National car dealer Lithia Motors Incorporation is driving into the Tampa market, buying three area dealerships for nearly $40 million. Lithia, primarily based in Medford, Ore., purchased Wesley Chapel Toyota and Wesley Chapel Honda, each near the interchange of Interstate 75 and also State Road 54 in Wesley Chapel on N Florida Avenue in Tampa, from the Williams Automotive Group in transactions that closed earlier this month. Lithia bought the dealerships and three parcels totaling 21.2 acres in Pasco County for more than $28.5 million and the Tampa Honda property for $10.7 million, according to public records.
We’re excited to broaden our presence in Florida and place Lithia for additional development on this critical geographic area,” Bryan DeBoer, Lithia Motors Inc. president, and CEO mentioned in a launched assertion. “This new partnership increases our nationwide protection, now reaching nine out of each ten customers within the nation and also furthering our modernization strategy.”
Lithia has 185 places nationally and is targeting the Southeast for growth. The three Tampa Bay space shops are anticipated to generate a mixed $325 million in income yearly, the corporate mentioned. Based on the corporate site, Walt DeBoer found Lithia Motors in 1946 as a Chrysler-Plymouth-Dodge dealership in Ashland, Ore. Later, his son, Sid, and an associate grew the enterprise to five shops and 19 franchises in southern Oregon. In 1996, the gathering of dealerships remodeled into Lithia Motors, Inc., an organization publicly traded on the New York Stock under the symbol of LAD. Williams Automotive Group fashioned in 2000 as Southeast Automotive Group The company retained ownership of its Lexus of Wesley Chapel dealership, located adjacent to Wesley Chapel Toyota.