Lithia Motors Inc. purchased 10 dealerships across southern Florida and Nevada, which it says will add $950 million in expected annual revenue to the growing company.
Lithia said Tuesday that it bought seven Lehman Auto World dealerships in southern Florida and Esserman International Acura and Esserman International Volkswagen dealership in Doral, Fla., marking its largest transaction of the year.
With the Lehman purchase, Lithia acquired Largo Honda in Florida City, Doral Hyundai-Genesis, Doral Kia, Lehman Mitsubishi in Miami, Lehman Buick-GMC in Miami Gardens, Lehman Hyundai-Genesis in Miami Gardens and Lehman Subaru in Miami Gardens.
Haig Partners, a buy-sell firm in Fort Lauderdale, Fla., represented Bill Lehman Jr. in the sale of his dealerships. The Esserman family sold the two dealerships to Lithia, Alan Haig, president of Haig Partners, told Automotive News.
The Lehman and Esserman transactions closed Monday.
The Florida acquisitions are expected to add $850 million in annual revenue, Lithia said.