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MEDFORD, Ore., June 22, 2021 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) today announced it has acquired Toyota of Jackson in Jackson, Mississippi. This location adds to LAD's growing Southeast region and is the first in the state of Mississippi.
"We are excited to complete our first year of the five-year plan to reach $50 billion in revenue and $50 of earnings per share well beyond expectations," said Bryan DeBoer, President and CEO. "Our growing presence in the Southeast region strategically enhances our nationwide network that is foundational to Lithia and Driveway conveniently serving customers throughout the entire vehicle ownership lifecycle."
This location is expected to add $95 million in annualized revenue and brings LAD's total expected annualized revenue acquired to $7.6 billion since the launch of its 5-year plan in July 2020. "We welcome one of the strongest new vehicle businesses in Mississippi and the team to the LAD family," said DeBoer. This transaction was financed using existing on-balance sheet capacity.
About Lithia & Driveway (LAD)
LAD is a growth company powered by people and innovation with a 5-year plan to profitably consolidate the largest retail sector in the country. As the leading provider of personal transportation solutions in the United States, LAD is among the fastest-growing companies in the Fortune 500 (#2 on 10-Year EPS Growth, #3 on 10-Year TSR and #12 on 10-year Revenue growth in 2021). By providing a wide array of products and services for the entire vehicle ownership lifecycle through various consumer channels, they build magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to improve market share, consumer loyalty and profitability. LAD's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. Continuing to lead the industry's consolidation and Driveway's e-commerce in-home experiences further accelerates the massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever, and however consumers desire.
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SOURCE Lithia Motors, Inc.