Lithia Remains in Acquisition Mode With 3-California-Store Deal
Lithia Motors has acquired Anaheim Hyundai, Huntington Beach Hyundai and Garden Grove Hyundai, all located in Southern California’s Orange County, from Nouri/Shaver Automotive Group.
“These highly profitable acquisitions increase our brand diversity and bring thousands of new customers into our unique ecosystem. Our new teams and omnichannel platform will deliver a seamless ownership experience and deepen lifetime relationships,” writes Lithia President and CEO Bryan DeBoer in a release. “This accretive investment reflects our strict capital discipline and commitment to our return hurdles and supports our strategy to both return value to shareholders and expand our platform’s reach.”
The divestiture reduces Nouri/Shaver’s footprint to 12 Southern California stores and one each in Northern California and Western Oregon.
Last month, Lithia purchased a total of four dealerships in Florida and Georgia from the Ed Napleton and Stivers Automotive groups.
