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
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www.lithiacareers.com
www.driveway.com
www.greencars.com
www.drivewayfinancecorp.com
Lithia & Driveway on Facebook
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SOURCE Lithia Motors, Inc.
