Lithia & Driveway (LAD) Further Expands Network Adding $170 Million in Revenue
08/24/2021 - 07:15 AM
MEDFORD, Ore. , Aug. 24, 2021 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) today announced the acquisition of Rock Honda, a Top 20 Honda New Volume Dealer in the U.S. The purchase of this high-performing Honda dealership in the Inland Empire continues LAD's fast-paced growth trajectory and expands the reach of its omni-channel network.
Rock Honda is located in Fontana, CA and was the 16th largest New Volume Honda store in the nation in 2020. In addition to vehicle sales and service, Rock Honda is also licensed to provide customers with personal insurance as part of their consumer offerings.
"We are excited to reach more consumers in the Southwest region and welcome the Rock Honda team to the Lithia & Driveway family. This high-performing, customer-focused store expands our omni-channel network and introduces a new adjacency with personal insurance products, further complementing our ability to provide consumers transportation solutions wherever, whenever and however they desire," said Bryan DeBoer , LAD President and CEO.
Rock Honda is expected to generate $170 million in annualized revenues, bringing LAD's total expected annualized revenue acquired to date in 2021 to over $4.9 billion $50 $50 billion
About Lithia & Driveway (LAD)
LAD is a growth company powered by people and innovation with a 5-Year Plan to profitably consolidate the largest retail sector in the country. As the leading provider of personal transportation solutions in the United States , LAD is among the fastest-growing companies in the Fortune 500 and is currently ranked #231 (#2 on 10-Year EPS Growth, #3 on 10-Year TSR and #12 on 10-year Revenue growth in 2021). By providing a wide array of products and services for the entire vehicle-ownership lifecycle through various consumer channels, they build magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to improve market share, consumer loyalty and profitability. LAD's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast-owned inventories, technology, and physical network. Continuing to lead the industry's consolidation and Driveway's e-commerce, in-home experiences further accelerate the massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever, and however consumers desire.
Sites: www.lithiamotors.com www.lithiainvestorrelations.com www.lithiacareers.com www.driveway.com
Lithia & Driveway on Facebook http://www.facebook.com/LithiaMotors http://www.facebook.com/DrivewayHQ
Lithia & Driveway on Twitter http://twitter.com/LithiaMotors http://twitter.com/DrivewayHQ
https://www.prnewswire.com/news-releases/lithia--driveway-lad-further-expands-network-adding-170-million-in-revenue-301361238.html
SOURCE Lithia Motors, Inc.
LAD Rankings
#926 Ranked by Stock Gains
LAD Stock Data
Industry
New Car Dealers
Sector
Retail Trade
Tags
Retail Trade, Specialty Stores, New Car Dealers
Country
US
City
Medford
About LAD
at lithia our success is driven by a passion for cars and for serving our customers. lithia auto stores is one of the largest and most trusted automotive retailers in the u.s., providing outstanding sales, service, parts, and auto financing to urban and rural customers in 14 states. lithia’s road to success has taken us from a single dealership in ashland, oregon to a publicly traded company with approximately 130 locations. join an auto retailer that believes our growth relies on the growth of our people. members of team lithia get the tools they need to succeed, including ongoing training in a promote-from-within culture. our early beginnings were the road map leading us to a present day. a journey filled with healthy challenges and exciting opportunities. we’re a company that believes in our core values and living them through personal ownership, an entrepreneurial spirit, high standards and best practices, while thriving in a dynamic work place. come “take the journey with us
