MEDFORD,
Ore., Sept. 10, 2024 /PRNewswire/ -- Lithia
& Driveway (NYSE: LAD) announced today it has continued to
expand its footprint in the highly profitable U.S. Southeast Region
with the purchase of three stores from the Duval Motor Company in
Jacksonville and Gainesville, Florida. Combined, these newly
acquired Acura, Honda, and Subaru stores are projected to generate
over $200 million in annualized
revenue.
These high-performing Duval
stores mark LAD's debut in these markets. These additions will
strengthen LAD's import and luxury store footprint in Florida and extend the geographic reach of the
company's retail network.
"We are excited to grow our footprint and enter new Florida markets with the addition of the
Duval teams to the Lithia &
Driveway family," said Bryan DeBoer,
Lithia & Driveway President and CEO. "These award-winning
dealerships bring a strong legacy of customer service and community
engagement, aligning perfectly with our growth strategy. This
acquisition enhances our presence in key markets, reinforcing our
commitment to providing exceptional retail experiences wherever,
whenever, and however customers desire."
These acquisitions bring LAD's total year-to-date expected
annualized revenue acquired to $5.9
billion. The acquisitions were financed using existing
on-balance sheet capacity.
About Lithia & Driveway (LAD)
Lithia &
Driveway (NYSE: LAD) is one of the largest global automotive
retailers providing a wide array of products and services
throughout the vehicle ownership lifecycle. Simple, convenient, and
transparent experiences are offered through our comprehensive
network of physical locations, e-commerce platforms, captive
finance solutions and other synergistic adjacencies. We deliver
consistent, profitable growth in a massive and unconsolidated
industry. Our highly diversified and competitively differentiated
design provides us the flexibility and scale to pursue our vision
to modernize 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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lithia--driveway-expands-retail-network-in-florida-market-302242980.html
SOURCE Lithia Motors, Inc.