Auto retail big Lithia Motors Inc. this week expanded its portfolio of high-end manufacturers, whereas two different sellers made single-store purchases in December and in earlier transactions.
Here is a take a look at the offers involving unique, import and home manufacturers. One transaction concerned a gaggle ranked on Automotive Information‘ high 150 dealership teams listing.
Lithia acquires first Ferrari dealership
Lithia Motors Inc. acquired its first Ferrari dealership on Monday when it purchased Algar Ferrari of Philadelphia in Bryn Mawr, Pa., in response to Invoice Scrivner of Pinnacle Mergers & Acquisitions, a Frisco, Texas, buy-sell agency representing Lithia within the transaction.
The dealership was renamed Ferrari of Philadelphia, Scrivner mentioned.
Lithia purchased the dealership from Aleks Vekselberg, who had owned it since 2012, in response to the shop’s web site. The shop dates to 1964.
Vekselberg’s father is Russian billionaire Viktor Vekselberg, in response to a 2018 Washington Submit article referring to the elder Vekselberg as an vitality and metals tycoon.
With the acquisition, Lithia has added one other unique model to its portfolio.
Final yr, it acquired Sterling Motorcars in Virginia, which included manufacturers akin to McLaren, Lamborghini and Rolls-Royce.
Lithia’s April acquisition of Suburban Assortment included Suburban Unique Motorcars of Michigan in Troy, made up of Aston Martin, Bentley, Bugatti, Lamborghini, Maserati, McLaren and Rolls-Royce franchises in two dealerships.
The group’s August acquisition of Pfaff Automotive Companions, a Canadian dealership group, included McLaren, Pagani and Automobili Pininfarina, amongst different manufacturers.
Lithia, of Medford, Ore., ranked No. 3 on Automotive Information‘ most up-to-date listing of the highest 150 dealership teams primarily based within the U.S., retailing 171,168 new autos in 2020. However the Suburban Assortment acquisition made Lithia the second-largest group going ahead.