Lithia Motors Buys BMW, Acura Dealerships in Valley

Lithia Motors & Driveway Inc. has purchased two more San Fernando Valley car dealerships.The Medford, Ore. publicly traded car dealer acquired BMW of Sherman Oaks and Acura of Sherman Oaks for an undisclosed price.Bryan DeBoer, chief executive of Lithia, said the company welcomed the two Valley dealers to the Lithia Motors family.“We are excited to add our first BMW store in Southern California and capture the significant potential that exists,” DeBoer said in a statement.The BMW and Acura stores are expected to generate combined annualized revenues of $185 million, the company said in a release.In November, Lithia bought nine dealerships from Keyes Automotive Group in Van Nuys.Included in the transaction were Keyes Toyota, Keyes European (Mercedes-Benz), Keyes Lexus, Keyes Audi and Keyes Hyundai, all in Van Nuys, as well as Lexus of Valencia, Audi Valencia, Mission Hills Hyundai and Bell Road Toyota, located in Phoenix. The dealerships did not change names.In the greater Valley region, Lithia also owns Audi Calabasas and DCH Subaru and DCH Ford, both in Thousand Oaks.