Welcome to our dedicated page for Lithia Motors news (Ticker: LAD), a resource for investors and traders seeking the latest updates and insights on Lithia Motors 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 appointed Gary Glandon as Senior Vice President and Chief People Officer, responsible for all human resources functions. Glandon aims to foster a company culture that attracts and develops talent, aligning with the company's goal of reaching $50 billion in revenue and over $55 in EPS by 2025. With over 20 years of HR experience, including leadership roles at Glandon Partners and Rogers Corporation, Glandon is set to enhance LAD's workforce strategy.
Lithia & Driveway (NYSE: LAD) has scheduled its third quarter 2022 earnings release for October 19, 2022, before the market opens. A conference call to discuss the results will be held that same day at 10:00 a.m. Eastern Time. Interested parties can join the call by dialing (877) 407-8029 or listening via their website. Lithia & Driveway aims to consolidate North America's retail sector while providing personal transportation solutions.
Lithia & Driveway (NYSE: LAD) is expanding its footprint by acquiring five stores from Wilde Automotive Group in Wisconsin, projected to generate $625 million in annual revenue. The company also completed a $298 million asset-backed securities issuance for Driveway Finance Corporation, enhancing its financial capacity for growth. With DFC's originations contributing 10% to LAD's business, this is expected to rise to 15% in the coming years, diversifying income streams. Additionally, LAD launched Freeway, a new CRM platform designed to streamline customer interactions.
Lithia & Driveway (NYSE: LAD) has appointed Carol Deacon as Senior Vice President for Driveway & GreenCars, with a focus on enhancing e-commerce strategies as part of the company's 2025 revenue goal of $50 billion and EPS exceeding $5.55. Deacon, previously COO at Pfaff Automotive Group, will leverage her multi-industry experience to strengthen customer relationships. Automotive News recognized three LAD leaders in its '40 under 40' list, highlighting the company's commitment to innovation and growth.
Lithia & Driveway (NYSE: LAD) announced record second quarter results for 2022, with revenue of $7.2 billion, a 20% increase from 2021. Net income attributable to LAD per diluted share rose 8% to $11.60. Adjusted earnings per share also increased 10% to $12.18. The company acquired 13 locations expected to generate $1.2 billion in annualized revenues. A $0.42 per share dividend was approved, payable August 26, 2022. LAD ended the quarter with $0.8 billion in cash and credit availability, with $1.7 billion in unfinanced real estate liquidity.
Lithia & Driveway (NYSE: LAD) will announce its second quarter 2022 financial results before the market opens on July 20, 2022. A conference call to discuss these results is scheduled for the same day at 10:00 a.m. Eastern Time. The company emphasizes its position as a leading provider of personal transportation solutions in North America, focusing on growth through innovation and operational excellence. Lithia & Driveway is recognized for its significant growth metrics, including being ranked #231 on the Fortune 500.
Haig Partners LLC acted as the exclusive advisor for the sale of Lehman Auto World’s nine dealerships to Lithia Motors, Inc. (NYSE: LAD), marking a historic deal in Florida's automotive sector. This acquisition includes eleven dealerships and is projected to generate over $850M in annualized revenue for Lithia Motors. The sale underscores ongoing consolidation in the automotive retail market. Bill Lehman, Jr., the seller, cited a desire to retire after decades in the business. Lithia Motors, known for its substantial revenue and vehicle sales, strengthens its position in the Florida market with this transaction.
Lithia & Driveway (NYSE: LAD) has expanded its presence in Florida and Nevada by acquiring eleven auto stores, expected to generate $950 million in annualized revenue. This includes nine Lehman Auto World and two Esserman International stores in South Florida, along with Henderson Hyundai and Genesis in Las Vegas. The acquisitions will bring LAD's total expected revenue for 2022 to over $2.1 billion. Additionally, LAD repurchased approximately 1.9 million shares at an average price of $284, with $116 million left in the repurchase authorization.
Lithia & Driveway (LAD) announced significant growth for its Driveway platform, achieving 1,050 shop transactions in May, contributing to a total of 4,300 monthly transactions, surpassing its 2022 target of 40,000. With over two million unique visitors recorded in May, the company is on track for its 2023 transaction goals and aims for profitability by 2024. CEO Bryan DeBoer highlighted the rapid milestone achievement, indicating the platform's strong performance and potential for further growth.
Lithia & Driveway (NYSE: LAD) has expanded its Canadian portfolio by acquiring Sisley Honda, a top Honda dealership in Thornhill, Ontario. This acquisition enhances LAD's presence in Canada and contributes over $1.2 billion to expected annualized revenue for 2022. LAD aims to surpass its 2025 revenue target of $50 billion and achieve an EPS of more than $5.55. The acquisition was financed through existing balance sheet resources, reinforcing LAD's strategy of profitable consolidation in North America's retail sector.
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