Welcome to our dedicated page for Lithia Mtrs news (Ticker: LAD), a resource for investors and traders seeking the latest updates and insights on Lithia Mtrs stock.
Lithia Motors, Inc. operates Lithia & Driveway as a global automotive retailer serving the vehicle ownership lifecycle through physical dealerships, e-commerce platforms, captive finance solutions, fleet management offerings, and related adjacencies. Company news commonly covers new and used vehicle sales, same-store trends, aftersales performance, Driveway Finance Corporation activity, and capital allocation through dividends and share repurchases.
Recurring developments also include dealership acquisitions across core volume and luxury brands, preferred partner technology deployments for store operations, earnings release schedules, and community or workforce initiatives tied to automotive technician programs.
Kerrigan Advisors facilitated the sale of Sunrise Auto Group's two leading Buick GMC and Chevrolet dealerships in Memphis to Lithia Motors (NYSE:LAD). This transaction highlights the robust buyer demand in high-growth, business-friendly Southern markets. With this sale, Kerrigan Advisors has successfully handled over 80 franchise sales in the Southeast since 2020. Sunrise Auto Group, led by Bob Berkheimer for 35 years, is a significant player in Memphis, capturing 75% of the city's Buick GMC sales. The Sunrise dealerships are top performers, with Wolfchase ranking #4 in Tennessee and Collierville #7. Buick GMC and Chevrolet have shown impressive sales growth in 2023. Tennessee's business-friendly environment and population growth have driven substantial interest from major auto retailers. Legal counsel for the seller was provided by Holland & Knight.
Lithia & Driveway (NYSE: LAD) has expanded its retail network in the U.S. Southeast Region with the acquisition of Sunrise Chevrolet Buick GMC at Collierville, Sunrise Buick GMC at Wolfchase in Memphis, Tennessee, and Woodbridge Hyundai in the greater Toronto area. These acquisitions are expected to generate over $240 million in annualized revenue. This move marks LAD's entry into the Memphis market, which is noted as the most profitable region in the U.S.
The Woodbridge Hyundai store will eventually be relocated to an existing owned facility, enhancing returns. The acquisitions contribute to LAD's year-to-date expected annualized revenue of over $5.6 billion. The company financed these purchases using its existing on-balance sheet capacity.
LAD aims to leverage the goodwill of these dealerships to continue delivering an exceptional retail experience.
Lithia & Driveway (NYSE: LAD) announced a $350 million increase to its share repurchase authorization, bringing the total available funds for future repurchases to approximately $660 million.
CEO Bryan DeBoer highlighted this move as a reflection of confidence in the company's long-term growth and profitability.
So far in 2024, LAD has spent over $156 million to repurchase nearly 609,500 shares, representing 2.2% of outstanding shares at an average price of $257 per share.
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