Lithia Motors's acquisition of Jardine Motors Group in the United Kingdom, similar in store count and revenue to its 2021 megadeal to buy Michigan's Suburban Collection, immediately gives the largest new-vehicle dealership group in the U.S. significant scale in an international market it long coveted.
The deal adds more than 40 new-vehicle dealerships in the U.K. to Lithia's portfolio, including stores selling luxury brands Aston Martin, Porsche, Mercedes-Benz and BMW. And by entering the U.K., Lithia gains direct exposure to the agency model of retail, in which dealers sell vehicles on behalf of some automakers, such as Mercedes, at factory-set prices.
The deal, which closed Wednesday, March 15, will add more than $2 billion to Lithia's annual revenue, Lithia CEO Bryan DeBoer said.