Lithia Motors Buys Curry Honda In Georgia And Jeep Volume Dealer In California

Lithia Motors Inc LAD has acquired Curry Honda, located in Chamblee, Georgia, for an undisclosed sum. The addition is Lithia & Driveway's first dealership in Georgia.
The company also purchased Orange Coast Chrysler Jeep Dodge Ram Fiat in Costa Mesa. Jon Gray will continue to lead the dealership.
Lithia expects the newly acquired locations to generate $320 million in annualized revenue.
The company financed the acquisitions using existing on-balance sheet capacity. It held $780.9 million in cash and equivalents as of June 30, 2021.
Lithia said it is well ahead of pace to exceed its 5-year plan, announced in July 2020, to reach $50 billion in revenue and $50 EPS.
Price Action: LAD shares are trading lower by 1.75% at $320.09 on the last check Tuesday.