwide network and to fund innovations that create personal transportation solutions wherever, whenever and however consumers desire.
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