American-based Lithia & Driveway (LAD), which aligned with Pfaff Automotive Partners in August 2021 to acquire its 11 locations in the Greater Toronto Area, as well as stores in Vancouver and Calgary, has increased its footprint in Canada when it reported on Tuesday it has acquired Sisley for Honda in Thornhill, Ontario.
The deal ends the Sisley family’s ownership of the business, established in 1946. It began with Max, followed by his son, Don, and his son, Hugh, who had been president for almost 30 years and had actively been the face and voice of the operation, with commercials that had the tagline “if it’s got my name on the back of your car, you can depend on it.”
Hugh Sisley could not be reached for comment, but has retired as of Tuesday, according to an employee with the company who did not want to speak about the sale when asked by Canadian auto dealer.
Sisley is one of the highest-volume Honda dealerships in Canada. It is also a green leader, recognized by Honda Canada in 2021 for having cut energy consumption by 30 per cent.
“We are excited to welcome the Sisley Honda team to our Lithia & Driveway family,” said company President and CEO Brian DeBoer in a media release. “With this addition we are able to expand our omni-channel network in Canada and strengthen our position in one of the top Canadian markets.”
According to the media release, the addition of Sisley Honda brings LAD’s total expected annualized revenue in 2022 to more than (US) $1.2 billion. The company is pacing to exceed its 2025 plan to reach $50 billion in revenue and more than $55 in earnings per share. The acquisition was financed using existing on-balance sheet capacity.
DeBoer said last August that Canada has been the company’s top target for growth outside the U.S., with its similar business practices and a market opportunity of five million new and used cars sold annually.
Lithia & Driveway is based in Medford, Oregon and is North America’s second-largest publicly-traded dealership group.
