Benzinga | Aug 24, 2021 12:40PM EDT

Lithia Motors Acquires Honda New Volume Dealer In Fontana For Undisclosed Sum

* Lithia Motors Inc (NYSE:LAD) has acquired Rock Honda, a Honda New Volume Dealer in the U.S., for an undisclosed sum.

* Lithia said the purchase of the Honda Motor Co Ltd (NYSE:HMC) dealership in the Inland Empire expands the reach of its omni-channel network.

* Rock Honda, located in Fontana, California, provides vehicle sales and service and is also licensed to provide customers with personal insurance as part of its consumer offerings.

* Rock Honda is expected to generate $170 million in annualized revenues.

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

* Price Action: LAD shares are trading higher by 1.12% at $339.62 on the last check Tuesday.