Lithia Motors buys 8 Downtown Los Angeles Auto Group dealerships for roughly $150M

Auto giant closed on a deal to acquire an arm of Shammas Group

Los Angeles /
Aug.August 11, 2017 03:18 PM

Oregon-based auto giant Lithia Motors closed this week on a deal to buy Downtown Los Angeles Auto Group. The acquisition gives the company ownership of eight Downtown car dealerships in addition to one in Carson, the Los Angeles Downtown News reported.

The sale price was roughly $150 million, according to a release from Lithia CEO Bryan DoBear, who said the deal deployed “approximately half of the $300 million raised in our recent senior notes offering.”

The Auto Group was an arm of the Darryl Holter-led property company Shammas Group. In selling the Auto Group, Shammas sold all of its dealership holdings except for one. It is hanging onto the oldest, Felix Chevrolet, which was founded in 1921.

The sale of Group gives Lithia ownership of the Downtown L.A. Motors Mercedes, Porsche of Downtown L.A., Audi of Downtown L.A., Toyota of Downtown L.A., Volkswagen of Downtown L.A., Nissan of Downtown L.A., and Carson Nissan.

Elay Sung, the former COO of the Auto Group, will continue to oversee local dealership operations for Lithia Motors as “platform vice president,” the News reported.

Kerrigan Advisors represented the Auto Group in the sale. [LADTN]Hannah Miet


Related Articles

arrow_forward_ios
CIM’s Shaul Kuba with renderings of the project at 6007 Sunset Blvd in Hollywood (Getty, CIM Group)
CIM sells site of 109-unit resi development in Hollywood
CIM sells site of 109-unit resi development in Hollywood
Councilman Bob Blumenfield with 5300 N. Oakdale Ave (Dean Musgrove, iStock)
Last commercial orange grove in the San Fernando Valley slated for luxury homes
Last commercial orange grove in the San Fernando Valley slated for luxury homes
From left: Stockdale Capital Partners' Steven and Shawn Yari with 656 San Vicente Blvd
Stockdale Capital gets early green light for 140K sf medical tower near Cedars-Sinai
Stockdale Capital gets early green light for 140K sf medical tower near Cedars-Sinai
HBC's Richard Baker with  9600 Wilshire Blvd (SFA, Cornell)
Historic Saks Fifth Avenue complex in Beverly Hills eyed for redevelopment
Historic Saks Fifth Avenue complex in Beverly Hills eyed for redevelopment
Clear Capital LLC founding partners (L-R) Daniel Hardy, Eric Sussman, Paul Pellizzon and Greg Worchell with Foothill Ridge apartments, 1334 W. Foothill Blvd., Upland (Clear Capital LLC, Foothill Ridge Apts.)
Clear Capital buys 232-unit apartment complex in Inland Empire
Clear Capital buys 232-unit apartment complex in Inland Empire
Citrus Commons project at 14130 Riverside Drive (Johnson Fain)
Apartments to rise around former Sunkist HQ in Sherman Oaks
Apartments to rise around former Sunkist HQ in Sherman Oaks
From left: Tom Brady, Dillon Rosenblatt, and  Richard Rosenblatt with 3130 Wilshire Boulevard (Kilroy Realty, Getty, LinkedIn)
Tom Brady’s NFT company signs lease in Santa Monica
Tom Brady’s NFT company signs lease in Santa Monica
Vectra CEO Raju Shah and 640 North Sepulveda Boulevard (Vectra, LoopNet)
Mostly vacant Bel-Air office building sells for $32.5M
Mostly vacant Bel-Air office building sells for $32.5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...