MEDFORD,
Ore., June 11, 2024 /PRNewswire/ -- Lithia &
Driveway (NYSE: LAD) announced today it has expanded its footprint
in the U.S. Southeast Region with the purchase of Sunrise Chevrolet
Buick GMC at Collierville and
Sunrise Buick GMC at Wolfchase in Memphis, Tennessee, and Woodbridge Hyundai in
the greater Toronto area.
Combined, these newly acquired stores are projected to generate
over $240 million in annualized
revenue.
The dominant Sunrise stores in Tennessee mark LAD's debut in the Memphis market, further expanding its presence
in the country's most profitable region. The Woodbridge Hyundai
location will eventually occupy an existing owned facility,
allowing for strong returns.
"We are excited to arrive in Memphis and build upon Sunrise's goodwill
within the community, and to add Woodbridge Hyundai, which has been
honored as a "Best Dealership to Work for" by Automotive
News for the past five years," said Bryan DeBoer, Lithia & Driveway President
and CEO. "We offer an exceptional retail experience rooted in ease,
convenience, and optionality throughout the entire
vehicle-ownership lifecycle, and we know these impressive teams
will help us meet consumers wherever, whenever, and however they
desire."
These additions bring LAD's total year-to-date expected
annualized revenue acquired to over $5.6
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
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.