LAD - Lithia & Driveway enters South Florida with two Audi stores addition

Lithia & Driveway (LAD +0.9%) forayed into South Florida with the addition of Audi Fort Lauderdale and Audi Coral Springs increasing the company's luxury footprint in the Southeast Region; acquisitions were financed using existing on-balance sheet capacity. The Florida stores are expected to generate $275M in annualized revenue.  These well positioned stores will bring LAD one step closer to servicing consumer vehicles within a 100-mile radius anywhere in the country. The addition of Audi Fort Lauderdale and Audi Coral Springs brings LAD's total expected annualized revenue acquired in 2021 to $6.5B. The company is on the way to exceed its 5-year plan, announced in July 2020, to reach $50B in revenue and $50 in EPS.

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Lithia & Driveway enters South Florida with two Audi stores addition