LAD - Lithia & Driveway reload buyback firepower completes ABS offering for driveway finance

Lithia & Driveway (NYSE:LAD) adds $750M to its existing share repurchase authorization, bringing total funds available to ~$885M. "As discussed in our last earnings call, strong earnings have generated greater than expected free cash flows, which allows us to return capital to our shareholders through share repurchases, while preserving the liquidity necessary to achieve our 2025 Plan," said Bryan DeBoer, Lithia & Driveway President and CEO. Driveway Finance completed its inaugural issuance of securities backed by its originated auto loan portfolio, raising $344M of additional capital to fund the rapid growth of its auto loan portfolio and network development. The future planned reoccurring ABS issuances, will help to quickly ramp the volume of originations as the company seek to derive more than $1 dollar in EPS for each billion dollars in revenue. Driveway Finance originations now account for approximately 5% of LAD's overall business and is expected to grow to

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Lithia & Driveway reload buyback firepower, completes ABS offering for driveway finance