Lithia Motors has bought its first store in West Virginia, the dealer group said Wednesday.
West Virginia is now the 19th state in the expanding Lithia network as the company added Ford Lincoln of Morgantown, which was previously named Freedom Ford.
The group said the new addition is an example of how Lithia acquires stores “with the potential to yield high returns.”
Lithia president and chief executive officer Bryan DeBoer said in a news release that Ford Lincoln of Morgantown shows similarities to other stores that Lithia operates in exclusive markets.
“They are a terrific team passionate about taking care of their local customer,” DeBoer said. “We’re excited to help them grow their customer base and increase profitability by leveraging our internal performance data, including the resources of the 12 Baierl and Day auto stores in nearby Pittsburgh, Pa.”
DeBoer also noted an accelerating market for purchasing dealerships, and Lithia reported that its revenue increased 17.2% in 2018 and that the company moved up 29 spots to No. 265 on the Fortune 500 list. Consumers can buy, sell and service vehicles online or through its 183 locations nationwide.
“We will continue to seek strategic acquisitions where performance management, digital innovation and our passion to serve consumers wherever, whenever and however they desire increases the market share of the store,” DeBoer said.