Lithia Motors & Driveway announced Tuesday the retailer has acquired Fink Automotive Group, a move that continues to bolster Lithia’s presence in the Southeast.
The group, based in the Tampa, Fla., area, is led by president Scott Fink and includes Hyundai of New Port Richey among its dealerships.
That store, which was featured as Auto Remarketing’s CPO Dealer of the Year in 2014, has been Hyundai’s largest U.S. volume dealer for eight straight years.
Lithia anticipates the addition of the Fink Auto Group stores will likely add annualized revenues of $430 million. It also brings the retailer’s Southeast Region revenue above $1 billion.
The purchase includes five locations and seven franchises (two Hyundai, two Genesis and one each of Chevrolet, Volkswagen and Mazda), The Presidio Group, which advised Fink on the sale, confirmed via email.
Lithia explained via email that it grouped the Genesis franchises with the Hyundai locations.
“We are excited to welcome Scott Fink and his high-performing teams to the Lithia & Driveway family,” Lithia Motors & Driveway president and chief executive Bryan DeBoer said in a news release from the retailer. “Their unparalleled commitment to serving their local communities and providing the highest level of customer service exemplifies Lithia & Driveway’s core values.”
Lithia had previously announced a five-year plan to hit $50 billion in revenue $50 in earnings per share. Since the launch of that plan, the retailer has reached $4 billion in total expected annualized revenue acquired.
“Four months ahead of schedule, we are excited to announce that we have achieved the annual network growth target of acquiring $4 billion in expected annualized revenue,” DeBoer said in the release. “The acquisition market remains robust, and we are well-positioned to continue the acceleration of our network growth strategy.”
Lithia financed the purchase through capital it raised in concurrent equity and debt offerings in late 2020.
In a Presidio news release, Scott Fink said: “The buy-sell market is especially strong right now and we knew that joining efforts with a larger group was the best way to ensure that our dealerships will continue to be market leaders in today’s fast-changing auto retail environment.
“Lithia has the resources to elevate our dealerships to the next level of sophistication.”
He added: “We chose to work with The Presidio Group because they are consummate professionals with extensive experience in advising on multi-dealership transactions and, just as importantly, a strong track record of identifying the right buyer for each business.”
Lithia’s purchase follows another Florida-based acquisition by the public retailer last month. Lithia announced it bought a Land Rover dealership and a Chrysler Jeep Dodge Ram store from Fields Auto Group. Both locations are in the Orlando area.
And now, Lithia has more than doubled its presence in the Southeast with the Fink Auto Group purchase, Presidio said in its release.
“We were very pleased to once again work with The Presidio Group on an important strategic acquisition,” DeBoer said. “The addition of Fink Automotive Group gives us a greatly expanded foothold in the key Southeast region.
“We are excited to welcome Fink Auto Group’s employees to the Lithia family, especially Scott Fink, who will work with Lithia to continue our expansion in the Southeast.”
Presidio provided exclusive M&A advisory services to Fink through Presidio Merchant Partners, LLC, its wholly owned investment bank.
“Scott is a long-time friend and I was especially pleased to work with him to find the right buyer for his stellar collection of dealerships,” said George Karolis, president of The Presidio Group, in a news release. “He is one of the best dealers in the country and Tampa is one of the hottest markets, as evidenced by the success of his ‘Giant’ Hyundai store in New Port Richey. We knew these franchises would complement Lithia’s portfolio perfectly.”
Added Presidio founder and CEO Brodie Cobb, “We were honored to assist Scott in the sale of his award-winning franchises. This move allows him to continue to utilize his knowledge and experience in the dealership world through working with Lithia.”
"auto" - Google News
March 03, 2021 at 02:25AM
https://ift.tt/2OeY5ur
Lithia continues Southeast expansion with Fink Auto Group purchase - Auto Remarketing
"auto" - Google News
https://ift.tt/2Xb9Q5a
https://ift.tt/2SvsFPt
Bagikan Berita Ini
0 Response to "Lithia continues Southeast expansion with Fink Auto Group purchase - Auto Remarketing"
Post a Comment