Welcome to our dedicated page for Lithia Motors news (Ticker: LAD), a resource for investors and traders seeking the latest updates and insights on Lithia Motors stock.
Lithia Motors, Inc. (NYSE: LAD) is a prominent automotive retailer in the U.S., known for its extensive network of dealerships and wide array of vehicle brands and services. Headquartered in Medford, Oregon, Lithia Motors was founded in 1946 and has grown significantly since becoming a publicly traded company in 1996. Today, Lithia operates nearly 500 dealerships across the United States, Canada, and the United Kingdom, making it one of the largest global automotive retailers.
The company’s core business revolves around the sale of new and used vehicles, providing related services such as maintenance, auto financing, and parts. In 2023, new-car sales accounted for approximately 49% of its total revenue, which reached a remarkable $31 billion. Lithia Motors is also known for its strategic acquisitions, such as the recent purchase of Pendragon PLC’s UK Motor and Fleet Management divisions, which aims to bolster its presence in the European market.
Lithia's growth strategy is driven by a promote-from-within culture, ongoing employee training, and a commitment to its core values of high standards and entrepreneurial spirit. The company’s success is also reflected in its impressive financial condition, with $1.7 billion in cash and available credit as of the fourth quarter of 2023.
In addition to physical locations, Lithia has developed several online platforms, including Driveway and GreenCars, to offer a seamless and convenient car buying experience. Lithia Motors continues to focus on expanding its dealership network, enhancing customer service, and maximizing shareholder value through strategic acquisitions and operational excellence.
Recent achievements include the highest fourth quarter revenue in company history, a strong balance sheet, and substantial share repurchases approved by the Board of Directors. As the company looks to the future, it remains committed to delivering modern personal transportation solutions and driving its vision forward.
Lithia & Driveway (LAD) has sold North Branch Chevrolet in Minnesota to Tyler Kadlec of Tom Kadlec Automotive, with Performance Brokerage Services acting as the exclusive sell-side advisor. The dealership will be renamed Tom Kadlec Chevrolet and will remain at its current location in North Branch, Minnesota. Tom Kadlec Automotive, a family-owned business operating since 1979 in Rochester, Minnesota, is expanding its footprint through this acquisition.
The transaction represents another successful deal for Performance Brokerage Services, which has advised on over 300 dealership sales in the last 5 years. Lithia & Driveway, currently ranked #1 on the 2024 Automotive News Top 150 Dealership Groups based on 2023 new vehicle retail sales units, continues to optimize its dealership portfolio through strategic divestitures.
Lithia & Driveway (LAD) has sold Carson Nissan in Carson, California to David Massoudi of Mass Auto Group, with Performance Brokerage Services acting as the exclusive sell-side advisor. This marks Performance Brokerage Services' second transaction with Mass Auto Group in 2024 and their second dealership sale for LAD this year. The dealership will maintain its location at 1505 East 223rd Street in Carson.
Mass Auto Group currently operates six dealerships across Southern California, representing Nissan, Chrysler, Dodge, Jeep, and RAM brands. This transaction represents Performance Brokerage Services' 30th successful deal with LAD, highlighting their strong business relationship.
Lithia & Driveway (LAD) reported record third quarter revenue of $9.2 billion, an 11% increase from $8.3 billion in Q3 2023. However, net income decreased 16% to $223 million, with diluted earnings per share falling 18% to $7.80. The company expanded its network by acquiring three stores in Florida and announced a quarterly dividend of $0.53 per share. Driveway Finance remained profitable, originating $518 million in loans with a total portfolio of $3.8 billion. LAD ended Q3 with approximately $1.1 billion in cash and equivalents, and repurchased about 986,000 shares at an average price of $260.
Lithia & Driveway (NYSE: LAD) has announced the schedule for releasing its third quarter 2024 earnings. The company will release its financial results before the market opens on Wednesday, October 23, 2024. Following the release, LAD will host a conference call at 10:00 a.m. Eastern Time on the same day to discuss the earnings results.
Interested parties can participate in the conference call by dialing (877) 407-8029. For those who prefer to listen online or access the replay, they can visit the company's investor relations website at investors.lithiadriveway.com and navigate to the quarterly earnings section.
Lithia & Driveway (NYSE: LAD) has expanded its presence in the U.S. Southeast Region by acquiring three stores from Duval Motor Company in Jacksonville and Gainesville, Florida. The newly acquired Acura, Honda, and Subaru dealerships are expected to generate over $200 million in annualized revenue. This marks LAD's entry into these markets, strengthening its import and luxury store footprint in Florida.
The acquisition aligns with LAD's growth strategy and commitment to providing exceptional retail experiences. With this addition, LAD's total year-to-date expected annualized revenue acquired reaches $5.9 billion. The acquisitions were financed using existing on-balance sheet capacity.
Lithia & Driveway (NYSE: LAD) has announced key leadership changes to optimize its operational potential and leverage its customer ecosystem. Adam Chamberlain has been promoted to Executive Vice President and Chief Operating Officer (COO), bringing 25 years of automotive industry experience. Dianna du Preez has been named Chief Customer Officer (CCO), tasked with enhancing the customer experience and developing the Driveway channel. Chris Holzshu, the former COO, will continue as an Executive Vice President, focusing on strengthening partnerships and corporate development.
These strategic moves aim to drive profitability through a more connected and convenient customer experience. The realignment reflects LAD's commitment to delivering best-in-class results and executing its unique growth strategy in the automotive retail sector.
Lithia & Driveway (LAD) reported record second quarter revenue of $9.2 billion, a 14% increase from the previous year. The company achieved its first profitable quarter for Financing Operations, including Driveway Finance However, net income decreased by 28% to $217 million, with diluted earnings per share at $7.87, down 27% from Q2 2023. LAD expanded its network through acquisitions and invested in Wheels, Inc. to enhance its omnichannel strategy. The company ended Q2 with approximately $1.3 billion in cash and available credit. LAD's Board approved a dividend of $0.53 per share for Q2 2024 and continued its share repurchase program, buying back 793,000 shares at an average price of $256.
Lithia & Driveway (NYSE: LAD) has announced the release date for its second quarter 2024 earnings. The financial results will be disclosed before the market opens on Thursday, August 1, 2024. Following the release, the company will host a conference call at 10:00 a.m. Eastern Time to discuss the earnings results.
Interested parties can participate in the conference call by dialing (877) 407-8029. For those who prefer to listen online or access the replay, the company's investor relations website at investors.lithiadriveway.com will provide a live stream and recording of the quarterly earnings call.
Wheels, a leading fleet management company in North America, announced a significant minority investment from Marubeni and Lithia & Driveway. This strategic partnership aligns Wheels with key players in the mobility space, enhancing its product offerings for corporate clients. Marubeni, known for its extensive experience in the US automotive value chain, will provide expertise and diversified funding channels through its relationships in Japan. Lithia, one of the largest dealership groups in the US, shares Wheels' commitment to delivering valuable vehicle lifecycle services. The transaction, anticipated to close in Q3 2024, is subject to customary closing conditions.
Kerrigan Advisors facilitated the sale of Sunrise Auto Group's two leading Buick GMC and Chevrolet dealerships in Memphis to Lithia Motors (NYSE:LAD). This transaction highlights the robust buyer demand in high-growth, business-friendly Southern markets. With this sale, Kerrigan Advisors has successfully handled over 80 franchise sales in the Southeast since 2020. Sunrise Auto Group, led by Bob Berkheimer for 35 years, is a significant player in Memphis, capturing 75% of the city's Buick GMC sales. The Sunrise dealerships are top performers, with Wolfchase ranking #4 in Tennessee and Collierville #7. Buick GMC and Chevrolet have shown impressive sales growth in 2023. Tennessee's business-friendly environment and population growth have driven substantial interest from major auto retailers. Legal counsel for the seller was provided by Holland & Knight.
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