BMW of San Francisco Adds $210 Million in Revenue to the Lithia Network
July 29 2020 - 7:00AM
Business Wire
Lithia Motors, Inc. (NYSE:
LAD) announced today the addition of BMW of San
Francisco.
“We’re very pleased to
announce that we have expanded our network in our Southwest Region
with BMW of San Francisco,” said Bryan DeBoer, Lithia Motors
President and CEO. “This purchase brings our annual network revenue
expansion thus far in 2020 to over $500 million annually,
increasing our network density to more conveniently reach our
customers.”
BMW of San Francisco is
another example of Lithia's proven success strategy of acquiring
strong franchises in strategic locations. The store is expected to
generate $210 million in revenue and joins Lithia's network of 190
physical locations nationwide, providing both in store and digital
home offerings serving customers throughout the entire ownership
lifecycle. This acquisition was financed using free cash flows and
existing on-balance sheet capacity.
“We’re very excited to welcome
the talented team of BMW of San Francisco to the Lithia family.
Their passion for BMW and their enthusiasm for technology is geared
perfectly for the digitally and sustainably sophisticated customers
of this region. We’re eager to partner with them to provide the
ultimate customer experience, including at home and at work
convenience,” stated DeBoer.
Lithia has the broadest
coast-to-coast automotive retail network reaching 92% of the U.S.
Lithia Motors continues to incrementally and profitably modernize
the industry through its mission of Growth Powered by
People.
About Lithia
Lithia Motors, Inc. is a
leading provider of personal transportation solutions in the United
States and is among the fastest growing companies in the Fortune
500 (#252-2020). Lithia's rapid growth is powered by people, an
industry leading physical network and ecommerce digital home
solutions. Lithia builds magnetic brand loyalty by providing
customers with convenient and transparent experiences throughout
their ownership lifecycle. Lithia further increases market share
and optimizes profitability by leveraging their proprietary
performance measurement systems that are fueled by data science.
Lithia's unique growth model generates significant cash flows,
which fund innovation and the expansion of its nationwide network,
creating personal transportation solutions wherever, whenever and
however consumers desire.
Sites
www.lithiamotors.com www.lithiainvestorrelations.com
www.lithiacareers.com
Lithia Motors on Facebook http://www.facebook.com/LithiaMotors
Lithia Motors on Twitter http://twitter.com/lithiamotors
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version on businesswire.com: https://www.businesswire.com/news/home/20200729005265/en/
Eric Pitt VP, Investor Relations and Treasurer EPitt@lithia.com
(541) 864-1748
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