Jack Walsworth Reporter covering dealership buy-sells for Automotive News [email protected] 313-446-6029 See All Staff Page Recent Stories Multiple Stellantis dealerships and a Kia store sell in Q1, Q2 deals Two auto retailers ranked among Automotive News' top 150 dealership groups completed second-quarter acquisitions, while a regional group and a pair of partners also expanded in deals this year. Maserati, Alfa Romeo, Mazda, Volvo and domestic dealerships sell Two auto retailers in top 150 dealership groups, including publicly traded Sonic Automotive, completed second-quarter transactions, while a pair of growing regional groups also expanded. Toyota, Ford and Stellantis dealerships sell across 4 states Two auto retailers on the top 150 dealership groups list made first- and second-quarter acquisitions, while a business that is part of a company best known for owning the Minnesota Twins also made a first-quarter purchase. Asbury sells Texas Acura dealership to Umansky Automotive Umansky Automotive Group entered Texas with the purchase of a luxury dealership from Asbury Automotive Group Inc. Sutherlin group buys Lexus-Toyota car dealership, sells 3 stores Sutherlin Automotive Group sold three dealerships in Georgia last month and reentered another Southeastern state on Monday. Auto retail giant Lithia Motors says it cut about 1,000 jobs Auto retail giant Lithia Motors Inc. told analysts last week that it cut about 1,000 positions. Sonic Automotive Q1 net income drops 51% Sales at Sonic Automotive's EchoPark brand rose 34 percent in the first quarter, but the auto retailer saw lower gross profits per new and used retail vehicles, as well as lower sales volume from its franchised dealerships. Goode Motor goes big with Alaska exploration After its March purchase of two Juneau, Alaska, stores representing eight brands, Goode Motor Auto Group owns all the new-vehicle dealerships in the Alaska capital, according to CEO Matt Cook. Lithia exits Alabama with sale of Subaru store; sells 2 other dealerships in Q3 deals Lithia Motors made its first divestiture of 2023 with the sale of a Subaru store in Alabama, which was the auto retail giant's entry into the southeastern state. The group also sold two other dealerships last year in third-quarter transactions. Kia, Nissan, Ford, Stellantis and GM dealerships sell across 5 states A West Coast auto retailer bought and sold dealerships, a dealer acquired his first Ford store, a group grew to three stores and two brothers expanded their holdings, all in transactions that closed in the second and fourth quarters of 2022 and the first quarter this year. Stellantis, GM, Honda and Hyundai dealerships sell in 4 states Two dealership groups expanded in new markets, a dealer added a second Honda store, and a new partnership duo acquired its first store in transactions in the last half of 2022 and second quarter of this year. Lithia cuts Driveway Finance Corp. income forecasts through 2025 Lithia Motors, in an updated forecast, expects its captive finance company, Driveway Finance Corp., to post a loss of $40 million in 2023. Lithia's Q1 net income drops 33 percent on lower gross profits per vehicle Lithia Motors, which surpassed AutoNation Inc. in new vehicles sold in 2022 to take the No. 1 spot, said new- and used-vehicle sales were up in the first quarter, but average gross profits per retail unit for new and used vehicles fell. Flow Automotive buys Mercedes-Benz, Toyota, Honda, Subaru and Stellantis dealerships Flow Automotive Cos. expanded its presence in Charlottesville, Va., in one of the largest dealership acquisitions of the year, as tracked by . Ourisman Cars adds Ford, Toyota and Stellantis dealerships Ourisman Cars, a group of dealerships within Ourisman Automotive Group, bolstered its Maryland presence with third-quarter 2022 and first-quarter 2023 acquisitions. Load More
Jack Walsworth Reporter covering dealership buy-sells for Automotive News [email protected] 313-446-6029 See All Staff Page