Lithia & Driveway (LAD) Expands into United Kingdom with Jardine Motors Group

Rhea-AI Summary

Lithia & Driveway (NYSE: LAD) announced its expansion into the United Kingdom through a partnership with Jardine Motors Group, a leading automotive retailer with over 50 premium locations. This acquisition is expected to generate more than $2 billion USD in annual revenues. The deal brings LAD's total annualized revenue to over $2.1 billion in 2023, aligning with its strategic growth plan targeting $50 billion in revenue by 2025. The acquisition was financed using the company's existing resources, showcasing a strong commitment to growth in the luxury automotive market.

Positive

• Expansion into the UK market through Jardine Motors Group aligns with strategic growth.
• Expected annual revenues exceeding $2 billion USD from Jardine Motors Group enhance financial outlook.
• Increases LAD's annualized revenue to over $2.1 billion in 2023, reinforcing strong acquisition growth.

Negative

• None.

MEDFORD, Ore., March 16, 2023 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announced today the company's expansion into United Kingdom with Jardine Motors Group. The group is one of the most successful automotive retailers in the UK, operating more than 50 premium luxury retail locations and is expected to generate over $2 billion USD in annualized revenues.

Lithia & Driveway (NYSE: LAD) announced today the company's expansion into United Kingdom.

"The acquisition of Jardine Motors Group represents a significant new chapter in Lithia's progress and strategic direction," said Bryan DeBoer, Lithia & Driveway's President and CEO. "Jardine's complementary leadership team, business model, sound financial performance and excellent OEM relationships make this group the ideal partner for our expansion into the United Kingdom. As part of our broader growth plan, we firmly believe the combination of our two businesses will deliver significant value for employees, partners, and customers alike."

Jardine Motors Group has a long-established track record and strong market position in the United Kingdom, representing the world's most renowned luxury car brands including Audi, Aston Martin, BMW, Mini, Jaguar Land Rover, McLaren, Mercedes-Benz, Porsche, and Ferrari.

The business represents the UK operations and has been owned by Jardine Matheson, a diversified Asian-based group, for the past 31 years. Under Jardine Matheson's long-term ownership, Jardine Motors Group has grown from a family-run vehicle retailer in East Anglia into one of the UK's premier automotive groups.

"With Jardine Matheson's considerable support, we have successfully implemented our premium strategy and built a strong position in the UK motor sector, underpinned by high quality relationships with our brand partners," said Neil Williamson, Chief Executive of Jardine Motors Group. "We are delighted to have found in Lithia a partner committed to further growth and development of our team and our network. Their support and expertise will enable us to capture the considerable growth opportunities we see ahead. I am confident we will thrive under this new partnership and look forward to working closely together as we realize our growth ambitions in the UK."

This addition brings LAD's annualized revenue in 2023 to over $2.1 billion, kicking off another strong year of acquisition growth. Acquisitions continue to be a core component of the company's 2025 Plan to reach $50 billion in revenue. The acquisition was financed using existing on-balance sheet capacity.

About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD), a premier automotive retailer, offers a wide selection of vehicles across global manufacturers and provides a full suite of financing, leasing, repair, and maintenance options. Purchasing and owning a vehicle is easy and hassle-free with convenient solutions offered through our comprehensive network of locations, ecommerce platforms, and captive finance division. We deliver profitable growth as we pursue our vision to modernize personal transportation solutions wherever, whenever, and however consumers desire.

Sites
lithia.com
jardinemotors.co.uk
investors.lithiadriveway.com
lithiacareers.com
driveway.com
greencars.com
drivewayfinancecorp.com

Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors
https://www.facebook.com/DrivewayHQ

Lithia & Driveway on Twitter
https://twitter.com/lithiamotors
https://twitter.com/DrivewayHQ
https://twitter.com/GreenCarsHQ

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SOURCE Lithia Motors, Inc.

FAQ

What is Lithia & Driveway's plan for expansion in the UK with LAD?

Lithia & Driveway plans to expand into the UK by acquiring Jardine Motors Group, aiming to leverage their strong market presence.

How much revenue is Jardine Motors Group expected to generate for LAD?

Jardine Motors Group is expected to generate over $2 billion USD in annual revenues for Lithia & Driveway.

What is Lithia & Driveway's revenue goal by 2025?

Lithia & Driveway aims to reach $50 billion in revenue by 2025 as part of their strategic growth plan.

How does the Jardine Motors Group acquisition impact Lithia & Driveway's finances?

The acquisition boosts Lithia & Driveway's annualized revenue to over $2.1 billion in 2023 and is financed with existing on-balance sheet capacity.

What automotive brands does Jardine Motors Group represent?

Jardine Motors Group represents luxury brands such as Audi, Aston Martin, BMW, and Mercedes-Benz in the UK.