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Thursday, 03 September 2020 22:48

Lithia Acquires Six More Houston-Area Dealerships

Lithia Motors, Inc. announced Sept. 1 the purchase of the remaining six John Eagle dealerships located in Houston, TX.

The Houston locations are in addition to the John Eagle Dallas/Austin purchase on Aug. 3. Combined, these 10 Texas dealerships add $1.1 billion in annualized revenues and bring Lithia's network expansion to over $1.6 billion in revenue thus far in 2020.

 

“The John Eagle acquisitions improve Lithia’s density in the South-Central region and expands our network with a dominant presence in four of the top five largest metropolitan markets in the United States,” said Bryan DeBoer, Lithia Motors president and CEO.

 

Lithia Motors financed these acquisitions using free cash flows and existing on-balance sheet capacity.

 

“The growth of our physical network expands our ability to provide consumers convenient and affordable new vehicle, used vehicle, service and parts solutions and brand impressions. Together, with our Driveway digital home channel, we are providing personal transportation solutions wherever, whenever and however consumers desire,” said DeBoer.

 

These import franchises complement Lithia’s domestic footprint in Texas to provide a wide range of vehicles to consumers throughout the South-Central region. Lithia has the broadest coast-to-coast automotive retail network, reaching 92% of the U.S.

 

Source: Lithia Motors, Inc.

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