Lithia Motors has added to its Central Valley holdings in California.
The auto retailer announced it acquired Fresno Lincoln Volvo in Fresno, Calif. The Lincoln franchise will be relocated to its Ford store and the company's present Mazda franchise will move alongside Fresno Volvo. The acquisition adds $15 million in estimated annual revenue for Lithia, the company said in a news release.
The nation's ninth-largest auto retailer has more than 90 stores in 11 states and has reported billiion-dollar revenue totals for the past two quarters.
The purchase will add to Lithia's locations on Blackstone Avenue in Fresno, where the company operates Ford, Nissan, Hyundai, Subaru and Mitsubishi franchises.
The company announced the addition of two stores in Stockton in recent weeks and deals for dealerships in Lodi are expected to close soon.
"The addition of a luxury nameplate to supplement our existing domestic and import brands, while unlocking synergies with our Ford franchise is attractive," said Bryan DeBoer, president and chief executive officer. "Additionally, the new location we acquired will be another prime site in Fresno to sell new and used vehicles."
-- Greg Stiles