Lithia Motors Inc., as part of its aggressive dealership acquisition strategy, has succeeded in its bid to enter the United Kingdom, with the purchase of Jardine Motors Group, CEO Bryan DeBoer confirmed to Automotive News.
DeBoer said the deal, which closed Wednesday, was "more affordable than what we typically find ... in the United States," but he did not disclose the amount.
Britain's Sky News, citing a source, on Wednesday reported the price to be around £300 million to £400 million ($361.6 million to $482.1 million).
While the acquisition will not add brands to Lithia's portfolio, it will add depth, DeBoer said. For instance, the deal gives Lithia its second and third Ferrari stores.