MEDFORD,
Ore., June 28, 2022 /PRNewswire/ -- Lithia
& Driveway (NYSE: LAD) announced today they have expanded their
south Florida footprint with the
purchase of nine Lehman Auto World stores and two Esserman
International stores in Miami-Dade
County. Together, these eleven stores are projected to
generate $850 million in annualized
revenue.
LAD also announced their expansion in Las Vegas, Nevada, with the addition of
Henderson Hyundai and Genesis. With this purchase, LAD becomes the
sole owner of the Hyundai and Genesis stores in the greater metro
area. This is LAD's eighth Las
Vegas metro store purchase in the past year and adds a
projected $100 million in annualized
revenue.
"We are thrilled to welcome these teams to our Lithia &
Driveway family," said Bryan DeBoer,
Lithia & Driveway President and CEO. "The Lehman family has
deep roots in south Florida,
serving the community for over 86 years. Under its leadership, the
stores have achieved a reputation for earning lifelong customers
with their impeccable level of service."
The additions of Lehman Auto World, Esserman International, and
Henderson Hyundai and Genesis bring LAD's total expected annualized
revenue acquired in 2022 to over $2.1
billion. The company is pacing to exceed its 2025 Plan to
reach $50 billion in revenue and more
than $55 in EPS. These acquisitions
were financed using existing on-balance sheet capacity.
Share Repurchase Activity
To date in the second quarter, we have repurchased approximately
1.9 million shares or approximately 6.5% of shares outstanding at a
weighted average price of $284. To
date in 2022, we have repurchased approximately 2.1 million shares
at a weighted average price of $285.
Under our current share repurchase authorization, approximately
$116 million remains available.
"With our strong balance sheet and continued significant
free-cash flows, we continue to successfully execute on our revenue
2025 Plan, while still opportunistically repurchasing a meaningful
amount of shares, providing immediate shareholder return," said
DeBoer.
About Lithia & Driveway (LAD):
LAD is a growth company focused on profitably consolidating the
largest retail sector in North America through providing
personal transportation solutions wherever, whenever, and however
consumers desire.
Sites
www.lithia.com
www.investors.lithiadriveway.com
www.lithiacareers.com
www.driveway.com
www.greencars.com
www.drivewayfinancecorp.com
Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors
https://www.facebook.com/DrivewayHQ
Lithia & Driveway on Twitter
https://twitter.com/lithiamotors
https://twitter.com/DrivewayHQ
https://twitter.com/GreenCarsHQ
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SOURCE Lithia Motors, Inc.