There's been a lot going on in auto retail, as you'll see in this week's Automotive News.
Bryan DeBoer's ambitious growth plans for Lithia Motors Inc. have the company, based in Medford, Ore., (pop. 86,000) finding its way to London (pop. 9 million) about 5,1000 miles away. That's a long road trip!
Last week's purchase of Jardine Motors Group, Jack Walsworth and Julie Walker report, adds more than 40 new-vehicle dealerships in the U.K. to Lithia's portfolio, including stores selling luxury brands Aston Martin, Porsche, Mercedes-Benz and BMW. And by entering the U.K., Lithia gains direct exposure to the agency model of retail, in which each brand’s dealers sell new vehicles at factory-set prices with a more fixed profit schedule.
It also gets Lithia more than $2 billion dollars closer to goal of $50 billion in annual revenue. In 2022, it booked $28.2 billion.
Lithia isn't the only one looking for big growth. Ford aims to dramatically grow its elect…