Lithia Motors Inc. has purchased another five dealerships in Florida, this time buying from Fink Automotive Group in the Tampa area in a deal that includes the largest-volume Hyundai store in the U.S. for eight straight years.
The nation's third-largest new-vehicle retailer said Tuesday that the store purchases are expected to add $430 million in annualized revenue. The acquisition, which closed Monday, more than doubles Lithia's exposure in the Southeast region.
Lithia, which entered Florida in fall 2019 by acquiring three Williams Automotive Group stores in the Tampa area and last month bought two stores in the Orlando market from Fields Auto Group, says it now has more than $1 billion in revenue stemming from the Southeast region.
The latest acquisition involves Hyundai-Genesis of New Port Richey, Volkswagen of New Port Richey, Hyundai-Genesis of Wesley Chapel, Mazda of Wesley Chapel and Chevrolet of Wesley Chapel. The Hyundai dealership in New Port Richey has been the largest-volume Hyundai store in the U.S. for eight years in a row, Hyundai confirmed Tuesday.