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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 & 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.
Lithia & Driveway (NYSE: LAD) reported record Q1 2022 results, with revenues soaring 54% to $6.7 billion, up from $4.3 billion in Q1 2021. Net income reached $344 million, a 120% increase, with diluted EPS climbing to $11.55, representing a 99% rise year-over-year. The company also announced a dividend increase to $0.42 per share, set for May 27, 2022. Driveway achieved significant milestones, while the acquisition of three Stellantis stores is expected to add $400 million in annual revenue. Strong cash positions support future growth.
Lithia & Driveway (NYSE: LAD) will release its Q1 2022 earnings on April 20, 2022, before market open. A conference call to discuss the results is scheduled for the same day at 10:00 a.m. Eastern Time. Interested parties can join the call by dialing (877) 407-8029 or via the company's investor relations website.
LAD focuses on consolidating the North American retail sector, providing flexible transportation solutions for consumers.
Lithia & Driveway (NYSE: LAD) reported record fourth quarter and full year earnings for 2021. Q4 revenue surged 60% to $6.3 billion, with net income per diluted share at $9.57, a 36% increase year-over-year. The company achieved adjusted earnings per share of $11.39, up 109% from 2020. For the full year, revenue reached $22.8 billion, a 74% increase, and net income rose to $1.1 billion, marking a 126% gain. The Board approved a dividend of $0.35 per share, with share repurchases amounting to approximately 2.5% of outstanding shares during Q4.
Lithia & Driveway (NYSE: LAD) will release its fourth quarter and full year 2021 earnings on February 9, 2022, before market open. A conference call is scheduled for the same day at 10:00 a.m. Eastern Time to discuss the results. Lithia & Driveway continues to be a leader in the North American retail sector, recognized for its significant growth, ranking #231 on the Fortune 500. The company focuses on enhancing consumer experiences using data science and e-commerce strategies to drive brand loyalty and market share.
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.
Lithia & Driveway (NYSE:LAD) has acquired three Ford stores from the Elder Auto Group, enhancing its presence in Florida and Michigan. The newly acquired stores, Elder Ford of Tampa, Troy, and Romeo, are projected to yield $425 million in annual revenue. This acquisition raises LAD's total expected annualized revenue in 2021 to nearly $7 billion. The company is on track to surpass its $50 billion revenue goal set in 2020, funded through on-balance sheet capacity, solidifying its strategy for growth through retail consolidation.
Lithia & Driveway (NYSE:LAD) announced a $750 million increase in its share repurchase authorization, totaling approximately $885 million available for buybacks. This decision follows strong earnings that generated higher-than-expected free cash flows. Additionally, Driveway Finance completed its first asset-backed securities offering, raising $344 million to support its auto loan portfolio growth. Driveway Finance is anticipated to grow from 5% to 15% of overall business, contributing significantly to profitability. The strategic focus remains on capital allocation for acquisitions and investments.
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