Penske nabs Hyundai-Genesis dealership near Indianapolis; Lithia adds Ontario store

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Publicly traded shops Penske Automotive Group Inc. and Lithia Motors Inc. each introduced one-retail outlet acquisition promotions on Tuesday.

Penske mentioned it has obtained a Hyundai-Genesis dealership in Noblesville, Ind., in the vicinity of Indianapolis, its very first of these manufacturers in that location, from seller Terry Lee. Monetary phrases of the deal, which closed Monday, had been not disclosed.

The dealership, which was crafted in 2015 and homes a Hyundai showroom on just one side and a Genesis showroom on the other, had been termed Terry Lee Hyundai-Genesis of Noblesville. Penske did not disclose a title adjust.

“It is bittersweet to go away an industry I have worked in my entire life, but I know Penske Automotive will go on to provide the neighborhood and customers with the exact same large expectations I and my crew strove for,” Lee claimed in a assertion.

The acquisition provides Penske to a overall of four Hyundai outlets and two Genesis retailers, Anthony Pordon, Penske Automotive’s government vice president for trader relations and corporate growth, reported in an email to Automotive News.
Penske expects the dealership to make annualized earnings of $80 million. The amount of money of annualized profits extra to the firm via acquisitions and new retail store openings in 2022 now stands at $745 million, the company stated.

“We are delighted to include the Hyundai and Genesis models to our current Honda and Chevrolet footprint in the Indianapolis metropolitan sector and welcome their personnel to our crew,” Penske CEO Roger Penske stated in a statement. “We glance to boost the strong legacy of these dealerships even though developing added scale in this vital sector for Penske Automotive Group.”

Presidio Team, an investment decision banking and advisory firm with places of work in Denver and Atlanta, encouraged Lee on the acquisition.

Penske, of Bloomfield Hills, Mich., ranks No. 3 on Automotive News’ listing of the best 150 dealership teams dependent in the U.S., with retail gross sales of 195,384 new vehicles in 2021.

Lithia acquires Honda shop in Canada

Lithia Motors Inc. stated Tuesday that it bought Sisley Honda in Thornhill, Ontario, around Toronto, adding to its Canadian holdings. Lithia said it created the acquisition by using its Pfaff Automotive Partners unit. Pfaff is the Toronto-dependent dealership team that Lithia acquired last 12 months.

Lithia did not say when the transaction was finalized nor did it disclose a title change for the dealership.

Sisley Honda was founded in 1946 and is one of the highest-quantity Honda retailers in Canada, Lithia mentioned in a assertion announcing the deal.

Lithia CEO Bryan DeBoer stated in the statement that the addition of Sisley Honda enables the retailer to extend its Driveway electronic retailing platform and assists Lithia bolster its place in a person of Canada’s major marketplaces.

It can be Lithia’s most modern acquisition in Canada considering that buying motorbike dealership Pfaff Harley-Davidson of Toronto late very last year.

Lithia reported the acquisition of Sisley Honda deliver its full predicted annualized earnings obtained so considerably in 2022 to far more than $1.2 billion.

Lithia, of Medford, Ore., ranks No. 2 on Automotive News’ list of the top 150 dealership groups dependent in the U.S., with retail gross sales of 260,738 new automobiles in 2021.

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