Lithia Motors Inc. has entered Mississippi, buying a Toyota dealership in the capital city of Jackson, while the auto retailer also sold an Audi store in California.
Lithia on Tuesday said the acquisition of Herrin-Gear Toyota would add $95 million in annual revenue. The company said it paid for the dealership using funds from its balance sheet capacity. The transaction closed on Monday.
The store, which was owned by Jack Herrin, has been renamed Toyota of Jackson.