Lithia Motors Acquires Honda New Volume Dealer In Fontana For Undisclosed Sum

Lithia Motors Inc LAD has acquired Rock Honda, a Honda New Volume Dealer in the U.S., for an undisclosed sum.
Lithia said the purchase of the Honda Motor Co Ltd HMC dealership in the Inland Empire expands the reach of its omni-channel network.
Rock Honda, located in Fontana, California, provides vehicle sales and service and is also licensed to provide customers with personal insurance as part of its consumer offerings.
Rock Honda is expected to generate $170 million in annualized revenues.
Lithia financed the deal using an existing on-balance sheet capacity. It held $780.9 million in cash and cash equivalents as of June 30, 2021.
Price Action: LAD shares are trading higher by 1.12% at $339.62 on the last check Tuesday.