California, Texas Acquisitions Continue Lithia Growth
Lithia Motors Inc. continues to expand, acquiring a large-volume Honda store in Southern California and two import dealerships near Dallas.
The acquisitions follow a partnership with NFL Linebacker Jessie Armstead to open Grapevine Honda in Texas in July 2021.
The second-largest dealership group in the U.S. purchased Rock Honda (considered the 16th largest in Honda dealership in the U.S.), from Bill Piercey and Tom Chadwell, who still own five dealerships across Arizona, California and Colorado.
The Fontana, California store will add an estimated $170 million in annual revenue. Lithia renamed the dealership, Honda of Fontana. The dealership also holds licenses to provide customers with personal insurance, Lithia reported.
“We are excited to reach more consumers in the Southwest region and welcome the Rock Honda team to the Lithia & Driveway family,” said Lithia CEO Bryan DeBoer in a statement. “This high-performing, customer-focused store expands our omnichannel network and introduces a new adjacency with personal insurance products, further complementing our ability to provide consumers transportation solutions wherever, whenever and however they desire.”
Bill Scrivner of Pinnacle Mergers & Acquisitions in Frisco, Texas, represented Lithia in the Rock Honda transaction.
Lithia also purchased five Southwest Auto Group Kia stores in June.
Lithia said it now has 32 stores in Texas.