Lithia Motors Adds Another $55 Million in Revenue to Growing Network
October 06 2020 - 7:00AM
Business Wire
Lithia Motors, Inc. (NYSE: LAD) announced today the purchase of
Latham Ford serving the Albany, NY, metropolitan area.
“We are pleased to add Latham Ford to the Lithia Family, further
strengthening our ability to serve our communities in the
Northeastern United States,” said Bryan DeBoer, Lithia Motors
President and CEO.
Latham Ford is expected to add $55 million in annualized
revenue, bringing Lithia's total network expansion to over $1.75
billion in revenue thus far in 2020. This acquisition was funded
using free cash flow and existing on-balance sheet capacity.
“The growth of our physical network expands our ability to
provide consumers with 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,” said 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
www.driveway.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/20201006005282/en/
Eric Pitt VP, Investor Relations and Treasurer EPitt@lithia.com
(541) 864-1748
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