Lithia Motors Inc. on Monday expanded its exotic and ultraluxury vehicle footprint with the purchase of a Colorado dealership selling multiple high-end brands including Ferrari, Bentley and Lotus.
Lithia bought the dealership, located in Highlands Ranch, south of Denver, from Aleks Vekselberg, according to Bill Scrivner, CEO of Pinnacle Mergers & Acquisitions, a Frisco, Texas, buy-sell firm that represented Lithia in the transaction.
Lithia, in a LinkedIn post, said this is its first Ferrari store.
"We're thrilled to welcome this Denver team into the Lithia & Driveway family," said Lithia CEO Bryan DeBoer in a statement, noting the location will become "a centrally located hub for premium luxury vehicles in the country."
While it was not immediately clear if Lithia has owned Colorado dealerships in the past, the Highlands Ranch dealership appears to be the auto retail giant's only store in the state, according to the group's website.
Lithia said the acquisition is expected to add $75 million in annual revenue.
Ferrari, Bentley and Lotus dealerships are rare in the U.S. On Jan. 1, there were an estimated 46 Ferrari franchises, an estimated 38 Lotus franchises and 48 Bentley franchises in the U.S., according to the Automotive News annual dealership census.
Vekselberg sold Algar Ferrari of Philadelphia in Bryn Mawr, Pa., to RDS Automotive Group in December 2021.
Lithia's purchase follows its November acquisition of a Stellantis store in Texas.
While Lithia has remained an active buyer of mass-market and luxury stores over the past two years, the expanding company also has bulked up its exotic and ultraluxury dealership count.
Lithia's August 2021 purchase of Pfaff Automotive Partners in Canada included McLaren, Pagani and Pininfarina stores, while its April 2021 mega-acquisition of Michigan's Suburban Collection included Aston Martin, Bentley, Bugatti, Lamborghini, Maserati, McLaren and Rolls-Royce brands.
In November 2020, Lithia bought Sterling Motorcars in Virginia, which included Rolls-Royce, Lamborghini and McLaren brands.
Lithia, of Medford, Ore., ranks No. 2 on the Automotive News list of the top 150 dealership groups based in the U.S., retailing 260,738 new vehicles in 2021. Through the third quarter, the group is now tracking ahead of No. 1 AutoNation for new-vehicle sales in 2022.