Lithia & Driveway's (LAD) Purchase of One of the Largest Stellantis Stores in Kentucky, Marks Entry into State

Rhea-AI Summary

Lithia & Driveway (NYSE: LAD) announced its first acquisition in Kentucky, purchasing Glenn's Freedom CDJR. This strategic move aims to enhance its retail presence in a key region and is projected to generate over $140 million in annualized revenue. In 2022, LAD has acquired 33 stores expected to contribute $3.5 billion in revenue, supporting its ambitious goal of reaching $50 billion in revenue and $55 to $60 in EPS by 2025.

Positive

• Acquired Glenn's Freedom CDJR, expanding retail operations in Kentucky.
• Projected revenue from the new store exceeds $140 million annually.
• 33 store acquisitions in 2022 expected to contribute $3.5 billion in revenue.
• Aligns with the company's 2025 goal of $50 billion in revenue.

Negative

• None.

MEDFORD, Ore., Dec. 13, 2022 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announced today it has purchased its first location in Kentucky, expanding its retail footprint and presence in one of the strongest retail regions in the country.

"With the addition of Glenn's Freedom CDJR, we continue to build out our physical network and expand consumer optionality within our omni-channel strategy," said Bryan DeBoer, Lithia & Driveway President and CEO. "Their pursuit of excellence and performance-driven culture make them an ideal fit into the Lithia & Driveway family."

The store is projected to generate more than $140 million in annualized revenue. In 2022, LAD has acquired 33 stores that are expected to contribute annualized revenue of $3.5 billion. Acquisitions continue to be a key part of the company's 2025 Plan to reach $50 billion in revenue and $55 to $60 in EPS.

About Lithia & Driveway (LAD):

LAD is a growth company focused on profitably consolidating the largest retail sector in North America through providing 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

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SOURCE Lithia Motors, Inc.

FAQ

What was announced by Lithia & Driveway on December 13, 2022?

Lithia & Driveway announced the acquisition of Glenn's Freedom CDJR in Kentucky, marking its entry into the state.

What is the projected annual revenue from the new Kentucky store?

The new store is projected to generate over $140 million in annualized revenue.

How many stores did Lithia & Driveway acquire in 2022?

In 2022, Lithia & Driveway acquired a total of 33 stores.

What is Lithia & Driveway's revenue target for 2025?

Lithia & Driveway aims to reach $50 billion in revenue by 2025.