Lithia & Driveway Welcomes Priority Automotive and Expands Revenue in the Mid-Atlantic Region by $1.2 Billion

Rhea-AI Summary

Lithia & Driveway expands its footprint in the Mid-Atlantic region with the purchase of 13 locations from the Priority Automotive Group in Virginia. The stores are projected to generate over $1.2 billion in annualized revenue.

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• Lithia & Driveway's acquisition of 13 locations in Virginia is expected to generate over $1.2 billion in annualized revenue, expanding their footprint in the Mid-Atlantic region.

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• None.

MEDFORD, Ore., June 13, 2023 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announced the purchase of 13 locations from the Priority Automotive Group in Virginia, expanding its footprint in the strong performing Mid-Atlantic Region. These exceptional stores are projected to generate more than $1.2 billion in annualized revenue.

Lithia & Driveway expands its footprint in Mid-Atlantic and is projected to generate more than $1.2 billion.

"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," said Bryan DeBoer, Lithia & Driveway President and CEO. "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."

The business is comprised of three Honda stores, two Toyota stores, two Chevrolet stores, a Ford store, a Hyundai and a few smaller stores, all servicing customers in the Greater Chesapeake Bay area.

"All of us at Priority are pleased and excited to join forces with Lithia & Driveway. We knew we had found the perfect partner to continue to grow Priority in an ever-changing retail automotive environment," said Dennis Ellmer, Priority President and CEO. "Our cultures aligned well with a focus on customer service, growth opportunities for our associates and commitment to the communities. We look forward to continued growth with Lithia for years to come."

These additions bring Lithia & Driveway's total year-to-date expected annualized revenue acquired to over $3.2 billion. The acquisition was financed using existing on-balance sheet capacity.

About Lithia & Driveway (LAD):

LAD is a growth company focused on profitably consolidating the largest retail sector globally by providing personal transportation solutions wherever, whenever, and however consumers desire.

Sites
www.lithia.com
www.investors.lithiadriveway.com
www.lithiacareers.com
www.driveway.com
www.greencars.com
www.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 the significance of Lithia & Driveway's purchase of 13 locations in Virginia?

The purchase expands their presence in the Mid-Atlantic region and is projected to generate over $1.2 billion in annualized revenue.

How many locations did Lithia & Driveway acquire from the Priority Automotive Group?

Lithia & Driveway acquired 13 locations from the Priority Automotive Group in Virginia.

What is the expected annualized revenue from the acquired stores?

The acquired stores are projected to generate over $1.2 billion in annualized revenue.

How was the acquisition financed?

The acquisition was financed using existing on-balance sheet capacity.