Lithia & Driveway (LAD) Exceeds December Monthly Driveway Transaction Volume Target by 32%
Driveway, a platform by LAD, reported 1,650 transactions in December, surpassing its target of 1,250 transactions by 32%. This results in an estimated annual revenue increase of nearly $0.5 billion, contributing to a total of approximately $5 billion in annualized revenue when combined with Lithia's e-commerce business. Bryan DeBoer, President and CEO, emphasized that such performance is crucial for achieving over $1 of EPS for every billion dollars in revenue. Driveway is attracting a significant number of new customers, with 96% of users being first-time customers.
- Exceeded December transaction target by 32% with 1,650 transactions.
- Estimated annual revenue contribution of nearly $0.5 billion from Driveway.
- Total annualized revenue projected at approximately $5 billion from both Driveway and Lithia's e-commerce business.
- 96% of Driveway customers are new to LAD, expanding the customer base.
- None.
MEDFORD, Ore., Jan. 5, 2022 /PRNewswire/ -- Driveway, LAD's reimagined way for consumers to shop, finance, and sell vehicles fully online, reported 1,650 transactions in the month of December, significantly exceeding the previously announced 1,250 transactions for December or 15,000 annual run-rate goal.
With
"We are excited with Driveway's outperformance of the December milestone," said Bryan DeBoer, President and CEO of Lithia & Driveway. "Our continued investment in innovation, such as Driveway and Driveway Finance, and building a consumer-centric omni-channel experience is key to generating greater than
About Lithia & Driveway (LAD):
LAD is a growth company powered by people and innovation with a plan to profitably consolidate the largest retail sector in North America. As the leading provider of personal transportation solutions in North America, LAD is among the fastest-growing companies in the Fortune 500 and is currently ranked #231 (#2 on 10-Year EPS Growth, #3 on 10-Year TSR and #12 on 10-year Revenue growth in 2021). By providing a wide array of products and services for the entire vehicle ownership lifecycle through various consumer channels, LAD builds magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to improve market share, consumer loyalty and profitability. LAD's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. LAD continues to lead the industry's consolidation, and this combined with Driveway's e-commerce in-home experiences and Driveway Finance Corporation further accelerates the massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever, and however consumers desire.
Sites:
www.lithiainvestorrelations.com
www.lithia.com
www.driveway.com
www.lithiacareers.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
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SOURCE Lithia Motors, Inc.
FAQ
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