LITHIA & DRIVEWAY EXPANDS RETAIL NETWORK IN FLORIDA MARKET

Rhea-AI Summary

Lithia & Driveway (NYSE: LAD) has expanded its presence in the U.S. Southeast Region by acquiring three stores from Duval Motor Company in Jacksonville and Gainesville, Florida. The newly acquired Acura, Honda, and Subaru dealerships are expected to generate over $200 million in annualized revenue. This marks LAD's entry into these markets, strengthening its import and luxury store footprint in Florida.

The acquisition aligns with LAD's growth strategy and commitment to providing exceptional retail experiences. With this addition, LAD's total year-to-date expected annualized revenue acquired reaches $5.9 billion. The acquisitions were financed using existing on-balance sheet capacity.

Positive

• Expansion into new Florida markets with high-performing dealerships
• Expected $200 million in annualized revenue from newly acquired stores
• Strengthening of import and luxury store footprint in Florida
• Total year-to-date expected annualized revenue acquired reaches $5.9 billion

Negative

• None.

MEDFORD, Ore., Sept. 10, 2024 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announced today it has continued to expand its footprint in the highly profitable U.S. Southeast Region with the purchase of three stores from the Duval Motor Company in Jacksonville and Gainesville, Florida. Combined, these newly acquired Acura, Honda, and Subaru stores are projected to generate over $200 million in annualized revenue.

These high-performing Duval stores mark LAD's debut in these markets. These additions will strengthen LAD's import and luxury store footprint in Florida and extend the geographic reach of the company's retail network.

"We are excited to grow our footprint and enter new Florida markets with the addition of the Duval teams to the Lithia & Driveway family," said Bryan DeBoer, Lithia & Driveway President and CEO. "These award-winning dealerships bring a strong legacy of customer service and community engagement, aligning perfectly with our growth strategy. This acquisition enhances our presence in key markets, reinforcing our commitment to providing exceptional retail experiences wherever, whenever, and however customers desire."

These acquisitions bring LAD's total year-to-date expected annualized revenue acquired to $5.9 billion. The acquisitions were financed using existing on-balance sheet capacity.

About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD) is one of the largest global automotive retailers providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire.

Sites
www.lithia.com
www.investors.lithiadriveway.com
www.lithiacareers.com
www.driveway.com
www.greencars.com
www.drivewayfinancecorp.com

Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors
https://www.facebook.com/DrivewayHQ

Lithia & Driveway on Twitter
https://twitter.com/lithiamotors
https://twitter.com/DrivewayHQ
https://twitter.com/GreenCarsHQ

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/lithia--driveway-expands-retail-network-in-florida-market-302242980.html

SOURCE Lithia Motors, Inc.

FAQ

What stores did Lithia & Driveway (LAD) acquire in Florida?

Lithia & Driveway acquired three stores from Duval Motor Company in Jacksonville and Gainesville, Florida, including Acura, Honda, and Subaru dealerships.

How much annualized revenue is expected from LAD's new Florida acquisitions?

The newly acquired stores are projected to generate over $200 million in annualized revenue.

What is LAD's total year-to-date expected annualized revenue acquired as of September 10, 2024?

Lithia & Driveway's total year-to-date expected annualized revenue acquired has reached $5.9 billion.

How did Lithia & Driveway (LAD) finance the acquisition of the Florida dealerships?

The acquisitions were financed using existing on-balance sheet capacity.