September 12, 2016 — Lithia Motors has acquired the 13-store Carbone Automotive Group located in New York and Vermont. It’s the second largest acquisition by number of rooftops this year, following the Holman purchase of the 15-dealership Kuni Automotive Group.
Since January 2013, Lithia has acquired 67 stores, including 17 this year. The publicly traded dealer group, based in Medford, OR, acquired Riverside Subaru in Riverside, CA in January and Ira Toyota in Milford, MA from Group 1 Automotive in February. Lithia also acquired a GMC Buick franchise in Helena, MT. It recently closed on Kemp Ford in Thousand Oaks, CA (renamed it DCH Ford). Company executives told analysts in late July that acquisition activity will pick up in the second half primarily because prices are starting to become more realistic.
AutoNation also has acquired 17 dealerships this year, including 12 Allen Samuels stores in March, four luxury dealerships in New York and a store in Centennial, CO.
Now in its third generation, the Carbone group has been part of the northeastern New York and Vermont landscape for 87 years since Joe Carbone started it in the 1920’s. Rumors began circulating in June that the goup was selling. Co-owner Alex Carbone denied the rurmor, according to local news reports, saying the company instead was looking for partnerships to help it grow and provide advancement opportunities for employees.
He is staying with the group while CEO Enessa Carbone, grandaughter of the founder, will continue to run the group for Lithia. The group generates approximately $600 million a year. Kerrigan Advisors assisted Carbone on the acquisition.
The stores that are part of the acquisition include:
- Carbone BMW — Utica, NY
- Carbone Chevrolet Buick Cadillac GMC — Yorkville, NY
- Carbone Dodge City — Yorkville, NY
- Carbone Ford — Bennington, VT
- Carbone Honda — Bennington, VT
- Catrbone Honda — Yorkville, NY
- Carbone Hyundai — Bennington, VT
- Catrbone Hyundai — Yorkville, NY
- Carbone Nissan — Yorkville, NY
- Carbone Subaru — Troy, NY
- Carbone Toyota — bennington, VT
- Don’s Ford — Utica, NY
- Don’sw Subaru — Utica, NY