Editor's note: A previous version of this story included an incorrect figure for the revenue of dealerships Lithia has acquired.
Lithia Motors Inc. has purchased a large Nissan store in suburban Phoenix to help bolster its presence in the Southwest.
The nation's third-largest new-vehicle retailer said Tuesday that it acquired Avondale Nissan in Avondale, Ariz., which it expects to generate $75 million in annual revenue. The transaction closed on Monday and Lithia will retain the store’s name.
The family-owned store launched in 2004. When it opened, the 60,000-square-foot store on 10 acres was a venture between Mitch Pierce and Michael Little, according to the Phoenix Business Journal.
"We are excited to welcome the high-performing Avondale Nissan team to the Lithia Motors and Driveway family," Lithia CEO Bryan DeBoer said in a statement. "Their dedication to earning customers for life while making a positive impact in their local community exemplifies our core values."