A source close to the situation told CBT News that Lithia Motors, one of the nation’s fastest-growing public automotive companies, is in talks to acquire Michigan-based Suburban Collection, pending board and stakeholder approval.
Sources say they expect the acquisition could be completed by the Summer of this year. Currently, Lithia Motors boasts 206 locations, nationwide and an acquisition of this size could bring that total to 258 stores. The Suburban Collection is comprised of 35 automobile brands in 52 locations throughout Michigan, California, and South Florida.
On November 10, 2020, Lithia announced the addition of $1.4 billion in revenue from its purchase of nine locations from the Keyes Automotive Group in Southern California.
Managing Director of Kerrigan Advisors, Ryan Kerrigan, told CBT News, “Publicly traded stocks are trading at all-time highs and according to the Kerrigan Index, this meant that publics were brought back into the game in a big way. Lithia has been the most aggressive with M&A activity, and they have done multiple transactions in the past couple of months with us including Keyes Automotive and Sterling Motorcars.”
CBT News will continue to monitor and update this story as it unfolds.
Did you enjoy this update from CBT News? Read other articles from us here.
Be sure to follow us on Facebook and Twitter to stay up to date or catch-up on all of our podcasts on demand.
While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.
