Two major dealership groups continued on familiar paths in the M&A market with a major acquisition and a major divestiture.

Lithia & Driveway, which has been actively adding locations all year, has brought three more into its collection with the purchase of Anaheim Hyundai, Huntington Beach Hyundai and Garden Grove Hyundai in Orange County, Calif., from Nouri/Shaver Automotive Group.

In a news release, the company said the acquisition was financed using existing on-balance sheet capacity and was purchased for less than 10% of revenues.

Lithia, which owns more than 400 dealerships in the U.S., Canada and the U.K., said its new stores will add an estimated $440 million in annualized revenue, raising the total year-to-date expected annualized U.S. revenue from its 11 acquisitions in 2025 to $1.16 billion.

“These highly profitable acquisitions increase our brand diversity and bring thousands of new customers into our unique ecosystem,” president and CEO Bryan DeBoer said. “Our new teams and omnichannel platform will deliver a seamless ownership experience and deepen lifetime relationships.

“This accretive investment reflects our strict capital discipline and commitment to our return hurdles and supports our strategy to both return value to shareholders and expand our platform’s reach.”

The addition of three Hyundai stores fits into Lithia’s electrification strategy in California, the company said, noting Hyundai’s “innovative and growing” EV and hybrid offerings help meet customer demand “across the adoption curve.”

Lithia’s electric vehicle approach includes GreenCars, a digital sustainability platform designed to educate customers on electrified vehicles, and the company said its comprehensive ecosystem supports the entire ownership lifecycle. Battery EVs accounted for 10% of the company’s new retail sales in the third quarter, up from 8% in Q2 as a result of the EV tax credit expiration.

Nouri/Shaver now operates 13 locations in California and Oregon, including one remaining Hyundai dealership, in Temecula., Calif.

Asbury sells another Larry H. Miller store

Meanwhile, Asbury Automotive Group continued shedding Larry H. Miller dealerships, selling Larry H. Miller Chrysler Dodge Jeep RAM Riverdale in the Ogden, Utah area to Young Automotive Group, according to Kerrigan Advisors, which represented Asbury in the transaction.

The store is one of the 61 acquired by Asbury in its $3.2 billion purchase of the Larry H. Miller Dealerships in December 2021. The Atlanta-based dealership group, which operates some 230 dealerships in 13 states, has now sold nine of those locations this year, including seven in Utah.

Kerrigan Advisors founder and managing director Erin Kerrigan said Asbury “continues to demonstrate disciplined portfolio management” and has been “strategically optimizing its brand portfolio mix as part of its corporate strategy.”

Young Automotive was founded by Seldon “Jack” Olsen, who opened an Oldsmobile store in the Ogden area in 1924. The company, led by president Spencer Young Jr., now operates 35 auto, truck and powersports dealerships in Utah, Idaho and Montana, as well as four collision centers.