Benzinga | Sep 14, 2021 03:11PM EDT

Lithia Motors Buys Curry Honda In Georgia And Jeep Volume Dealer In California

* Lithia Motors Inc (NYSE:LAD) has acquired Curry Honda, located in Chamblee, Georgia, for an undisclosed sum. The addition is Lithia & Driveway's first dealership in Georgia.

* The company also purchased Orange Coast Chrysler Jeep Dodge Ram Fiat in Costa Mesa. Jon Gray will continue to lead the dealership.

* Lithia expects the newly acquired locations to generate $320 million in annualized revenue.

* The company financed the acquisitions using existing on-balance sheet capacity. It held $780.9 million in cash and equivalents as of June 30, 2021.

* Lithia said it is well ahead of pace to exceed its 5-year plan, announced in July 2020, to reach $50 billion in revenue and $50 EPS.

* Price Action: LAD shares are trading lower by 1.75% at $320.09 on the last check Tuesday.