Lithia Motors has expanded its U.S. dealership portfolio by entering the North Florida market by acquiring three dealerships expected to generate more than $200 million in annual revenue. On September 9, Lithia acquired Duval Honda and Duval Acura, both located in Jacksonville, and Subaru of Gainesville, from Duval Motor Co. The purchase marks Lithia’s first foray into this fast-growing region.
Bryan DeBoer, the CEO of Lithia Motors, is thrilled about the expansion. He stated that the award-winning dealerships have a great customer service and community engagement legacy, perfectly aligning with their growth strategy. Lithia plans to keep the dealership names to maintain continuity and uphold its local reputation.
The deal was managed by Kevin Nill, managing director of Haig Partners, a buy-sell advisory firm in Fort Lauderdale, with the help of associate Matt DeSantis. Nill highlighted North Florida’s appeal as a rapidly growing market with lighter congestion compared to other parts of the state. He emphasized the ongoing demand for strong, desirable franchises in hot markets, despite a slowdown in the broader market’s financial performance. Top brands in sought-after locations continue to attract interest from buyers like Lithia.
The acquisitions also reflect Lithia’s aggressive growth strategy as the company continues to expand its national footprint. With the Duval acquisitions, Lithia’s expected annualized revenue from acquisitions in 2024 now totals $5.9 billion.
For Duval Motor Co., this sale allows the family-owned business, led by CEO Hampton Graham and President Alex Graham, to focus on its flagship store, Duval Ford, in Jacksonville. “Duval Ford will continue to carry on the incredible legacy created by the McRae family,” Hampton Graham said, referencing the company’s deep roots in Jacksonville, where the family has been operating since 1921.
The acquisition of these award-winning dealerships solidifies Lithia Motors’ position as a dominant player in the U.S. auto retail market and further expands its reach into key growth regions.
