MEDFORD,
Ore., June 4, 2024 /PRNewswire/ -- Lithia &
Driveway (NYSE: 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 $660
million.
"Increasing our share repurchase authorization reflects
confidence in our long-term growth and profitability," said
Bryan DeBoer, Lithia & Driveway
President and CEO. "With all of the foundational pieces of our
unique strategy in place, we are turning all efforts to delivering
operational excellence and deploying of capital to drive the
greatest shareholder return."
To date this year, LAD has invested over $156 million to repurchase nearly 609,500 shares,
2.2% of outstanding shares, at a weighted average price of
$257 per share.
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
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SOURCE Lithia Motors, Inc.