CARY, N.C. -

In what the retailer says is one of the largest purchases ever in terms of franchise count, Lithia Motors & Driveway announced Tuesday that it has purchased The Suburban Collection.

The Troy, Mich.-headquartered Suburban Collection includes 56 franchises, with 33 brands across 34 locations. It is also Lithia's first major entry into the North Central region.

Lithia anticipates the purchase will add $2.4 billion in annualized revenues, bringing its total expected annualized revenues acquired to $6.5 billion since it announced a five-year plan nine months ago.

The plan is to reach $50 billion in revenue and $50 of earnings per share. Lithia said the plan had a $4 billion annual target, and the retailer is currently beating that target by more than 60%, it says.

The retailer also said this deal means it has completed six of the eight largest purchases in auto retail.

"The Suburban Collection is a leader in the Midwest automotive retailing sector and a respected fixture in its local communities for more than 70 years," Lithia president and chief executive officer Bryan DeBoer said in a news release. "David Fischer, Jr. and his father, David T. Fischer, have earned a phenomenal reputation over those seven decades for taking excellent care of their customers, team members, and local communities. We are pleased that David Fischer, Jr. will join our team leading and continuing to expand the Suburban Collection footprint in the North Central region. We welcome the entire Suburban team to the Lithia and Driveway family."

DeBoer added: "Lithia was once again pleased to work with the Presidio Group, who represented the Fischer family and played a key role in the success of this historic transaction. The franchise mix is perfectly suited for Lithia & Driveway's North Central region and provides a massive platform to build on."

Along with the aforementioned franchise, location and brand count, The Suburban Collection has 2,250 team members. According to Lithia, it is the nation’s 12th largest private dealer group, based on revenue.

Most of its stores focus on the Big 3 brands, but the group also includes such luxury brands as Mercedes-Benz, BMW, Bentley, Lamborghini and Bugatti, according to a news release from Presidio.

In that release, David T. Fischer, who is chairman of Suburban Collection Holdings, said: "A tradition is carried on when like-minded professionals work together to ensure a vision is continually realized. This new partnership will ensure our customers are served like never before and our team members are afforded new opportunities for growth and advancement."

Added David Fischer Jr., who is president and CEO of The Suburban Collection, "The Presidio Group was a careful steward of our requirements for matching us with the best buyer, Lithia Motors, to take our dealerships to the next level for growth. It was incredibly important to us that the new owner maintained our culture and took care of our 2,250 team members. I am honored to continue to lead The Suburban Collection team, backed by the enhanced technology, selection and financing options Lithia brings with its ownership."

Lithia has been the most active of the public groups in terms of acquisitions, as of late.

In March, Lithia expanded its presence in the Southwest with the purchase of Avondale Nissan in Phoenix.

That purchase followed Lithia’s acquisition of Fink Automotive Group in Florida earlier in the month.

Lithia announced in February that it has purchased a Land Rover dealership and a Chrysler Jeep Dodge Ram store from Fields Auto Group. Both locations are in the Orlando, Fla., area. Lithia also opened a previously awarded Infiniti store in downtown Los Angeles.