Lithia Motors Inc. said Tuesday that it has acquired five dealerships in Texas that are expected to generate $350 million in annual revenue.
The public auto retailer said it bought Southwest Kia Auto Group, which has five Kia stores in the Austin and Dallas markets.
The dealerships were operated by Bill Dickason, who started his family-owned group with a single store in 2001, according to a blog post.
"These locations expand our in-store and online offerings in the region with a brand that provides a diverse selection of products for all customer desires and affordability levels," Lithia CEO Bryan DeBoer said in a statement.
Terms of the deal, which was finalized Monday, weren't disclosed, but the retailer said it paid for the stores using balance sheet funding.