Publicly traded retailers Penske Automotive Group Inc. and Lithia Motors Inc. announced on Tuesday deals to acquire one store.
Penske said it acquired from dealer Terry Lee a Hyundai-Genesis dealership in Noblesville, Indiana, near Indianapolis, its first of these brands in the region. The financial terms of the deal, which closed on Monday, are not disclosed.
The dealership, which was built in 2015 and features a Hyundai showroom on one side and a Genesis showroom on the other, was called Terry Lee Hyundai-Genesis of Noblesville. Penske does not disclose the name change.
“It is bitter to leave the industry in which I have worked all my life, but I know that Penske Automotive will continue to serve the community and customers with the same high standards that my team and I aspired to,” Lee said in a statement.
The acquisition led Penske to four Hyundai outlets and two Genesis outlets, said Anthony Pordon, Penske Automotive’s executive vice president of investor relations and corporate development, in an email to Automotive news.
Pensche expects the dealership to receive an annual profit of $ 80 million. The amount of annual revenue added to the company through the acquisition and opening of new stores in 2022 is now $ 745 million, the company said.
“We are excited to add the Hyundai and Genesis brands to our existing Honda and Chevrolet in the Indianapolis metropolitan market and welcome their staff to our team,” Penske CEO Roger Penske said in a statement. “We seek to expand the strong legacy of these dealerships while creating additional scale in this important market for Penske Automotive Group.”
Presidio Group, an investment banking and consulting firm with offices in Denver and Atlanta, advised Lee on the acquisition.
Penske of Bloomfield Hills, Michigan, ranks 3rd Car News’ a list of the top 150 dealerships based in the USwith a retail sales of 195,384 new cars in 2021.
Lithia acquires a Honda store in Canada
Lithia Motors Inc. said Tuesday it acquired Sisley Honda in Thornhill, Ontario, near Toronto, adding to its Canadian possessions. Lithia said it made the acquisition through Pfaff Automotive Partners. Pfaff – this A dealer group in Toronto acquired by Lithia last year.
Lithia did not say when the deal was completed, and did not disclose the name of the dealership.
Sisley Honda was founded in 1946 and is one of the largest Honda stores in Canada, Lithia said in a statement announcing the deal.
Lithia CEO Brian DeBer said in a statement that Sisley Honda’s addition allows retailers to expand their digital retail platform Driveway and helps Lithia strengthen its position in one of Canada’s leading markets.
This is Lithia’s latest acquisition in Canada since buying a motorcycle dealer Pfaff Harley-Davidson of Toronto at the end of last year.
Lithia said that as a result of the acquisition of Sisley Honda, its total expected annual revenue, received so far in 2022, was more than $ 1.2 billion.
Lithium from Medford, Oregon, ranks 2nd Car News’ a list of the top 150 dealer groups based in the US, with retail sales of 260,738 new cars in 2021.
