LITHIA & DRIVEWAY EXPANDS RETAIL NETWORK IN US SOUTHEAST REGION
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.
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SOURCE Lithia Motors, Inc.
