Lithia & Driveway boosted its presence in the North Central Region of Minnesota by acquiring Carousel Motor Group, composed mostly of luxury brands, expected to generate more than $900 million in annual revenue.
"We are excited to expand into the Twin Cities with Carousel Motor Group and its successful award-winning stores," said Bryan DeBoer, Lithia & Driveway president and CEO. "Building out our network in the North Central Region, our least-dense region, allows us to foster long-term customer relationships and provide our omni-channel solutions, offering a full ownership lifecycle to this market. We welcome Carousel's high-performing team members to the Lithia & Driveway family."
Carousel comprises nine stores in the greater Twin Cities. Carousel Hudson Ford is one of the largest locations in Wisconsin and Lithia & Driveway's first Ford store in the state. This location adds more brand offerings to Lithia & Driveway's existing footprint after purchasing Wilde Automotive Group in October 2022.
The acquisition was financed using existing on-balance sheet capacity. With the addition of Carousel Motor Group, Lithia & Driveway's total year-to-date expected annualized revenue surpasses $5.4 billion.
