Publicly traded retailers Penske Automotive Team Inc. and Lithia Motors Inc. each individual announced solitary-keep acquisition promotions on Tuesday.
Penske reported it has obtained a Hyundai-Genesis dealership in Noblesville, Ind., in the vicinity of Indianapolis, its to start with of those people manufacturers in that area, from seller Terry Lee. Fiscal terms of the deal, which shut Monday, were not disclosed.
The dealership, which was developed in 2015 and properties a Hyundai showroom on 1 facet and a Genesis showroom on the other, experienced been identified as Terry Lee Hyundai-Genesis of Noblesville. Penske did not disclose a title transform.
“It is bittersweet to leave an field I have worked in my full everyday living, but I know Penske Automotive will carry on to serve the neighborhood and clients with the exact large expectations I and my crew strove for,” Lee said in a assertion.
The acquisition brings Penske to a whole of four Hyundai stores and two Genesis shops, Anthony Pordon, Penske Automotive’s executive vice president for trader relations and company advancement, reported in an email to Automotive News.
Penske expects the dealership to make annualized revenue of $80 million. The amount of money of annualized profits added to the organization by way of acquisitions and new retail store openings in 2022 now stands at $745 million, the enterprise said.
“We are pleased to insert the Hyundai and Genesis makes to our present Honda and Chevrolet footprint in the Indianapolis metropolitan industry and welcome their employees to our staff,” Penske CEO Roger Penske reported in a statement. “We seem to boost the solid legacy of these dealerships when building added scale in this critical market place for Penske Automotive Team.”
Presidio Team, an financial investment banking and advisory organization with places of work in Denver and Atlanta, encouraged Lee on the acquisition.
Penske, of Bloomfield Hills, Mich., ranks No. 3 on Automotive News’ list of the top rated 150 dealership groups based in the U.S., with retail sales of 195,384 new cars in 2021.
Lithia acquires Honda retailer in Canada
Lithia Motors Inc. mentioned Tuesday that it bought Sisley Honda in Thornhill, Ontario, close to Toronto, including to its Canadian holdings. Lithia reported it created the acquisition by using its Pfaff Automotive Companions unit. Pfaff is the Toronto-centered dealership group that Lithia obtained past calendar year.
Lithia did not say when the transaction was finalized nor did it disclose a name improve for the dealership.
Sisley Honda was established in 1946 and is one particular of the best-volume Honda merchants in Canada, Lithia mentioned in a statement asserting the deal.
Lithia CEO Bryan DeBoer explained in the statement that the addition of Sisley Honda allows the retailer to extend its Driveway digital retailing platform and will help Lithia improve its position in a single of Canada’s top rated markets.
It is Lithia’s most latest acquisition in Canada due to the fact getting bike dealership Pfaff Harley-Davidson of Toronto late last 12 months.
Lithia reported the acquisition of Sisley Honda deliver its full expected annualized income acquired so significantly in 2022 to a lot more than $1.2 billion.
Lithia, of Medford, Ore., ranks No. 2 on Automotive News’ list of the major 150 dealership groups based in the U.S., with retail gross sales of 260,738 new cars in 2021.