In a press release issued Sunday, Lithia Motors, Inc. announced they have entered into a definitive agreement to combine with DCH Auto Group Limited.
In the transaction, the press release explains Lithia will acquire 100 percent of the outstanding shares of DCH Auto Group Inc., for an estimated price of approximately $340 million.
Lithia Motors, Inc. is the eighth largest automotive retailer in the United States. Lithia sells 28 brands of new vehicles and all brands of used vehicles at 101 stores in 12 states. DCH Auto Group is one of the 10 largest dealer groups in the country, with stores in Southern California, New Jersey and New York.