Lithia Motors Enters Tennessee Market Expanding Reach in the Southeast Region
September 22 2020 - 9:00AM
Business Wire
Lithia Motors, Inc. (NYSE: LAD) announced today the purchase of
Jim Cogdill CJDR in Knoxville, Tennessee.
“We are excited to share that we have expanded our southeastern
regional presence by entering the Tennessee market, serving
Knoxville and neighboring communities,” said Bryan DeBoer, Lithia
Motors President and CEO. “The growth of our physical network
expands our ability to provide consumers convenient and affordable
new vehicle, used vehicle, service and parts solutions. Together,
with our Driveway digital home channel, we are providing flexible
and complete vehicle ownership solutions wherever, whenever and
however consumers desire.”
The Knoxville location is expected to add $90 million in
annualized revenue, bringing Lithia's total network expansion to
over $1.7 billion in revenue thus far in 2020. This acquisition was
funded using free cash flow and existing on-balance sheet capacity.
“We welcome the Knoxville team and their dedication to continuing
to serve their community,” stated DeBoer.
Lithia has built the broadest coast-to-coast automotive retail
network, reaching over 92% of the United States and creating the
fulfillment foundation of its omni-channel offerings. Lithia Motors
continues to pragmatically and profitably modernize the industry
through its mission of Growth Powered by People.
About Lithia
Lithia Motors, Inc. is a growth company powered by people and
innovation with a 5-year plan to profitably consolidate the largest
retail sector in our 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, 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 their 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
Lithia Motors on Facebook
http://www.facebook.com/LithiaMotors
Lithia Motors on Twitter
http://twitter.com/lithiamotors
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200922005374/en/
Eric Pitt VP, Investor Relations and Treasurer EPitt@lithia.com
(541) 864-1748
Lithia Motors (NYSE:LAD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lithia Motors (NYSE:LAD)
Historical Stock Chart
From Apr 2023 to Apr 2024