On June 13, Lithia and Driveway announced its plans to grow its dealership footprint with the purchase of 13 locations from the Priority Automotive Group in Virginia, which expands its footprint in the strong-performing Mid-Atlantic Region.
These stores are projected to generate more than $1.2 billion in annualized revenue. In addition, executives claim these additions will increase Lithia & Driveway’s anticipated annualized revenue acquisition to date to more than $3.2 billion.
President and chief executive officer of Lithia & Driveway, Bryan DeBoer, said in a news release, “We’re happy to collaborate with Dennis Ellmer and his high-performing Priority teams to extend our domestic operations and consumer options wherever, whenever, and however they wish.”
Currently, the company operates three Honda dealerships, two Toyota dealerships, two Chevrolet dealerships, a Ford dealership, a Hyundai dealership, and a few smaller outlets serving customers in the Greater Chesapeake Bay region.
“Everyone at Priority is delighted and eager to work with Lithia & Driveway.” Priority President and CEO Dennis Ellmer said, “We knew we had found the ideal partner to continue growing Priority in an ever-changing retail automotive industry. The emphasis on customer service, employee growth opportunities, and a dedication to the community all fit well with our respective cultures.” Ellmer continues, “For years to come, we anticipate Lithia’s expansion to continue.”
DeBoer expresses, “These stores not only increase our capacity to build enduring relationships with customers in this area, but we also gain from their impressive track record of customer retention and dedication to community involvement.”