Lithia & Driveway announced its expansion into new Florida markets by acquiring three stores from Duval Motor Company in Jacksonville and Gainesville.
The newly acquired Duval Honda, Duval Acura and Subaru of Gainesville are expected to collectively generate more than $200 million in annualized revenue for Lithia & Driveway.
"We are excited to grow our footprint and enter new Florida markets with the addition of the Duval teams to the Lithia & Driveway family," said Bryan DeBoer, president and CEO of Lithia & Driveway. "These award-winning dealerships bring a strong legacy of customer service and community engagement, aligning perfectly with our growth strategy."
The acquisitions not only enhance Lithia's import and luxury store footprint in a key region but also extend the geographic reach of the company's robust retail network. With these purchases, Lithia's year-to-date expected annualized revenue from new acquisitions has surged to $5.9 billion.
Duval Motor Company, a fourth-generation, family-owned business led by CEO Hampton Graham and President Alex Graham, has been a cornerstone of the automotive industry in Jacksonville since its founding in 1916. The company’s rich history began with the establishment of Duval Ford, which has grown to become the fourth-oldest family-owned Ford dealership in the country.
The sale of the Honda, Acura and Subaru dealerships is enables Duval Motor Company to concentrate its resources and efforts on expanding its Ford network to complement Duval Ford. As the most historic dealership in their portfolio, Duval Ford will continue to be the primary focus of the Graham family, ensuring the legacy of quality and service established over a century ago remains strong.
“We’re excited for the future of Duval Motor Company,” said Hampton Graham. “The Graham family traces our roots in Jacksonville, FL, back to Walter McRae Sr. taking a porter job with Duval Ford all the way back in 1921. Duval Ford will continue to carry on this incredible legacy created by the McRae family, and we want to continue to grow with Ford Motor Company. The deep relationships we create with our employees and customers have always been central to Duval Motor Company. To say that we will miss working with the Duval Acura, Duval Honda and Subaru of Gainesville teams would be an enormous understatement. They are family.”
