Lithia Motors & Driveway announced it has acquired one of the largest Honda dealerships in the country, Planet Honda, located in Union, New Jersey with expected annual revenues in excess of $200 million.
“We are excited to welcome Bill Feinstein and his dedicated team to the Lithia and Driveway family,” said Bryan DeBoer, President and CEO. “Adding one of the highest performing Honda stores in the country further strengthens our ability to serve communities throughout the New York and New Jersey metropolitan areas.”
This purchase brings LAD’s total annualized revenues acquired to over $6.7 billion since the launch of its five-year plan ten months ago. “We continue our accelerated pace of acquisitions and are well ahead of our target of acquiring $4 billion in annualized revenues each year,” said DeBoer. “With the most robust and active pipeline in our history, we expect 2021 to be a banner year as we progress toward our five-year plan of $50 billion in revenue and $50 earnings per share. “This transaction was financed using free cash flow and existing on-balance sheet capacity.