Lithia Motors Inc. acquired its first-ever Jaguar and Land Rover store, expanding its presence in the California market.
The nation's third-largest dealership group announced Tuesday the addition of Jaguar-Land Rover Mission Viejo in California. In 2018, the dealership generated $116 million in revenue.
Eric Pitt, director of investor relations for Lithia Motors, said the dealership group will retain the 80 employees currently working at the store. The acquisition boosts Lithia Motors' total number of dealerships to 183 stores and total employment to about 15,000 employees, he said.
"The purchase of Jaguar Land Rover in Mission Viejo represents the continuing acceleration of our consolidation strategy," Lithia CEO Bryan DeBoer wrote in an email on Wednesday. "We are excited to welcome the entire existing Jaguar Land Rover team and look forward to leveraging their focus on the customer experience and Lithia's digital innovation strategies to help unlock their true potential."
Pitt declined to disclose the total cost of the acquisition.
Lithia ranks No. 3 on the Automotive News list of the top 150 dealership groups based in the U.S. with new light-vehicle sales of 184,601 in 2018.
