Since July 2020, when Lithia announced its five-year plan to grow to $50 billion in annual revenue, it has purchased dealerships that are expected to generate $8 billion in annual revenue.
“This Southeast expansion — coupled with growth and outstanding performances of our existing stores — has us outpacing our five-year plan,” CEO Bryan DeBoer said in a statement.
In June, Lithia said it had entered Mississippi, buying Herrin-Gear Toyota in Jackson.
Lithia, of Medford, Ore., ranked No. 3 on Automotive News‘ most recent list of the top 150 dealership groups based in the U.S., retailing 171,168 new vehicles in 2020. But Lithia’s April acquisition of Michigan’s Suburban Collection makes Lithia the second-largest group going forward.