Lithia Motors Inc. has bought six dealerships from Prestige Family of Fine Cars in Bergen County, N.J.
The deal is expected to generate $900 million in additional annual revenue for Lithia, which adds BMW, Mini, Mercedes, Toyota and two Lexus dealerships to its portfolio.
"These are high volume, luxury stores nicely matching one of the most affluent areas in the country," said Lithia CEO Bryan DeBoer in a statement.
Prestige owns additional dealerships that were not sold to Lithia, said buy-sell adviser Alan Haig, who represented Prestige in the transaction. Haig is president of Haig Partners in Fort Lauderdale, Fla.
The stores Prestige is keeping include a Mini store in New York, a Volkswagen store in Connecticut, a Lincoln dealership in Paramus, N.J., and a McLaren and a Lamborghini dealership, both in Ramsey, N.J., Haig wrote in an email to Automotive News.
The stores Lithia bought are in Paramus and Ramsey, N.J., near Lithia's existing DCH operations and near its Carbone stores located in the New England market.