MEDFORD, Ore.--(BUSINESS WIRE)-- Lithia Motors, Inc. (NYSE:LAD) announced today the purchase of the remaining six John Eagle Dealerships located in Houston, Texas.
The Houston locations are in addition to the John Eagle Dallas/Austin purchase on August 3, 2020. Combined, these ten 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 4 of the top 5 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,” stated 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 United States.