MEDFORD,
Ore., Dec. 6, 2022 /PRNewswire/ -- Lithia &
Driveway (NYSE: LAD) announced today they have expanded into
Colorado, purchasing Ferrari of
Denver, the Company's first
Ferrari store.
Ferrari of Denver will
specialize in personalized, in-home customer experiences covering
the full ownership lifecycle. The only Ferrari location in the
greater Rocky Mountains region, this store boasts three
Ferrari-certified technicians and a Bentley master-certified
technician. In addition to Ferrari, this store also sells Bentley
and other luxury brands.
"We're thrilled to welcome this Denver team into the Lithia & Driveway
family," said Bryan DeBoer,
President and CEO. "We are ready to expand our business through
greater convenience and optionality to cultivate customer loyalty.
Ferrari of Denver will fuel our
drive to Earn Customers for Life, while becoming a centrally
located hub for premium luxury vehicles in the country."
Located in Highlands Ranch, CO,
this acquisition is projected to generate $75 million in annualized revenue bringing LAD's
total expected annualized revenue acquired in 2022 to over
$3.3 billion. Acquisitions are a key
part of the company's 2025 Plan to reach $50
billion in revenue and $55 to
$60 in earnings 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.