Lithia & Driveway (LAD) Increases Share Repurchase Authorization by $450 Million

Rhea-AI Summary

Lithia & Driveway (NYSE:LAD) announced a $450 million increase to its share repurchase authorization, raising the total available for future repurchases to approximately $500 million. The company has repurchased over 2.4 million shares this year, representing over 8% of outstanding shares. CEO Bryan DeBoer emphasized the company's commitment to long-term growth through strategic acquisitions and internal investments, balanced with maintaining financial discipline. The recent repurchase strategy aims to generate high long-term returns for shareholders.

Positive

• Increase in share repurchase authorization by $450 million.
• Total repurchasing funds now approximately $500 million.
• Repurchased over 2.4 million shares this year, over 8% of outstanding shares.

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• None.

MEDFORD, Ore., Nov. 1, 2022 /PRNewswire/ -- Lithia & Driveway (NYSE:LAD) announced today an increase of $450 million to its share repurchase authorization by its Board of Directors, bringing total funds available for future repurchases to approximately $500 million. 

"This announcement reflects our continued confidence in our long-term growth strategy and ability to consolidate the largest retail industry in the country," said Bryan DeBoer, Lithia & Driveway President and CEO. "Our capital allocation continues to remain focused on acquisitions and internal investments, such as Driveway and Driveway Finance, balanced with maintaining financial discipline and share repurchases to generate the highest long-term return for shareholders." 

Since the end of the third quarter, LAD has repurchased an additional, approximately, 175,000 shares for an average repurchase price of $198 per share. To date this year, LAD has repurchased over 2.4 million shares, or over 8% of outstanding shares, for an average price of $276 per share. 

About Lithia & Driveway (LAD): 

LAD is a growth company focused on profitably consolidating the largest retail sector in North America through 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 recent share repurchase authorization increase by Lithia & Driveway?

Lithia & Driveway has increased its share repurchase authorization by $450 million, totaling approximately $500 million.

How many shares has Lithia & Driveway repurchased this year?

Lithia & Driveway has repurchased over 2.4 million shares this year.

What is the impact of the share buyback on Lithia & Driveway's stock price?

The share buyback is intended to enhance shareholder value and may support stock price stability.

What is the average repurchase price for Lithia & Driveway shares this year?

The average repurchase price for Lithia & Driveway shares this year is $276 per share.