Seismic Shift in Retail
Lithia and Driveway
In August, Bryan DeBoer, CEO of Oregon-based Lithia and Driveway, launched himself into the industry’s All-Stars conversation through his company’s acquisition of Toronto-based Pfaff Automotive Partners. The deal adds 12 Pfaff locations to Lithia’s 264 U.S. dealerships. In November, Lithia acquired Pfaff HarleyDavidson of Toronto. With 2020 revenues of US $13.1 billion and net income of US $438 million, Lithia is one of America’s largest publicly traded dealership groups. DeBoer has said that buying Pfaff adds US$1 billion in revenues and provides a foothold for further expansion into the Canadian market.
Canada, said DeBoer, “has been our top target for growth outside of the United States with its similar business practices and a market opportunity of five million new and used cars sold annually.”
He joined Lithia, founded by his father Sidney DeBoer, in 1989 and has been CEO since 2012.