Lithia Motors Inc. has bolstered its Florida presence with the purchase of two Audi dealerships.
Lithia this month bought Audi Fort Lauderdale and Audi Coral Springs from Qvale Auto Group, a Lithia spokeswoman said. The two luxury stores will add an expected $275 million to Lithia's annual revenue, the retailer said Tuesday.
"We were excited when the Presidio team approached us about acquiring our first Audi franchises in Florida because we have had such great success with the brand in our other markets," Lithia CEO Bryan DeBoer said in a statement. "This expands our footprint and offerings to consumers in the greater Florida markets."
With the acquisition, Lithia said it has 12 dealerships in Florida. It also has nine Audi stores, including two dealerships in Canada.
Terms weren't disclosed, but Lithia said it paid for the dealerships using existing balance sheet funding. The store names will remain.
So far in 2021, Lithia said it has acquired dealerships representing $6.5 billion in annual revenue.
Last week, Lithia entered the motorcycle business with the purchase Pfaff Harley-Davidson of Toronto. The Audi stores are Lithia's first auto dealership acquisitions since September, when it bought Curry Honda in Chamblee, Ga., and Orange Coast Chrysler-Jeep-Dodge-Ram-Fiat in Costa Mesa, Calif.
