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Lithia Motors Acquires Honda New Volume Dealer In Fontana For Undisclosed Sum

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Lithia Motors Acquires Honda New Volume Dealer In Fontana For Undisclosed Sum
  • Lithia Motors Inc (NYSE: LADhas acquired Rock Honda, a Honda New Volume Dealer in the U.S., for an undisclosed sum.
  • Lithia said the purchase of the Honda Motor Co Ltd (NYSE: HMC) dealership in the Inland Empire expands the reach of its omni-channel network.
  • Rock Honda, located in Fontana, California, provides vehicle sales and service and is also licensed to provide customers with personal insurance as part of its consumer offerings.
  • Rock Honda is expected to generate $170 million in annualized revenues.
  • Lithia financed the deal using an existing on-balance sheet capacity. It held $780.9 million in cash and cash equivalents as of June 30, 2021.
  • Price Action: LAD shares are trading higher by 1.12% at $339.62 on the last check Tuesday.
 

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