Lithia & Driveway, an Oregon-based operator of automobile dealerships, announced Sept. 10 it acquired Duval Honda and Duval Acura in Jacksonville and a Subaru dealership in Gainesville from Duval Motor Co.
Duval Motor Co. will continue to own and operate Duval Ford, which traces its roots in Jacksonville to 1916, according to a news release by Duval Motor’s financial advisor Haig Partners LLC.
The release said the sale of the other three dealerships allows the company to focus on expanding its Ford network to complement Duval Ford.
Duval Ford is the fourth-oldest family-owned Ford dealership in the country, led by CEO Hampton Graham, Haig said.
Graham’s great-grandfather, Walter McRae Sr., bought the company in 1920.
“Duval Ford will continue to carry on this incredible legacy created by the McRae family, and we want to continue to grow with Ford Motor Company,” Graham said in the release.
Duval Ford was in Downtown Jacksonville until 1969, when it moved to 1616 Cassat Ave.
The company rebuilt the dealership at the Cassat Avenue site in 2015 and 2016.
Lithia & Driveway operates 280 dealerships in North America and said the three businesses acquired from Duval Motor produce about $200 million in annual revenue, bringing its total annual revenue to $5.9 billion.
“We are excited to grow our footprint and enter new Florida markets with the addition of the Duval teams to the Lithia & Driveway family,” CEO Bryan DeBoer said in the company’s news release.
“Duval Motor Company has over a century of history and deep roots in the Jacksonville community, and this transaction reflects the strength of the Duval brand, its highly desirable franchises located in one of the fastest-growing regions of the U.S., and the trust Duval Motor Company has built with their customers over four generations,” Haig Managing Director Kevin Nill said in its release.
Lithia & Driveway said the acquisitions were financed with existing on-balance sheet capacity, but did not give the amount paid.