MEDFORD,
Ore., March 4, 2025 /PRNewswire/ -- Lithia &
Driveway (NYSE: LAD) announced the acquisition today of Elk Grove
Subaru in Elk Grove, California,
adding an additional store to its network in the Sacramento area, and continuing to strengthen
its density in the Southwest region.
"We are excited to welcome the talented team at Elk
Grove Subaru to the Lithia and Driveway team. This addition
strengthens our presence in the Southwest region and continues our
strategy of expanding our network with high-performing partners
like Subaru. We look forward to continuing the store's legacy of
building customer loyalty and leveraging our omnichannel
capabilities to realize Elk
Grove's potential," said Bryan DeBoer, Lithia &
Driveway President and CEO.
This acquisition adds expected annual revenue of $100 million and brings LAD's total year-to-date
annualized revenue acquired to $180
million. This acquisition was financed using existing
on-balance sheet capacity.
Increase to Share Repurchase Authorization
LAD announced today a $350 million increase to its
share repurchase authorization by its Board of Directors, bringing
total funds available for future repurchases to
approximately $748 million.
To date this year, LAD has invested over $71
million to repurchase over 197,500 shares at a weighted
average price of $361 per share. This represents 0.75% of
outstanding shares.
About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD) is the largest global
automotive retailer 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, fleet management offerings, 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 X
https://x.com/lithiamotors
https://x.com/DrivewayHQ
https://x.com/GreenCarsHQ
Lithia & Driveway on
LinkedIn
https://www.linkedin.com/company/lithia-motors/
Lithia & Driveway on
YouTube
https://www.youtube.com/@Lithia_Motors/featured
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SOURCE Lithia Motors, Inc.
