Lithia Motors Inc. has expanded its presence in Michigan and Florida, buying three Ford dealerships from Elder Automotive Group, of Troy, Mich., and the Elder family.
The nation's second-largest new-vehicle retailer said Tuesday that it bought Elder Ford of Tampa to aid its growth in Florida, while it purchased Elder Ford of Troy and Elder Ford of Romeo, both in metro Detroit, helping add scale in Michigan after Lithia bought Suburban Collection in April. A transaction date wasn't immediately disclosed.
The three Ford stores are expected to generate $425 million in annual revenue. A purchase price wasn't disclosed, but Lithia said it paid for the dealerships using capacity on its balance sheet.