Lithia & Driveway (LAD) Expands into United Kingdom with Jardine Motors Group
MEDFORD, Ore., March 16, 2023 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announced today the company's expansion into United Kingdom with Jardine Motors Group. The group is one of the most successful automotive retailers in the UK, operating more than 50 premium luxury retail locations and is expected to generate over $2 billion USD in annualized revenues.
"The acquisition of Jardine Motors Group represents a significant new chapter in Lithia's progress and strategic direction," said Bryan DeBoer, Lithia & Driveway's President and CEO. "Jardine's complementary leadership team, business model, sound financial performance and excellent OEM relationships make this group the ideal partner for our expansion into the United Kingdom. As part of our broader growth plan, we firmly believe the combination of our two businesses will deliver significant value for employees, partners, and customers alike."
Jardine Motors Group has a long-established track record and strong market position in the United Kingdom, representing the world's most renowned luxury car brands including Audi, Aston Martin, BMW, Mini, Jaguar Land Rover, McLaren, Mercedes-Benz, Porsche, and Ferrari.
The business represents the UK operations and has been owned by Jardine Matheson, a diversified Asian-based group, for the past 31 years. Under Jardine Matheson's long-term ownership, Jardine Motors Group has grown from a family-run vehicle retailer in East Anglia into one of the UK's premier automotive groups.
"With Jardine Matheson's considerable support, we have successfully implemented our premium strategy and built a strong position in the UK motor sector, underpinned by high quality relationships with our brand partners," said Neil Williamson, Chief Executive of Jardine Motors Group. "We are delighted to have found in Lithia a partner committed to further growth and development of our team and our network. Their support and expertise will enable us to capture the considerable growth opportunities we see ahead. I am confident we will thrive under this new partnership and look forward to working closely together as we realize our growth ambitions in the UK."
This addition brings LAD's annualized revenue in 2023 to over $2.1 billion, kicking off another strong year of acquisition growth. Acquisitions continue to be a core component of the company's 2025 Plan to reach $50 billion in revenue. The acquisition was financed using existing on-balance sheet capacity.
About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD), a premier automotive retailer, offers a wide selection of vehicles across global manufacturers and provides a full suite of financing, leasing, repair, and maintenance options. Purchasing and owning a vehicle is easy and hassle-free with convenient solutions offered through our comprehensive network of locations, ecommerce platforms, and captive finance division. We deliver profitable growth as we pursue our vision to modernize personal transportation solutions wherever, whenever, and however consumers desire.
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SOURCE Lithia Motors, Inc.