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(Reuters) - Lithia Motors Inc Chief Executive Bryan DeBoer on Wednesday said his company could lead a consolidation of some publicly listed auto dealer groups to compete with online-only upstarts catering to younger, more internet-savvy car buyers.
DeBoer said mergers with three public companies would allow Lithia to expand more rapidly and turn its focus to building out its online sales platform.
“If there’s going to be consolidation in the industry, it’s most likely going to come from us,” DeBoer said. He declined to say whether talks were ongoing or name the companies he was interested in, but said they had good coverage of the central and southeastern parts of the United States.
Kansas City Freightliner will sell to Penske Automotive Group - Kansas City Business Journal bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
(PRNewsfoto/Penske Automotive Group, Inc.)
CarShop offers high quality vehicles with transparent, up-front, no-haggle pricing, and a money-back guarantee. Additionally, using the digital tools available on www.carshop.com, consumers shopping online may choose from thousands of vehicles, obtain customized, personalized payments on every vehicle, and schedule a home delivery for a seamless purchase experience completely (100%) online.
Penske Automotive Group CEO Roger Penske remarked on the CarShop rebranding, With this name change, we are taking the next step in the development of a global used vehicle SuperCenter brand. In 2020, the used vehicle SuperCenters sold over 50,000 used units and generated over $1 billion in revenue. By the end of 2023, our goal is to expand CarShop from 17 locations to 40, grow annual unit sales to 150,000, and increase revenue to $2.5 to $3.0 billion, more than doubling the size of the existing business while generating earnings before taxes of app
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Penske Automotive Group Acquires Kansas City Freightliner
Penske Automotive Group Inc. in Bloomfield Township has entered into an agreement to acquire Kansas City Freightliner, a retailer of medium and heavy-duty commercial trucks in Kansas City, Mo.
Penske Automotive Group has entered into an agreement to acquire Kansas City Freightliner. // Photo courtesy of Kansas City Freightliner
Penske Automotive Group Inc. in Bloomfield Township has entered into an agreement to acquire Kansas City Freightliner, a retailer of medium and heavy-duty commercial trucks in Kansas City, Mo.
The KCFL acquisition is expected to generate $450 million in annualized revenue, and is expected to build further scale within the Penske Automotive’s wholly owned Premier Truck Group subsidiary.
Stab At US Cure
More Americans are warming up to COVID-19 vaccines, with 19% saying they ve already received at least one dose and 49% expressing intent to do so when they get the chance, according to new poll results. Altogether, 69% of U.S. adults surveyed by the Pew Research Center now intend to become vaccinated.
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The Senate is voting into the wee hours of Saturday morning on a series of amendments to the $1.9 trillion Covid relief bill, following a nearly twelve hour struggle to get one Democrat to support the party s plan to extend unemployment benefits.