Since July 2020, when Lithia introduced its 5-yr prepare to develop to $50 billion in annual profits, it has purchased dealerships that are envisioned to deliver $8 billion in annual profits.
“This Southeast growth — coupled with growth and remarkable performances of our present shops — has us outpacing our 5-yr prepare,” CEO Bryan DeBoer mentioned in a assertion.
In June, Lithia mentioned it had entered Mississippi, buying Herrin-Equipment Toyota in Jackson.
Lithia, of Medford, Ore., ranked No. 3 on Automotive News‘ most new list of the top rated a hundred and fifty dealership teams based mostly in the U.S., retailing 171,168 new motor vehicles in 2020. But Lithia’s April acquisition of Michigan’s Suburban Collection would make Lithia the second-premier team going forward.