MEDFORD,
Ore., Nov. 1, 2022 /PRNewswire/ -- Lithia &
Driveway (NYSE:LAD) announced today an increase of $450 million to
its share repurchase authorization by its Board of Directors,
bringing total funds available for future repurchases to
approximately $500 million.
"This announcement reflects our continued confidence in our
long-term growth strategy and ability to consolidate the largest
retail industry in the country," said Bryan DeBoer, Lithia &
Driveway President and CEO. "Our capital allocation continues to
remain focused on acquisitions and internal investments, such as
Driveway and Driveway Finance, balanced with maintaining financial
discipline and share repurchases to generate the highest long-term
return for shareholders."
Since the end of the third quarter, LAD has repurchased an
additional, approximately, 175,000 shares for an average repurchase
price of $198 per share. To date this
year, LAD has repurchased over 2.4 million shares, or over 8% of
outstanding shares, for an average price of $276 per share.
About Lithia & Driveway
(LAD):
LAD is a growth company focused on profitably consolidating the
largest retail sector in North
America through providing 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.