LAD - Lithia & Driveway adds $950M in annualized revenue by expanding footprint in Florida and Nevada

Lithia & Driveway (NYSE:LAD) have expanded their south Florida footprint with the purchase of nine Lehman Auto World stores and two Esserman International stores in Miami-Dade County. These eleven stores are projected to generate $850M in annualized revenue. The company also announced their expansion in Las Vegas, Nevada, with the addition of Henderson Hyundai and Genesis. This is LAD's eighth Las Vegas metro store purchase in the past year and adds a projected $100M in annualized revenue. After this deal, the company becomes the sole owner of the Hyundai and Genesis stores in the greater metro area. The additions of Lehman Auto World, Esserman International, and Henderson Hyundai and Genesis bring LAD's total expected annualized revenue acquired in 2022 to over $2.1B. The company is pacing to exceed its 2025 Plan to reach $50B in revenue and more than $55 in EPS. These acquisitions were funded using existing on-balance sheet

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Lithia & Driveway adds $950M in annualized revenue by expanding footprint in Florida and Nevada