Lithia & Driveway (LAD) Increases Share Repurchase Authorization by $450 Million
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.
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.
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SOURCE Lithia Motors, Inc.