Lithia Motors announced on Monday that it has acquired Williams Automotive Group’s Honda and Toyota stores in the greater Tampa, Fla. market, widening its already large "coast-to-coast network."
Lithia Motors president and chief executive officer Bryan DeBoer said the new partnership increases the company’s national coverage, which he said now reaches nine out of every 10 consumers in the country.
He said the acquisition also furthers the company’s “modernization strategy.” With the acquisition, Lithia said it has expanded its reach from 82% to 92% of the United States.
Wesley Chapel Toyota, Wesley Chapel Honda and Tampa Honda make up the new platform, and Lithia says they are strong performers.
The company expects the stores to generate a combined annual revenue of $325 million.
Lithia said that for the year of 2019, it has purchased stores totaling $800 million in revenue.
“We are excited to expand our presence in Florida and position Lithia for further growth in this key geographic region,” DeBoer said in a news release.
He added, “We’re thrilled to partner with and welcome John Williams and his talented team to the Lithia family. We look forward to our new team continuing their success and assisting us in expanding our network throughout the Southeastern United States.”