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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 Motors & Driveway (NYSE: LAD) has accelerated the conversion of its Class B common stock into Class A shares, completing the process five years earlier than scheduled, effective February 23, 2021. This shift eliminates the dual-class structure, offering equal economic value and voting power to all outstanding shares. This decision, credited to founder Sidney DeBoer, reaffirms the company's commitment to high performance and strong corporate governance.
Lithia Motors & Driveway (NYSE: LAD) has acquired two stores from Fields Auto Group in Florida, including a Land Rover and a Chrysler Jeep Dodge Ram location. This acquisition enhances their presence in the Southeast Region. Additionally, the company opened a new Infiniti location in Downtown Los Angeles, expected to generate $40 million in annualized revenue. The total projected annualized revenue from these acquisitions is approximately $200 million, contributing to Lithia's goal of reaching $50 billion in revenue as part of their five-year plan.
Lithia Motors & Driveway (NYSE: LAD) reported record fourth quarter results, with revenue of $3.9 billion, a 21% increase year-over-year. Net income per diluted share reached $7.02, up 143% from $2.89 in Q4 2019. Adjusted net income was $5.46, reflecting an 85% increase. The company’s full year revenue rose 4% to a record $13.1 billion, with net income up 73% to $470 million. Recent acquisitions are expected to provide an additional $3.5 billion in annualized revenue. A dividend of $0.31 per share is set for distribution on March 26, 2021.
Lithia Motors & Driveway (NYSE: LAD) announced it will release its fourth quarter and full year 2020 earnings on February 3, 2021, before market opening. A conference call will follow at 10:00 a.m. Eastern Time for discussing the results, accessible by phone at (877) 407-8029 or via live webcast at www.lithiainvestorrelations.com. Lithia & Driveway is recognized among the fastest-growing companies in the Fortune 500, focusing on personal transportation solutions and leveraging data science to enhance customer experience.
Lithia Motors (NYSE: LAD) celebrates its recognition, with ten of its dealerships named among the ‘Best Dealerships to Work For in 2020’ by Automotive News. DCH Millburn Audi in New Jersey secured the top spot, marking its ninth consecutive nomination. The awards, based on employee satisfaction surveys, highlight Lithia's commitment to a positive workplace culture. Seven of the recognized stores have won this accolade multiple times, showcasing Lithia's operational excellence and employee retention strategies.
Lithia Motors & Driveway (NYSE: LAD) has acquired Ramsey Subaru and Mazda, Iowa's top Subaru and Mazda dealerships, boosting its presence in the North Central Region. This strategic acquisition is projected to generate an additional $100 million in revenue, expanding Lithia's total network to $3.5 billion in annualized revenue. The financing for this acquisition was accomplished through recent equity and debt offerings. President Bryan DeBoer highlighted the enhancement of customer service and corporate responsibility initiatives from the newly acquired dealerships.
Lithia & Driveway (NYSE: LAD) has acquired Sterling Luxury Group, including franchises for BMW, Mini, Rolls-Royce, Lamborghini, and McLaren in Virginia's affluent Loudoun County. The acquisition expands LAD's brand portfolio and marks its entry into the Mid-Atlantic, adding an anticipated $225 million in annualized revenue and increasing total revenue growth to $3.4 billion. This strategic move aligns with LAD's five-year plan to enhance its omni-channel strategy and customer service capabilities across the United States.
Lithia Motors, Inc. (NYSE: LAD) reported record third quarter results, achieving $3.6 billion in revenue, a 9% increase from last year. Net income per diluted share rose 88% to $6.86, while adjusted net income per diluted share surged 103% to $6.89. The company reported a total of $159 million in net income, an 86% increase. Key acquisitions are expected to generate $1.46 billion in annualized steady state revenues. The company ended the quarter with over $694 million in cash and raised $805 million from stock sales. A dividend of $0.31 per share was approved for payment on November 27, 2020.
Lithia Motors, Inc. (NYSE: LAD) will release its third quarter 2020 earnings before the market opens on October 21, 2020. A conference call for discussing the results is scheduled for the same day at 10:00 a.m. Eastern Time. The call can be accessed via telephone or through their website. Lithia Motors is recognized for its strong growth strategy, aiming to consolidate the retail automotive sector while enhancing customer experience through technology and operational excellence.
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