Lithia Motors & Driveway has expanded its presence in the Southwest with the purchase of Avondale Nissan in Phoenix.
The acquisition announced Tuesday would add $75 million in annualized revenue for the retailer. Lithia’s purchases since launching a five-year plan nine months ago add up to annualized revenues of more than $4.75 billion, the retailer said.
“We are excited to welcome the high-performing Avondale Nissan team to the Lithia Motors & Driveway family,” Lithia president and chief executive officer Bryan DeBoer said in a news release.
“Their dedication to earning customers for life while making a positive impact in their local community, exemplifies our core values,” he said.
DeBoer added: “The pipeline of acquisition targets that meet our hurdle rates is the most active we have ever seen.
“We are ahead of our target of acquiring $4 billion in annualized revenues each year and are well on our way to reaching our plan of $50 billion in revenue and $50 earnings per share.”
Lithia financed the purchase through capital it raised in concurrent equity and debt offerings in late 2020.
This purchase follows Lithia’s acquisition of Fink Automotive Group in Florida earlier this month.
Lithia announced in February that it has purchased a Land Rover dealership and a Chrysler Jeep Dodge Ram store from Fields Auto Group. Both locations are in the Orlando, Fla., area. Lithia also opened a previously awarded Infiniti store in downtown Los Angeles.