LAD - Lithia Motors enters Las Vegas with acquisition of three Hyundai dealerships

Lithia Motors & Driveway (LAD) has acquired three Hyundai dealerships in the highly attractive Las Vegas metropolitan area with expected annualized revenues of approximately $225M. This purchase brings LAD's total annualized revenues acquired to over $6.9B since the launch of its five-year plan ten months ago."With a pipeline of over $15 billion in annualized revenues that meet our disciplined hurdle rates under negotiation, our accelerated pace of acquisitions will continue into the coming quarters," said DeBoer. "After raising nearly $2 billion of additional capital through concurrent equity and debt offerings earlier this month, we are more confident than ever in our five-year plan of reaching $50 billion in revenue and $50 earnings per share. This transaction was financed using existing on-balance sheet capacity."Shares up 1.6% premarket.

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Lithia Motors enters Las Vegas with acquisition of three Hyundai dealerships