Lithia Motors & Driveway (LAD) Adds $185 Million of Revenue
MEDFORD, Ore., June 8, 2021 /PRNewswire/ -- Lithia Motors & Driveway (NYSE: LAD) announced today the acquisition of two locations in Van Nuys, California, serving the greater Los Angeles area. BMW of Sherman Oaks and Acura of Sherman Oaks are expected to generate combined annualized revenues of
"We welcome the BMW of Sherman Oaks and Acura of Sherman Oaks teams to the LAD family," said Bryan DeBoer, Lithia & Driveway's President and CEO. "We are excited to add our first BMW store in Southern California and capture the significant potential that exists."
LAD has acquired nearly
About Lithia Motors & Driveway:
Lithia Motors & Driveway is a growth company powered by people and innovation with a 5-year plan to profitably consolidate the largest retail sector in the country. They are a leading provider of personal transportation solutions in the United States and are among the fastest-growing companies in the Fortune 500 (#6 on 10-Year EPS Growth, #4 10-Year TSR in 2020). By providing a wide array of products throughout the entire lifecycle of the consumer's vehicle ownership experience 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 increase market share, consumer loyalty and team performance. Lithia's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. By purchasing strong businesses, they further strengthen this network, leveraging their national digital home channel Driveway and building upon 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.
Company Websites
www.lithiamotors.com
www.lithiainvestorrelations.com
www.lithiacareers.com
www.driveway.com
Lithia Motors on Facebook
https://www.facebook.com/LithiaMotors
Lithia Motors on Twitter
https://twitter.com/lithiamotors
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SOURCE Lithia Motors, Inc.