|
|
DailyTidings.com
  • Lithia Motors buys two GM dealerships in Portland

  • Lithia Motors said today it has acquired a pair of Portland-area General Motors dealerships, two weeks after selling a Mercedes Benz shop just south of town.
    • email print
  • Lithia Motors said today it has acquired a pair of Portland-area General Motors dealerships, two weeks after selling a Mercedes Benz shop just south of town.
    The Medford-based auto retailer bought Vic Alfonso Cadillac and Braley & Graham Buick GMC in Portland. The stores will be renamed Buick GMC of Beaverton and Cadillac of Portland Lloyd Center, and will provide an additional $60 million in estimated annual revenues.
    Late last month, Lithia completed a deal to sell Mercedes Benz of Wilsonville to Austin, Texas-based Swickard Corp., a private equity firm led by Jeff Swickard, a University of Oregon graduate.
    The transactions boost Lithia's holdings in the Portland market to seven stores.
    "These acquisitions make us the exclusive Cadillac dealer in Portland, increasing our existing luxury platform of BMW and Mercedes Benz stores in the metropolitan area," Lithia President and CEO Bryan DeBoer said.
    Mark Johnson, President of MD Johnson Inc., an auto industry broker and consultant, said in a statement the Wilsonville "sale was part of a larger strategic plan developed by Mercedes Benz and Lithia for the Portland/Salem market. Lithia has a huge commitment and investment in the Portland/Salem markets and is aggressively seeking opportunities to tell their story to prospective sellers as they continue to look for acquisitions in the Northwest"
    Lithia also owns Mercedes Benz of Portland and Mercedes Benz of Beaverton.
    — Greg Stiles
Reader Reaction

      calendar