|Lithia Motors & Driveway (LAD) Enters Las Vegas Market Adding $225 Million in Revenue|
|Release: 5/25/2021 7:15:00 AM|
MEDFORD, Ore., May 25, 2021 -- Lithia Motors & Driveway (NYSE: LAD) announced today the acquisition of three Hyundai dealerships in the highly attractive Las Vegas metropolitan area with expected annualized revenues of approximately $225 million.
"We are thrilled to make a strategic entrance into the Las Vegas market with three of the four Hyundai points in the area, giving us a dominant presence with a dynamic growing brand," said Bryan DeBoer, President and CEO. "These franchises are matched perfectly with the local market demographics and further expand the reach and selection of our Driveway offerings by providing consumers transportation solutions wherever, whenever, and however they desire."
This purchase brings LAD's total annualized revenues acquired to over $6.9 billion since the launch of its five-year plan ten months ago. "With a pipeline of over $15 billion in annualized revenues that meet our disciplined hurdle rates under negotiation, our accelerated pace of acquisitions will continue into the coming quarters," said DeBoer. "After raising nearly $2 billion of additional capital through concurrent equity and debt offerings earlier this month, we are more confident than ever in our five-year plan of reaching $50 billion in revenue and $50 earnings per share. This transaction was financed using existing on-balance sheet capacity."
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SOURCE Lithia Motors, Inc.