Lithia Motors says that it has a strong strategy for success in “acquiring strong stores that are underperforming relative to their potential.”
The company says its latest acquisition is another example of that strategy.
Lithia Motors on Tuesday announced the addition of Hamilton Honda in Hamilton Township, N.J. The company said the move expands Lithia’s presence in New Jersey and toward eastern Pennsylvania.
Lithia likes Hamilton Honda’s potential. The store totaled $160 million in revenue in 2018. Among all Honda stores, Hamilton Honda ranked 23rd in the nation and eighth in the New York Metro market.
“We’re excited to welcome the Hamilton Honda team,” Lithia president and chief executive officer Bryan DeBoer said in a news release. “They built strong market share with a very customer-focused strategy. We're eager to help them translate that share into increased profitability through leveraging our internal performance data.”
DeBoer sees an active environment for purchasing dealerships.
“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.