MEDFORD, Ore.--(BUSINESS WIRE)--Lithia Motors Inc. (NYSE: LAD) announced today the acquisition of two Lexus stores in Sacramento and Roseville, California.
“We are excited to finally enter the Sacramento market and further expand our network with a dominant luxury vehicle presence,” said Bryan DeBoer, Lithia Motors President and CEO. “These stores kick off an expected strong year of growth in our core business and, combined with our digital strategies, further our vision to serve customers wherever, whenever and however they desire.”
The Sacramento and Roseville Lexus stores are expected to generate $160 million in revenue and exemplify Lithia’s proven success strategy of purchasing strong franchises. They join Lithia’s physical network of 189 stores nationwide, with 42 California locations representing 21 brands.
“Our new teams in the state capital possess years of knowledge and expertise on the Lexus brand, and we are fortunate that they are joining the Lithia family,” said DeBoer.
In 2019, Lithia expanded its reach to 92% of the U.S., becoming the broadest coast-to-coast automotive retail network. Lithia Motors continues to incrementally and profitably modernize the industry through its mission of Growth Powered by People.
About Lithia Motors Inc.:
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 in 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 with low leverage. Operational excellence is achieved by focusing on the consumer experience and by utilizing proprietary performance measurements to increase market share and profitability. With a unique growth model, Lithia invests to expand and modernize its nationwide network to create personal transportation solutions wherever, whenever and however consumers desire.