Lithia continues buying spree with N.J. Honda dealership acquisition

Lithia rolled out Driveway, a portal that lets customers purchase or sell vehicles online and schedule at-home service, last year.

The dealership group did not disclose the purchase price but said it used cash and money available through its balance sheet.

The Honda dealership is Lithia’s 247th store and its first acquisition since the group bought Suburban Collection, of Troy, Mich., on April 12. That transaction, one of the industry’s largest in a decade, added 34 dealerships and 56 franchises.

Since July, when Lithia unveiled its five-year plan to reach $50 billion in annual revenue and $50 earnings per share, the group has acquired dealerships expected to generate $6.7 billion in annual revenue. That puts it ahead of pace for its target of buying stores representing $4 billion in revenue on average in each of the five years.

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