Lithia Motors Inc. continued its expansion last week, buying nine dealerships in southern Florida and one in Nevada, all of which are expected to add nearly $1 billion in annual revenue to the growing auto retailer.
Lithia, the nation's No. 2 dealership group, has been on an acquisition spree and wants to grow to $50 billion in annual revenue by 2025 from $22.8 billion last year. The company is closing in on the annual revenue of AutoNation Inc., the nation's largest new-vehicle retailer, with $25.8 billion in revenue last year.
The 10 dealerships Lithia purchased last week are expected to generate $950 million in annual revenue — part of $2.1 billion in annual revenue from dealerships it has acquired so far this year.