Lithia Motors’ Tuesday announcement that it has added Chrysler Dodge Jeep Ram Fiat and Subaru stores in Morgantown, W.Va. is its second recent announcement of expansion to the Morgantown area.
Lithia in June of this year acquired Ford Lincoln of Morgantown, which the company said was part of the Lithia nationwide network reaching 82% of the United States.
Lithia president and chief executive officer Bryan DeBoer said adding the FCA brands and Subaru means consumers get more domestic and import selection. It also strengthens Lithia’s network, he said.
Lithia anticipates that the new Morgantown locations will generate approximately $100 million in annual revenue.
“We’re excited to broaden our offerings in the Morgantown market,” DeBoer said in a news release.
The company said the stores exemplify its technique of acquiring strong stores that are underperforming relative to their potential.
“In addition to acquiring more stores, we’re extending our network’s reach by activating sell-from-home technology with vehicle pickup,” DeBoer said “Having already launched this functionality in the nearby Pittsburgh area, Lithia is actively increasing market share by serving customers wherever, whenever, and however they desire.”
Lithia increased revenue 17.2% in 2018 and rose 29 spots to No. 265 on the Fortune 500.