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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 (LAD) has announced a senior leadership expansion in its marketing team to support its ambitious goal of reaching $50 billion in revenues and $50 in EPS over the next five years. Marguerite Celeste has been appointed as the new Senior Vice President and Chief Marketing Officer, leveraging her extensive experience with major brands like NBC Universal and Disney. Tom Dobry transitions to Vice President of Marketing, focusing on enhancing LAD's traditional business alongside its e-commerce channel, Driveway. This strategy aims to integrate traditional networks with digital growth for optimal consumer engagement.
Lithia & Driveway (LAD) reported record-breaking second quarter results for 2021, with revenues soaring 118% to $6.0 billion and net income per diluted share climbing 218% to $10.75, compared to Q2 2020. Adjusted net income also rose significantly, reaching $11.12 per share, marking a 199% increase. The company achieved major milestones, including a 130% increase in new vehicle sales and successful acquisitions expected to add $3.7 billion in annualized revenue. With a strong cash position of $2.6 billion, LAD is well-positioned to pursue its ambitious 5-Year Plan to reach $50 billion in revenue.
Lithia & Driveway (NYSE: LAD) is set to release its second quarter 2021 earnings on July 21, 2021, before the market opens. A conference call will follow at 10:00 a.m. Eastern Time on the same day to discuss the results. LAD continues to position itself as a leader in the personal transportation solutions sector, focusing on growth and operational excellence through innovative strategies and consumer loyalty initiatives. For participation, stakeholders can access the call at (877) 407-8029 or listen live via the company's investor relations website.
Driveway, a platform for online vehicle shopping and financing, introduces three new features to enhance consumer experience. Customers can now filter vehicles by monthly payment, utilize a budget and payment calculator, and assess credit approval likelihood with an AI-driven tool. These enhancements aim to simplify the financing process and promote affordability, as stated by CEO Bryan Deboer. Driveway is expanding its reach with in-home delivery and aims to lead in e-commerce automotive retail.
Lithia & Driveway (NYSE: LAD) has acquired Michael's Toyota in Bellevue, Washington, expected to generate $235 million in annual revenues. This acquisition enhances LAD's market presence in the northwest, bringing the total expected annualized revenue from acquisitions during the first year of their five-year plan to $7.8 billion. The Toyota store, recognized for its high sales volume and numerous awards, will enhance LAD's customer service in the Seattle area. The acquisition is financed through existing on-balance sheet capacity.
Lithia & Driveway (NYSE: LAD) has acquired Toyota of Jackson in Mississippi, marking its first dealership in the state. This acquisition aligns with LAD's five-year plan to achieve $50 billion in revenue and $50 earnings per share. The new location is projected to generate $95 million in annualized revenue, contributing to a total of $7.6 billion from acquisitions since July 2020. The deal was financed through existing resources, enhancing the company’s Southeast regional footprint.
Lithia Motors & Driveway (NYSE: LAD) achieved record revenues of $2.1 billion in May 2021, marking an 89% increase from pre-pandemic 2019 levels and a 104% increase compared to May 2020. The company also acquired the Southwest Kia Auto Group, adding five locations in Texas, which is expected to generate $350 million in annual revenues. With a strategic five-year plan targeting $50 EPS and $50 billion in revenue, Lithia continues to expand its market presence and operational capacity.
Lithia Motors announces the rebranding of Center BMW to BMW of Sherman Oaks, effective June 9, 2021. This change aligns with BMW corporate's preference for dealerships to reflect local community names. Located in Sherman Oaks, California, the dealership offers a full range of services for new, used, and certified pre-owned BMW vehicles. Known for its commitment to the BMW lifestyle, it hosts 'Experience Events' to enhance customer engagement while providing a state-of-the-art online shopping experience for customers.
Lithia Motors & Driveway (NYSE: LAD) announced the acquisition of BMW of Sherman Oaks and Acura of Sherman Oaks in Van Nuys, California, projected to generate $185 million in annualized revenues. This marks LAD's first BMW store in Southern California and aligns with its five-year plan targeting $50 billion in revenues. Since the plan's inception, LAD has acquired nearly $7.1 billion in annualized revenues, with a pipeline of over $15 billion. The transaction was financed through existing on-balance sheet capacity.
Lithia Motors & Driveway (NYSE: LAD) has acquired three Hyundai dealerships in the Las Vegas area, projected to generate approximately $225 million in annualized revenue. This acquisition expands the company's presence in the Las Vegas market, positioning it as a dominant player with the brand. Since launching its five-year plan, Lithia has acquired over $6.9 billion in annualized revenues and has a pipeline of $15 billion in potential acquisitions. The company aims to reach $50 billion in revenue and earnings per share of $50 within five years.
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