Welcome to our dedicated page for Lithia Mtrs news (Ticker: LAD), a resource for investors and traders seeking the latest updates and insights on Lithia Mtrs stock.
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 & Driveway (NYSE: LAD) has announced the release date for its second quarter 2024 earnings. The financial results will be disclosed before the market opens on Thursday, August 1, 2024. Following the release, the company will host a conference call at 10:00 a.m. Eastern Time to discuss the earnings results.
Interested parties can participate in the conference call by dialing (877) 407-8029. For those who prefer to listen online or access the replay, the company's investor relations website at investors.lithiadriveway.com will provide a live stream and recording of the quarterly earnings call.
Wheels, a leading fleet management company in North America, announced a significant minority investment from Marubeni and Lithia & Driveway. This strategic partnership aligns Wheels with key players in the mobility space, enhancing its product offerings for corporate clients. Marubeni, known for its extensive experience in the US automotive value chain, will provide expertise and diversified funding channels through its relationships in Japan. Lithia, one of the largest dealership groups in the US, shares Wheels' commitment to delivering valuable vehicle lifecycle services. The transaction, anticipated to close in Q3 2024, is subject to customary closing conditions.
Kerrigan Advisors facilitated the sale of Sunrise Auto Group's two leading Buick GMC and Chevrolet dealerships in Memphis to Lithia Motors (NYSE:LAD). This transaction highlights the robust buyer demand in high-growth, business-friendly Southern markets. With this sale, Kerrigan Advisors has successfully handled over 80 franchise sales in the Southeast since 2020. Sunrise Auto Group, led by Bob Berkheimer for 35 years, is a significant player in Memphis, capturing 75% of the city's Buick GMC sales. The Sunrise dealerships are top performers, with Wolfchase ranking #4 in Tennessee and Collierville #7. Buick GMC and Chevrolet have shown impressive sales growth in 2023. Tennessee's business-friendly environment and population growth have driven substantial interest from major auto retailers. Legal counsel for the seller was provided by Holland & Knight.
Lithia & Driveway (NYSE: LAD) has expanded its retail network in the U.S. Southeast Region with the acquisition of Sunrise Chevrolet Buick GMC at Collierville, Sunrise Buick GMC at Wolfchase in Memphis, Tennessee, and Woodbridge Hyundai in the greater Toronto area. These acquisitions are expected to generate over $240 million in annualized revenue. This move marks LAD's entry into the Memphis market, which is noted as the most profitable region in the U.S.
The Woodbridge Hyundai store will eventually be relocated to an existing owned facility, enhancing returns. The acquisitions contribute to LAD's year-to-date expected annualized revenue of over $5.6 billion. The company financed these purchases using its existing on-balance sheet capacity.
LAD aims to leverage the goodwill of these dealerships to continue delivering an exceptional retail experience.
Lithia & Driveway (NYSE: LAD) announced a $350 million increase to its share repurchase authorization, bringing the total available funds for future repurchases to approximately $660 million.
CEO Bryan DeBoer highlighted this move as a reflection of confidence in the company's long-term growth and profitability.
So far in 2024, LAD has spent over $156 million to repurchase nearly 609,500 shares, representing 2.2% of outstanding shares at an average price of $257 per share.
FAQ
What is the current stock price of Lithia Mtrs (LAD)?
What is the market cap of Lithia Mtrs (LAD)?
What does Lithia Motors, Inc. do?
Where is Lithia Motors headquartered?
How many dealerships does Lithia Motors operate?
What was Lithia Motors' revenue in 2023?
How has Lithia Motors expanded its business?
What is Lithia Motors' growth strategy?
What online platforms does Lithia Motors operate?
What recent financial achievements has Lithia Motors made?
When was Lithia Motors founded?
When did Lithia Motors go public?
