Breaking News

Lithia sells Kia, Hyundai dealerships in the next quarter

Lithia CEO Bryan DeBoer told Automotive Information final month that the Kia and Hyundai retail outlet divestitures had been finished for “network optimization and performance.”

“They’re just small corporations that we just passed and felt that an individual else could most likely do a greater work representing that producer in that market than we did,” he explained.

The Kia retailer is now running as Kia of Stockton. Lahham Automotive retains the supplier license for the shop, according to the California Department of Motor Vehicles.

The Hyundai retail outlet is now identified as Mastrovito Hyundai, led by seller principal Frank Mastrovito. He formerly was COO of the Upstate New York region for Key Motor Team and labored as vice president of product sales for Carbone Auto Group and Lithia, in accordance to his LinkedIn profile.

Mastrovito had required to have his individual dealership due to the fact he was 12 and “identified a daily life-extended aspiration,” according to a report from WKTV in Utica, N.Y.

DeBoer stated the Audi Valencia sale was linked to contiguous sector agreements with Audi.

In Might, Lithia offered Hazleton Honda to Fred Timbrook, Lee Wilson and David Ainsworth of Timbrook Automotive. Lithia had purchased the Honda shop a lot less than two a long time earlier from an ailing dealership team. It also had bought Hamilton Honda in New Jersey in that deal.

“We experienced generally supposed to market that,” DeBoer explained of Hazleton Honda. “We just essential the assist Honda out with a economical circumstance they had with the seller. So we stepped into it to help them.”

Lithia, of Medford, Ore., rated No. 3 on Automotive News‘ most recent list of the prime 150 dealership teams dependent in the U.S., retailing 171,168 new cars in 2020. But Lithia’s April acquisition of Michigan’s Suburban Collection makes it the next-largest team going forward.