Lithia & Driveway (LAD) Adds Largest Toyota Store in Washington State
MEDFORD, Ore., June 29, 2021 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) today announced the acquisition of Michael's Toyota in Bellevue, Washington, expected to generate $235 million in annualized revenues.
"This exceptional Toyota store doubles our presence and offerings in the largest automotive retail market in our northwest region," said Bryan DeBoer, President and CEO.
This Toyota location has historically been the largest volume dealer in the region and received numerous industry awards. "We welcome Erick Paulson and his high performing team as they continue to serve and create loyal, satisfied customers in the greater Seattle area," said DeBoer.
This location brings LAD's total expected annualized revenue acquired during the first full year of the 5-year plan to $7.8 billion, nearly doubling the annual target for network development. This acquisition 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.
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