Lithia Motors Inc. on Monday expanded its footprint in exotic and ultra-luxury vehicles by acquiring a Colorado dealership that sells multiple luxury brands, including Ferrari, Bentley and Lotus.
According to Bill Scribner, chief executive of Pinnacle Mergers & Acquisitions, a Frisco, Texas, trading firm, Licia has a dealership in Highlands Ranch, south of Denver. Purchased from Alex Wechselberg.
Lithia said in a LinkedIn post that this is the first Ferrari store.
“We are thrilled to welcome this Denver team to the Lithia & Driveway family,” Lithia CEO Bryan DeBoer said in a statement.
It wasn’t immediately clear if Lithia previously owned a Colorado dealership, but the group’s website said the Highlands Ranch dealership is one of the state’s only major auto retailers. It seems that.
The acquisition is expected to add $75 million in annual revenue, Lithia said.
Ferrari, Bentley and Lotus dealers are rare in the US car news Annual dealer survey.
Vekselberg sold Algar Ferrari of Philadelphia in Bryn Mawr, Pennsylvania to RDS Automotive Group in December 2021.
The Lithia acquisition follows the November acquisition of the Stellantis store in Texas.
Lithia has remained an active buyer of mass retailers and luxury retailers over the past two years, but the expanding company also has an increasing number of exotic and ultra-luxury dealers.
Lithia’s August 2021 acquisition of Canada’s Pfaff Automotive Partners includes McLaren, Pagani and Pininfarina stores, while its April 2021 mega acquisition of Michigan’s Suburban Collection includes Aston Martin, Bentley, It included the Bugatti, Lamborghini, Maserati, McLaren and Rolls-Royce brands.
In November 2020, Lithia acquired Sterling Motor Cars, which includes the Rolls-Royce, Lamborghini and McLaren brands, in Virginia.
Lithia from Medford, Oregon ranks second on the list. car news List of the top 150 dealer groups based in the US with 260,738 new vehicles for sale in 2021. Through the third quarter, the group has now overtaken AutoNation as his No. 1 in 2022 new car sales.