|Lithia Motors & Driveway (LAD) Adds $185 Million of Revenue|
|Release: 6/8/2021 7:15:00 AM|
MEDFORD, Ore., June 8, 2021 -- Lithia Motors & Driveway (NYSE: LAD) announced today the acquisition of two locations in Van Nuys, California, serving the greater Los Angeles area. BMW of Sherman Oaks and Acura of Sherman Oaks are expected to generate combined annualized revenues of $185 million.
"We welcome the BMW of Sherman Oaks and Acura of Sherman Oaks teams to the LAD family," said Bryan DeBoer, Lithia & Driveway's President and CEO. "We are excited to add our first BMW store in Southern California and capture the significant potential that exists."
LAD has acquired nearly $7.1 billion in annualized revenues since the launch of its five-year plan to reach $50 billion in revenues and $50 in earnings per share just under a year ago. This growth has been focused primarily in the Southeast and Central regions where their network density is lightest. LAD has a robust pipeline of over $15 billion in annualized revenues in discussion and priced to meet their disciplined hurdle rates. "We are well ahead of schedule on the network development portion of our five-year plan. Our network is essential to conveniently and affordably meet the needs of our customers throughout their entire vehicle ownership lifecycle." This value-based transaction was financed using existing on-balance sheet capacity.
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SOURCE Lithia Motors, Inc.