Lithia Motors Inc. has added two more dealerships in the Los Angeles area, after buying eight dealerships in the market last fall.
The public auto retailer said Tuesday it purchased Center BMW and Center Acura in Sherman Oaks, Calif., from Dave Farguson. The BMW store transaction closed on May 23 and the Acura store deal closed on June 1, Farguson said.
Lithia said the dealerships combined are expected to generate $185 million in annual revenue.
“We are excited to add our first BMW store in Southern California and capture the significant potential that exists,” Lithia CEO Bryan DeBoer said in a statement.
Terms of the transactions weren’t disclosed, but Lithia said it paid for the stores using funding from its existing balance sheet.
