Medford, Oregon-based Lithia Motors, the third-largest automotive retailer in the United States, has acquired seven new vehicle dealerships in the greater Tampa Bay market from Fink Automotive Group. Inc., according to a Businesswire press release.
“The buy-sell market is especially strong right now, and we knew that joining efforts with a larger group was the best way to ensure that our dealerships will continue to be market leaders in today’s fast-changing auto retail environment,” President of Fink Automotive Group Scott Fink said, as reported by Businesswire. “Lithia has the resources to elevate our dealerships to the next level of sophistication.”
Lithia Motors’ acquisition of Fink Automotive Groups’ award-winning locations offers Lithia the ability to expand into the Southeast marketplace. Lithia Motors’ locations will now be more than double the number of dealerships the company had previous to buying Fink Automotive Group dealerships.
“The addition of Fink Automotive Group gives us a greatly expanded foothold in the key Southeast region. We are excited to welcome Fink Auto Group’s employees to the Lithia family, especially Scott Fink, who will work with Lithia to continue our expansion in the Southeast,” Bryan DeBoer, president and CEO of Lithia Motors and Driveway, told Businesswire.
Dealerships that were included in Lithia Motors’ acquisition include: Hyundai of New Port Richey, Genesis of New Port Richey, Volkswagen of New Port Richey, Hyundai of Wesley Chapel, Genesis of Wesley Chapel, Mazda of Wesley Chapel and Chevrolet of Wesley Chapel.
The sales included Hyundai of New Port Richey, Florida, the highest-volume Hyundai dealership in the world for the eight consecutive years.
The Presidio Group offered Fink Automotive Group full, exclusive M&A advisory services through its subsidiary investment bank, Presidio Merchant Partners LLC.
“We were honored to assist Scott in the sale of his award-winning franchises,” Brodie Cobb, founder and CEO of The Presidio Group, told Businesswire. “This move allows him to continue to utilize his knowledge and experience in the dealership world through working with Lithia.”