LAD - Lithia Motors expands footprint across Mid-Atlantic

2023-06-13 09:43:52 ET

Lithia & Driveway ( NYSE: LAD ) announced the purchase of 13 dealerships from the Priority Automotive Group in Virginia on Tuesday.

The expansion adds three Honda, two Toyota, two Chevrolet, one Ford, and one Hyundai dealership as well as four smaller stores that it expects to generate a total of $1.2B in annualized revenue. The acquisition was financed using existing on-balance sheet capacity.

“We're thrilled to partner with Dennis Ellmer and his high performing Priority teams to expand our domestic operations and consumer options wherever, whenever, and however they desire," Lithia CEO Bryan DeBoer said. “These stores not only expand our ability to cultivate long-term customer relationships in this region, but we also benefit from their impressive track-record of customer retention and commitment to community involvement.”

Shares of Lithia Motors ( LAD ) rose 2.13% shortly after Tuesday’s market open.

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